Most people would think of their bank when look for a mortgage. Are you one of them? You may be missing out big time, let me explain why:
Your bank can only offer their own products, which may not offer you the borrowing power or rates that you are looking for. Also, if you want a better than advertised rate, you have to do your own negotiation (YMMV).
I’m often shocked to hear from clients that they never thought of using a mortgage broker before, and this is why I want to educate home buyers/owners here. The greatest misconception is that mortgage broker charges for their services, which is totally untrue! Mortgage brokers get paid by the lenders, so it is completely FREE!
What you are missing out on going with a bank rather than a mortgage broker:
-Mortgage brokers are not employees of the bank, they work for your best interests, that includes negotiating for you for the lowest rates!
-Mortgage brokers have access to many lenders (I work with over 30 myself), no matter what your situation is, there is always an option that suits your best needs rather than having limited options at your own bank (not to mention, mortgage brokers could have access to your bank’s mortgage products as well, but with lower rates!)
-Most importantly, mortgage brokers have the knowledge to run through your scenario in detail, to find out the best mortgage product NOW, and also think of what that means for you in the FUTURE. For example, if you have goals to purchase multiple properties, your current mortgage could greatly impact your ability to achieve that goal.
If you have not considered using a mortgage broker before, PLEASE DO SO NOW, because you are truly missing out on the above!
