When it comes to getting mortgages and mortgage products in Mississauga you have options. The two main options that most people choose are either working with their bank or finding a mortgage broker to work with. While working with your bank might seem easier and more familiar, there are some really good reasons for you to choose a mortgage broker in Mississauga instead.
The following are just a few of the reasons for working with a mortgage broker:
- A mortgage broker will shop around to help you find the best rate.
If you get a mortgage from your financial institution, they will only offer you their own products. This means that there is very little incentive for them to offer you the best possible rate. A mortgage broker however works with dozens of lenders. This means they can shop around on your behalf and have more negotiation power to help you get the lowest possible interest rate.
- You have a better chance of qualifying when you work with a mortgage broker.
Banks and credit unions are what is called “A” lenders. They have very strict rules around qualifying for mortgages and you will need to have very good credit in order to qualify with them. This means that if you have had credit challenges in the past, are self-employed, or are new to the country, you may not be able to get a mortgage through your regular financial institution. Mortgage brokers however work with a number of specialty lenders who can assess your situation by looking at the bigger picture. This means you are one step closer to achieving your dream of becoming a homeowner.
- Mortgage brokers can help you access your home equity.
Many people think that you only need to work with a mortgage broker if you want to buy a home. But there are some great reasons to work with a mortgage broker even if you already own a home. Mortgage brokers offer a number of other mortgage products including mortgage refinancing, second mortgages and home equity lines of credit that you can use to access cash from your home equity. This can be used to consolidate debt, finance a home renovation, provide start-up capital for a business, and much more.
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Would you like to learn more about how a mortgage broker in Mississauga can help you? If so, contact us today!
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