Why You Should Use a Mortgage Broker?

When it comes to mortgage brokers, there are still many misunderstandings and misconceptions.

A mortgage broker is an Alberta licensed professional. To obtain this credential, mortgage brokers must meet certain educational and professional conduct requirements and undergo background security checks. You can also contact firms like Mortgage Windsor for hiring the best mortgage brokers.

What is a Mortgage?

What makes a mortgage broker different from a bank?

You should not compare a mortgage broker to your local bank. Each has a different purpose and function. An independent mortgage broker is just that-independent-meaning they have no association with anyone lender. This means that they are able to give impartial advice.

They are licensed and trained experts in mortgage financing. They are there to serve you, not the lender. They search the mortgage market to find the best rate, term, and product for you, but they also provide debt consolidation solutions and credit recovery strategies.

A broker can offer you a mortgage in the exact same way that you would receive through your local lending institution. All options are available, including online banking, accelerated payments, prepayment, and online banking. It's simple and straightforward.

MYTH #1: Mortgage brokers charge high-interest rates.

TRUTH: Only a mortgage broker can offer the industry's lowest interest rates.

Why should an independent mortgage broker be used?

It's worth working with a broker to represent your interests and make sure the mortgage you receive is the best for your needs. All major Canadian lenders are available to mortgage brokers. Each lender offers different rates and product options, regardless of whether it is a chartered bank or trust or insurance company, or private lender. It is important to remember that not all lenders can be accessed through mortgage brokers. It is important to find the right one for you.

After you've decided where to apply, getting mortgage approval will often depend on how your application is presented. The mortgage broker will present your application to get a positive response. A broker can get you financing within 1-3 days depending on how busy the lender is.


Receive the Right Rate for Your Mortgage or Renewal

It is shocking to me that so many people search for their mortgages relentlessly during the first purchase but only agree to the bank's primary proposition when renewing their mortgage. Many banks offer renewals at the posted rate! You can take the advantage of mortgage renewal services by popping over here.

It is easy to understand renewals. More than 60% of people will sign back renewal letters, without ever checking out what else is available. There is no reason for financial institutions to offer their best offer. 

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Even more interesting are the facts about renewal letters, as is the custom, which arrives approximately two to three weeks before your mortgage is up for renewal. You have a mere two- to the three-week window to plan for financing with another bank or lender or to take advantage of any lower rates in the three to six months before your renewal date.

Pre-approving renewals with additional institutions should be done 90-120 days before the actual renewal date. This will allow you to receive the maximum amount of winnings at the lowest rate for the longest time possible before your renewal date. This is even better because it is completely free and without obligations.

Shop the market before your current mortgage holder sends you anything. A mortgage broker can help you get a renewal at a low rate. It is easy to complete the documentation. The documentation required is proof of employment, documents showing tenancy of the property (mostly a title deed and tax assessment). This could cost you thousands of dollars over the long term. In today's world where every dollar is important, this could be your opportunity to save thousands of dollars on your retirement funds or purchase a large home.