What is a Mortgage broker?

Mortgage brokers will act as a liaison between you and the lending institution. Mortgage brokers will do the shopping around for you to find a bank or a direct lender that will be willing to make a specific loan that fits your unique needs. They will negotiate the best available terms and rates on your behalf. There are many advantages to using a mortgage broker:

– Mortgage brokers provide their services for free* to borrowers. We get paid by the lender when the mortgage is approved and signed so our assistance will cost you nothing.
* Occasionally there are situations where the lender deducts our fee from your funds, this is for unique situations and is fully disclosed up front, so either way there are no hidden fees!

– Mortgage brokers may save you money. We may be able to negotiate better rates than if you approached the lending institution yourself. Seriously. This is especially important to remember when your mortgage is up for renewal.

– Mortgage brokers may save you time. We do the legwork for you in terms of paperwork and negotiating with lenders. Our hours are flexible and we work when you don’t, so you never have to worry about taking time off to deal with your mortgage paperwork!

– Mortgage brokers assist those with less-than-perfect finances secure a loan.

– Mortgage brokers work with a variety of lenders, some of which work exclusively with mortgage brokers. We will seek out the perfect mortgage for your specific needs.

– Mortgage brokers have access to, and knowledge of, the entire mortgage market unlike an individual financial institution. We only care about your mortgage. We won’t be pushing other credit items and asking you to open bank accounts with us. We make the same amount of money no matter what your rate is, so we have no self interest to charge you a higher rate (unlike a for profit bank…)

Most importantly Mortgage Brokers give you choice. They take all the guesswork out of mortgages and explain things clearly and in a manner that should make you feel like you have someone on your side.