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Why use a mortgage broker?

 
  1. Save time and money: When you use a mortgage broker, you can save time and money. Instead of applying at the lenders yourself and potentially lowering your credit score, your mortgage broker should do all the legwork for you. Not only can this save you time, it can save you money. If your broker finds a lender offering a mortgage with a lower rate, that could mean thousands of dollars in savings over the life of your mortgage.

  2. Lower mortgage rate: Your mortgage broker may do a lot of business with some lenders, giving them volume bonuses, who can pass those savings on to you. Your broker should also be an unbiased negotiator. This means that they’re more likely to be able to get a better mortgage rate for you than you otherwise would be able to if you went directly to the lender yourself. A lower rate means lower payments!

  3. Unbiased advice and greater choice: Your mortgage broker typically works with dozens of lenders. Client referrals are their lifeblood. As such, a good broker should want to ensure you’re fully satisfied by providing you with unbiased advice. They should choose a lender because they’re best suited for you, not because of the finder’s fee offered.

  4. No cost (most of the time): Your mortgage broker is compensated directly by the lender, so most of the time there’s absolutely no cost to you as the consumer. The only time you might have to pay a fee is when working with a private lender or a lender who refuses to pay broker fees, but a broker will tell you in advance of those potential extra costs.

  5. Protect your credit score: If you apply at dozens of lenders yourself, not only is it time-consuming, it can lead to a lower credit score. Here’s why – each time you apply at a lender, it results in a hard credit check. If you do too many credit checks within a short time span, it can lower your credit score. With a broker, typically they only have to pull your credit score once, helping protect your credit score.

Home Purchasing Tool

Useful self assessment tool

Mortgage Calculator

Gives you quick access to loan options and the difference they can make in your monthly mortgage payment.

Bi-Weekly Payment

Shave years off your Mortgage and save you thousands by using an accelerated bi-weekly mortgage payment.

Mortgage Compare

Which mortgage provides you with the best value.

Mortgage Qualifier

This calculator helps you determine just how much house you can afford.

Rent vs Buy

This calculator helps you determine just how much house you can afford.

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