Mortgage Broker vs. The Bank – What is better?
In the past a mortgage broker was someone you went to when you could not qualify for a mortgage and a major bank. This is the way of the past – more often than not it can be more advantageous for your to use a mortgage broker in lieu of the bank to obtain best rates that you often could not obtain by going to your local bank.
1. The Mortgage Broker Works for You Perhaps the greatest benefit to working with a mortgage broker rather than a bank is the fact that the broker works for you. When you go to a bank to secure a mortgage loan, the bank specialist is solely concerned with the interest of the financial institution. The mortgage broker, on the other hand, is looking out for your best interest as he or she searches for the loan and institution that is best for you.
2. When working with a mortgage broker you will have different mortgage options with numerous different lenders, whereas a bank will only offer you their own product. A mortgage broker as many lenders to choose from and can provide you will several different lending options that might even be more flexible and fit your own situation better. Often a mortgage broker will offer you better rates and can work with people that have perfect credit or even the credit challenged.
3. Mortgage Brokers are Highly Trained While bank specialists do not require any formal training or license, the same is not true of mortgage brokers. In fact, most Provinces require mortgage brokers to meet a strict set of requirements, Furthermore, mortgage brokers must be licensed and must complete continuing education courses in order to remain licensed in most Provinces. As such, you can be sure the mortgage broker you work with is current on the latest real estate and mortgage financing rules and events.
4. Each time your credit is pulled your credit score suffers. Every inquiry takes points off your fico score. So shopping around for a mortgage could be detrimental to your credit and could even hold you back from making your home purchase. But when you choose to work with a mortgage broker, there is only one application and one credit inquiry. Your mortgage broker can shop for the best rate for oyu without having to risk ruining your credit.
5. Working with a mortgage broker makes finding a mortgage with the best rates and terms a piece of cake. You need only fill out just one application with your information and your mortgage broker will ensure that they will find you the very best rates and conditions for your new mortgage.
At Conexia Mortgage we employ some of the best Calgary Mortgage Brokers so you can be assured your Calgary Mortgage will have the best rates and terms available.
