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Frequently asked Questions |
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What is a mortgage broker?
Many people wonder what
exactly a Mortgage Broker does
and what is the value of working
with a Broker.
A Mortgage Broker is a trained
mortgage specialist that works
for you and not any particular
lender. Because of this, brokers
have access to a multitude of
loan products from a variety of
different lenders. This enables
a broker to treat clients as
individuals and find products
that suit their particular
needs. Mortgage Brokers provide
you with the best advice for
your individual mortgage needs.
A common misconception is that
Mortgage Brokers lend money.
Most brokerages are small firms
providing expertise services and
counseling rather than loans.
Another common question is, why
do lenders prefer to work with
brokers rather than deal
directly with the public?
Lenders prefer to work with
brokers because of the
significant cost savings.
Working with brokers saves time
and overhead. This allows the
lender to free up resources to
remain more competitive with
products and rates. In Calgary
alone, there are several local,
less known lenders such as
Resmor Trust, Bridgewater, MRS
Trust and Gibraltar Mortgages.
These lenders prefer to work
with the broker community and
are extremely successful by
offering unique and competitive
products.
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What can you expect from a
Mortgage Broker?
A Mortgage Broker is an
independent mortgage specialist
who works to match clients with
mortgage products and lenders.
We work with clients to
determine which product and
lender is right for them, gather
the necessary documents and
information and answer the
important questions throughout
the loan process. There are many
details to be evaluated when
shopping for a mortgage and we
work on your behalf to find
competitive products and
solutions that meet your
individual circumstances.
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What are the advantages of using
a mortgage broker?
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Mortgage brokers work for
the borrower and not the
bank; therefore they are not
restricted to only the
products a bank may offer.
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Mortgage brokers have access
to over 75 different
lenders, banks, trust
companies, investors,
private lenders and
financial institutions
across Canada.
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They are experts at matching
you with the best-suited
mortgage.
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Mortgage brokers can get you
credit and loan
pre-approvals quickly with
no cost or obligation.
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Mortgage brokers are
up-to-date on all the
mortgage rates, terms and
re-payment options available
on the Canadian market.
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They only specialize in
mortgages and are
knowledgeable on current
trends.
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Mortgage brokers can lock in
today’s lowest rate and
guaranteed it up to 120 days
if a rate should go up.
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Mortgage brokers only pull
your credit history once,
whereas every bank you visit
will pull your credit
history at least once, which
has a negative effect on
your credit score.
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Mortgage brokers increase
competition in the market
place, thus keeping mortgage
rates low.
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Mortgage brokers save you
time and money.
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Brokers have a vested
interest in satisfying your
needs since they rely on
referrals and repeat
business for 90% of their
revenue.
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Frequently
Asked Questions