Here’s 8 reason why more and more home buyers in the GTA are using a mortgage agent or mortgage broker to buy a home, refinance, renew or switch their mortgage.

Service – A mortgage agent provide some service that are similar to a bank but most mortgage agent work after business hours. Because mortgage Agents and brokers are self employed they spend hours honing their skills and developing referral sources that will eventually be of help to their clients.

Options – Mortgage Brokers have access to multiple lenders. Some lenders only offer mortgages through the mortgage brokerage channel as they have no brick and motor store front. By not having a store front they are able to offer their mortgage at a lower rate. With ongoing relationship with multiple lenders and mortgage insurance companies, mortgage brokers will be able to offer different types of mortgage options. By knowing what is available in the mortgage market place a mortgage agent will be able to advise you on what your options are and who would be the best lender for you to get your mortgage.

Savings – mortgage brokers have access to multiple undisclosed discounted rates due to high volume that they offer to lenders. Lenders from time to time have different promotions that they offer to mortgage brokers who in turn offer to their clients.

mortgage broker

Peace of Mind– In some situations getting the right mortgage can be very stressful. A mortgage broker takes on that stress for you. Mortgage Broker will make sure all the paperwork is in place, call equafix to working on straightening out a credit issue so you can start the mortgage application process if there are errors on your credit bureau. They will keep in good communication with you so that you know what is going on with your mortgage and will keep you up to date with any complications so that there are no surprises.

Convenience – Most mortgage agents and brokers work outside of business hours, which allow you to focus during the day on your employment as you can get an appointment at 8PM at nights and also have someone working on your mortgage application after business hours. Follow up and communication can be done at your convenience.

Free advice – The mortgage companies pay mortgages brokerage to offer their mortgages so their services are free to you the borrower. Mortgages agents don’t work nine to five so they will be available to you after work hours and also on weekends. A great source of referrals for mortgage agent is a satisfied client and you were satisfied with the service and mortgage, you will tell your friends and family about them which will result in referrals and potential future business.

Committed – Most people think that the reason for going to a mortgage agents is if they are turned down by the bank. For that reason  mortgage agents see more challenging deals  than a typical bank employee would see and because they have access to bank fuds as well as private funds, the solutions offered by mortgage agents and brokers are  much more diversified than those offered by a bank.

Regulated – The mortgage brokerage industry is monitored by governing bodies in their different jurisdiction– as Mortgage Brokers, it is extremely important to have principles and values that are based on the best interest of the client. In fact, in order to become licensed, the Mortgage Professionals need to be well versed in the ethical and upstanding values that are outlined through the Financial Institutes Commission of Ontario, a provincial governing body that make sure agents are acting within the framework of the mortgage regulations.

The Mortgage Broker has a better understanding of a diversity mortgage of products offered by the many banks since they represent most of those banks and will more than likely know which bank’s mortgage is more ideal for your particular situation given your credit and financial situation.

While this is not an exhaustive list on the benefits of using a Mortgage Professional, it is compelling to see the benefits of using a Mortgage Professional when you are deciding to complete a mortgage transaction.

At Sunlife Mortgage, we are accustomed to financing clients with the very best credit and some with very bad credit, so knowing the right fit for a person looking to buy their first home, or someone looking to refinance their home because they don’t have enough income.