In past years, most potential buyers approached their banks when they were considering securing a mortgage to buy their new homes. Nowadays with more options available through specialized mortgage agents and brokers, more and more homebuyers are now approaching their agent or broker instead.
The reasoning is clear, mortgage agents tend to have access to:
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A multitude of lenders
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Various mortgage rates
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A large number of mortgage solutions/products
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Volume discounts
Not only this but they’re also great at negotiating some of the lowest rates for buyers, making them the more popular choice. Sometimes these rates are even better than what most banks can offer.
Another common reason that financial institutions are becoming less popular amoung buyers is due to the very recent changes with mortgage rules. It’s become increasingly difficult for potential buyers with less than perfect credit history to get approved for a new or second mortgage loan.
Popularity of Mortgage Agents
According to CAAMP (Canadian Association of Accredited Mortgage Professionals), back in 2009 nearly 40 percent of all homebuyers seeked help from a mortgage agent or broker. Over 45 percent were first time buyers. This is mainly because most homebuyers love to shop around for the best product or solution.
A Comparison: Banks vs mortgage agents
Although banks will allow you to combine or consolidate your services with a provider you trust, they are only able to offer you bank products and rates. You are able to get a discounts on posted rates, but you must be ready and willing to negotiate yourself.
With a mortgage agent you have someone on your side to shop around for the lowest rates on the market, and handle all of the negotiating for you. You also don’t need to negotiate for any volume discounts, since these will be passed directly to you. Even with poor or adverse credit, mortgage agents are specialized in leveraging their relationships with banks and lenders to get you approved.
Financing a Mortgage with The Help of a Mortgage Agent
Your mortgage agent will help you throughout the entire mortgage application process, including your pre-approval, approval, home appraisal, and more. Help can be extended to you at anytime during the life of your mortgage. Meet with one of our mortgage agents today, to get the expert advice you need, when you need it.
When we say Yes! We stand behind our promise.