Hiring a Mortgage Broker

  • Mortgage brokers will provide you with information on how to lower the interest on your mortgage - interest which is profit for the lender, regardless of whether it is a bank, trust company or a private lender.

    You could potentially save thousands of dollars by getting a mortgage broker to review your request. They will get you the best possible rate, customized to your circumstances and needs. There are many tricks to shorten the amortization period (playing with rates, terms and different lender's products) so having a well-qualified mortgage broker can save you a bundle.

    The very first tip: make sure you are not paying the rate that you were offered by your bank. When you purchase, refinance or remortgage, make sure you are getting the best deal available to you. There are circumstances that could make your mortgage interest rate higher, and there are remedies to push them lower.

    The banks are not always providing you the best possible solution. They are are offering you one mortgage product: their own. No matter how long you have been banking with them, they will not give you the most discounted rate as they have a bottom line of return to meet their investment goals, so don't be quick to sign the renewal that comes to you from your current lender. This may be the most convenient option, but there is likely a better alternative available and mortgage brokers will look for the alternative that best fits your needs.

    Hiring a broker is as easy as calling MortgagePRO at 403-253-2022 or by filling our their free consultation form online.

  • Mortgage brokers offer more choice because they deal with banks, financial institutions and private lending sources. This allows the brokerage to find the best rates available based on your financial situation.

    Each bank has different underwriting guidelines specializing in different types of applicants. This very often prevents them from dealing with unique cases. Brokers study the guidelines of each bank and keep up-to-date with the changes, so they can match your unique needs with the lenders that specialize in lending for those needs. If you happen to be self-employed, own a rural property, or have less-than-perfect credit most banks will not deal with you. Good mortgage brokerscan tap into other lending sources for hard-to-approve applications.

    Having multiple lenders check your credit rating can impact your credit score. Even if your credit has been perfect up until now, frequent checks could put you in a difficult position. Mortgage brokers check your credit once and use the same credit report for all the financial institutions that they represent, so your credit score stays the same.

    A mortgage broker will do all the work to write up, or "package", your application, contact the head office of the lender to explain your situation, and to send in your application. They are able to bypass local branches of the bank and deal directly.

    How much does it cost to use a broker? It's a FREE service on residential mortgages OAC where no extra attention and planning are required.

    By using a mortgage broker you have the advantage of more choice, have more financing options, and you protect your credit score. You can only gain by using a broker!

    When you need a mortgage, you need a pro - contact MortgagePRO to discuss your unique mortgage needs with a trained, professional mortgage broker.