Tips for Home Buyers: Use a Mortgage Broker!

07.01.2015

Using a Mortgage Broker Could Save You Thousands!

Mortgage Brokers provide for more freedom and choice with truly unbiased advice. And, Mortgage Brokers can explore dozens of mortgage solutions, giving clients a broad view of the mortgage landscape, and the freedom to choose the right option for their home financing needs. There are so many good reasons to use a mortgage broker, and a good mortgage broker at that. Eitan Pinsky is one of the great ones. Take a look at his reasons why you should use a mortgage broker:

Consumers: Mortgage Broker or a Bank?

Mortgage Brokers today can offer much more to clients than the clerk or bank representative. While a mortgage specialist at a big bank may offer good products, bank representatives, by law, are not allowed to provide you with rates or quotes from other sources. Because of the number of lenders and products available, Mortgage Brokers also have the flexibility, agility and adaptability to adjust to changing markets and situations. The breadth of options available through a Mortgage Broker is expansive – an array of options impossible for the banks to replicate.

Why Do Mortgage Lenders like Mortgage Brokers?

Mortgage Brokers provide choice and options to the general public through mainstream mortgages. Because of their expertise, most lenders have found it more efficient to deal directly with Brokers rather than investing in large brick and mortar bank or branch networks.  Since Brokers are more efficient for lender networks, lenders are happy to lower their rates and improve products: benefitting everyone, especially the client.

Using a Mortgage Broker is Free!

In Canada, Mortgage Brokers are paid directly by the lender. So, except for some circumstances for unique files and specialty loans, you would never have any fees for our service. And any fee is disclosed and discussed before work commences.

Mortgage Brokers are Experts

Mortgage Brokers are experts in their field. They have up-to-the-minute industry knowledge of where to find the best mortgage terms for clients. Unlike bank staff, they do one thing only: mortgages. As experts, they have a thorough understanding of mortgage markets, available lenders, mortgage options, features and rates and the agility to adapt quickly to changing markets. This is what we do every day!

More Products and More Options

Mortgage Brokers have access to dozens of lenders and hundreds of products to choose from for your home financing needs. This access and open market makes lenders compete for your business. Competition has driven interest rates down and provides for more diverse products and more mortgage options.

Don’t settle for looking at only one product or option – talk to your Mortgage Broker about a minimum of three different lenders and discuss which would be the best fit for you!

One-Stop-Shop for Home Financing

A good broker provides you with many mortgage choices but requires only one application. It’s possible that your bank has the best rates. More often than not, though, the products and options that you bank may not be the right solution for your home financing needs. You could go to other banks and lending companies but that can be time-consuming and unnecessarily stressful. A Mortgage Broker can do all of the above for you in their one-stop-shop.

Independent, Licensed and Regulated

In British Columbia, Mortgage Brokers are government licensed. On the other hand, bank representatives are not required to have their Mortgage Brokers license. Brokers must comply with mandatory education requirements and must pass a rigorous government exam. We abide by the Mortgage Brokers Act, which includes stringent ethics and confidentiality protocols. For us, this is a profession, a career, which we take great pride in.

In it for the Long Haul

Since Mortgage Brokers focus solely on mortgages, you won’t see your broker switch from department to department or from branch to branch. In many cases, your bank representative, if they are good, will get promoted and you’ll have to develop a new relationship from the ground up!  Reputable, licensed Mortgage Brokers have committed to our businesses and to our clients’ best interests; we are here for your first mortgage, your second and all of your renewals.

Convenience

There are no line-ups with Mortgage Brokers.  In most cases you won’t even have to go anywhere, as many Mortgage Brokers can complete an entire application over the phone and online. What’s more, the best Mortgage Brokers work when you want us to, because for working individuals and families, it’s not always easy to have a financial discussion during regular business hours!

Satisfaction

The market share for Mortgage Brokers rises every year, and this is not a coincidence! This is probably because people genuinely like their Brokers, use them again and again and refer their family and friends. A smart Broker knows that without happy clients and satisfied customers, they do not have a business – there’s no huge bank or brand to stand behind. We do our best to create customers for life through amazing rates, service and advice.

So, before you go buy your first home or refinance your mortgage, why don’t you contact a Mortgage Broker? One phone call could reduce stress, free your time and keep thousands of dollars in your pocket!

Guest Post by 

Eitan Pinsky Mortgage Expert

Eitan is a Mortgage Expert with Origin Mortgages, a Dominion Lending Centres franchise. Eitan prides himself on providing the best mortgage advice to his clients by having at least 3 bids from different lenders for each client to choose from, putting his clients in the drivers seat. Call him at 778-990-8950 today or visit EitanPinsky.ca.

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