For many people, mortgage payments are their single largest expense. Yet, when financing a home, most Canadians don’t comparison shop to ensure they’re getting the best mortgage rate and terms available. This mistake can cost homeowners tens of thousands of dollars over the course of their mortgage. Here are six ways mortgage professionals can help:
1. ACCESS TO COMPETITIVE RATES.
Brokers deal with multiple competing lenders
and can often access exclusive rates. They also
have the power to negotiate rate discounts from
lenders, which can be passed on to their clients.
2. KNOWLEDGEABLE ADVICE.
Brokers offer consultative service, advice and
solutions that are customized to each client’s
needs. And unlike banks, brokers work for you.
3. SPEED AND CONVENIENCE.
Brokers will work around a client’s schedule to
make the transaction as easy and convenient
as possible.
4. PRE-QUALIFICATION.
Whether you’re shopping for a new home or
refinancing your existing mortgage, a broker can
help you obtain a pre-approved mortgage, often
with up to a 120-day interest rate guarantee.
5. PRESERVED CREDIT RATING.
When you shop for a mortgage, there is an
accumulation of lender inquiries on your credit
bureau report, possibly affecting your credit
rating and, ultimately, the rate and terms of your
mortgage. This isn’t the case with a mortgage
broker, who only does one inquiry yet can still
get many competing lenders to quote on your
business.
6. PEACE OF MIND.
The Canadian Association of Accredited
Mortgage Professionals has a stringent Code
of Ethics that members are required to adhere
to in order to retain membership.
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