November 3, 2020 • Buying
Do you Need a Mortgage Broker?
By Kate Barker
There are so many things to consider when applying for a mortgage, it can be overwhelming. A mortgage broker can help you keep track of everything and give you helpful advice. Here are 4 reasons why you might want to consider contacting a mortgage broker.
Any professional will have expert knowledge. Someone who works for a specific lender, however, will only tell you about that lender’s options. A broker, on the other hand, has a lot of knowledge about different lenders, and they could be better able to tailor your mortgage to your needs.
If you don’t have a substantial down payment, or you have damaged credit, or even if you don’t have a high income, a mortgage broker might have a solution that could get you through the door of your new home. Brokers work with all kinds of lenders, and they have options available that you may not know about!
Tricks of the Trade
Working with a broker can also get you better rates, a certified pre-approval and the best advice along the way. A broker will look at all the documents and make sure your application is complete. They’ll also help you with the purchasing process: not sure how those condo fees work into your mortgage plan? Your broker can answer that for you. Want to know if a property is a red flag for some lenders? A broker knows that too. You can lean on their experience to help you through this major purchase.
As long as you are qualifying for a mortgage, using a broker is free. They are paid by the lender when they close a mortgage, so their first interest is getting you the best deal possible. They also have better tools to look around on your behalf, which can save you money in the long run.
If you’re looking to have one less thing on your mind when shopping for a new home, consider talking to a mortgage broker. They have expert knowledge about the lenders and their policies, and they can help you navigate the financial aspects of buying your home.
*Special thanks to Shannon Hendrikse, Accredited Mortgage Professional and Owner of Canmore Broker Inc. for chatting with us about mortgage options.