If you are considering buying a home in Mississauga this year, you may be wondering where the best place is to go for a mortgage. Many people like to go to their bank because they are comfortable and familiar with that – but the truth is, that might not be the best place to go for a mortgage.
If you are looking for a mortgage in Mississauga, it is almost guaranteed that you are better off if you go to a mortgage broker.
When you go to a bank for a mortgage, that bank can only offer you its own mortgage products. These products may be good, but they may not be the best for your circumstances. For example, if you have poor credit, are self-employed, or are new to the country then it may not even be possible to qualify with your bank. A mortgage broker on the other hand, has access to many specialized lenders who can help you in your situation.
Even if you have great credit, there is a good chance that you’ll be able to get a mortgage with a better interest rate or with better terms, if you go through your mortgage broker. This is because your mortgage broker can shop around on your behalf.
Can’t I do my own comparison shopping?
Sure you could, but why would you want to? It doesn’t cost you anything to work with a mortgage broker and you’ll save a ton of time if you let them do the work on your behalf. Another big advantage of letting a mortgage broker do the comparison shopping is that they only need to run one credit report to get you quotes from many different lenders. If you do the shopping yourself, you run the risk that multiple lenders will run your credit report and this can hurt your credit and your chances of getting a mortgage!
Do mortgage brokers offer any other advantages?
Of course, getting a mortgage in Mississauga isn’t the only reason why you should consider working with a mortgage broker. If you already own a home and want to access your home’s equity, your broker can help you with that as well through products like refinancing, second mortgages, home equity lines of credit and reverse mortgages.
Would you like to speak to a mortgage broker in Mississauga? If so, then contact Akal Mortgages today.
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