Buying a home is an exciting time, and most likely the largest and most important investment you will make in your life. There are many factors that go into buying a home, including securing a mortgage. Many home buyers may automatically look to a bank or financial institution to get a mortgage on a house they want to buy. You can also hire a ‘mortgage broker’ (also known as ‘Courtier hypothecaire‘ in the French language) for buying a home.
What many people may not realize is that the bank will probably only offer them one level, with specific conditions and requirements for their home loans. It would be beneficial to home buyers is to work with an independent mortgage broker who will almost guarantee a lower rate than what the bank will quote them.
Why Use a Mortgage Broker For Your Needs Home Loan?
Mortgage brokers trained experts in the field of home mortgages, equity loans, and other financial products. They get to know their client’s financial situation and trying to find their mortgage suit their specific and individual needs. Independent mortgage brokers are not employees of the major lending institutions so that they are not limited to the extent and the products they can offer their clients.
Independent mortgage professionals know many lenders in Canada that they have a relationship with and that they deal with on a regular basis. You only need to fill out an application; it stores your mortgage agents to all lenders, to maximize the chances of obtaining financing for a mortgage.
For this reason, they are often able to secure a mortgage package for difficult to place mortgages that banks refuse. Many of the lending products they can access are not available to retail clients.