Why Use a Mortgage Broker?

When buying a home, the two most important resources are your real estate agent and your bank, right? Not necessarily.

While your bank is certainly equipped to help you finance your home purchase, there are other options available. In fact, according to Mortgage Professionals Canada, the country’s largest broker association, its members originate more than 35% of all mortgages in Canada and 55% of mortgages for first-time home-buyers.

So, if you’re considering buying a home you might be thinking: Which option is the best for securing financing?

To help you answer that question, let’s take a look at why you should use a mortgage broker.

To start, mortgage brokers are, well, pros. We dedicate our entire careers to becoming experts in one particular financial instrument: Mortgages. We know the ins and outs of hundreds of different offers from dozens of lenders; no two mortgages are alike and we pride ourselves on our ability to help home-buyers find the best possible mortgage for their individual situation. We also explain the myriad mortgage rules and rule changes, such as the recent mortgage stress test.

We can help you get the best mortgage rate. We can also help you determine how much mortgage you can afford.

Of course, rates are only one part of the mortgage picture.

We also have access to – and are able to offer – mortgages from dozens of different lenders. Want a mortgage with no pre-payment penalties? We have access to those. How about a portable mortgage? You guessed it: We have access to those as well. Another advantage is we have access to alternative lenders; we are able to serve certain home-buyers the banks turn away, such as those with bruised credit, new Canadians, or the self-employed.

We also make sure to go over all the terms and conditions of your mortgage so there won’t be any surprises if your home ownership situation changes or you decide to renew with a new lender. The same can't always be said about bank mortgage specialists.

This means we can be unbiased; we aren’t beholden to one particular lender. Which means we are more likely to find a mortgage tailored to fit every individual. And that add-on sales speech bank customers are all too familiar with (insurances, lines of credit, credit cards, and other financial products)? we aren’t incentivized to offer ancillary products in the same way bank specialists are.

Finally, we offer a completely online and over the phone experience; meaning you can go through the entire process of securing financing from your own home.