Mortgage brokers can definitely get you better deals! There are quite a few ways that having a mortgage broker can save you money… especially If you believe that time is money! For starters, calling one mortgage broker is like calling fifty Banks, Credit Unions, and Trust companies… that would take quite a bit of time to do yourself, and would not likely yield the same results.
Mortgage brokers have relationships with a wide variety of lenders, some of whom you may not even know about or have access to on your own. In fact, there are some lenders that will only work with mortgage brokers and as such they get a significantly better rate for referring a large number of clients. This means that the biggest discounts are going to buyers with brokers, and will continue to do so in the future.
It’s also important to note that the Canadian marketplace is becoming more and more competitive, so having access to someone who is on top of the ever-changing climate is a win for you and will save you hours of research.
The relationships that brokers develop with lenders can also benefit you when it comes to several of the fees that are involved in working with a new lender, like origination fees, application fees, and appraisal fees. Things you may not even think of… but your broker has! And, said broker, can often have those fees waived resulting in thousands of dollars in savings for you that would not be possible without the relationship your broker has built with that particular lender.
A mortgage broker will also advise you to avoid certain lenders with hidden payment terms buried in their mortgage contracts. Or lenders of ill repute. It doesn’t serve them well to work with difficult lenders and they will not want you to work with them either! This can save you not only money, but, again, the time it will take to do the legwork yourself. It is often too late by the time you realize your lender has duped you into hidden fees, and a broker will protect you from that.
All of that being said, even though a broker is your best choice and can get you the best deals once they have given you an estimate you should definitely do some comparison shopping just to make sure you are indeed getting the best possible deal for your situation.
If you’d like help in getting some good deals on a mortgage product, contact us at (416) 621-1300.
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