Mortgage brokers are independently trained professionals who are licensed to represent and provide you with the best advice for your mortgage needs.
A mortgage broker's primary expertise is locating funding to help you finance your mortgage. Since they know where the best rates can be found and they have the knowledge to present the best possible proposal for financing to lenders, it’s in your best interest to obtain the services of a good broker.
Mortgage brokers work hard for you — not the big banks.
Brokers are not limited in the number of products they can offer you. Whether it’s with a chartered bank, trust, insurance company, or private funds, brokers will seek out the best lender package to suit your specific situation.
Since there is a wide assortment of mortgage financing options and features available to homebuyers today, shopping can require a lot of time and effort. Don’t let the mortgage process intimidate you, work with one of the mortgage professionals at Blue Pearl Mortgage Group to get the best deal for your needs.
10 Reasons you should use a mortgage broker
- Access to different lenders, banks, trust companies, investors, and financial institutions.
- Fast credit and loan pre-approvals with no cost or obligation. (Some conditions may apply)
- Experts at matching you with the right mortgage.
- Access mortgage rates at wholesale, guaranteed up to 120 days.
- Work for you, not the bank.
- Up-to-date on all available mortgage rates, terms, and repayment options.
- Specialize in mortgages.
- Increase competition in the market place, which helps to keep rates low.
- Save you time and money.
- Have vested interest in satisfying your needs.
How else can a mortgage broker help me?
In addition to rates, because mortgage-based financing is the broker's primary business, he or she has developed expertise in what type of mortgage financing each lender prefers to pursue. This kind of knowledge not only results in accessing the most favourable rates for each project, but often determines whether a project can get the funding it needs.
How do mortgage brokers find the best rates?
Since brokers are in daily contact with lenders, they know which project or home will be likely to attract a favorable interest rate from one institution, but a higher rate at another.
These rates, and preferences for types of mortgages, can change daily, depending on economic circumstances or the size of an institution's portfolio. At Blue Pearl Mortgage Group, your mortgage broker will know which lender to approach first to help you get the best rate possible.
Why should I go to a mortgage broker first?
A professional presentation to a lender on the first application will get the best response and save you time and money. Secondary applications with previous credit bureau inquiries may be more costly.
Often the success of obtaining a mortgage approval depends on the way in which a proposal is presented and the person who sees the proposal.
Just as you don't call an insurance company to obtain insurance, you shouldn’t call a lender to obtain a loan. So remember, call your mortgage broker first!
How do brokers get better deals than many of the big banks?
The lenders who work with mortgage brokers include traditional sources, such as chartered banks, trust companies, and both corporate and private pension funds.
In addition to these sources, brokers often develop professional relationships with private sources of funds — private lenders. These lenders can provide a variety of mortgage products not available at conventional sources.