Why Homebuyers Need a Mortgage Agent
A home is typically the biggest investment that a person makes during their lifetime, Borrowing enough money to purchase a home is a huge decision that will potentially affect you and your loved ones for the rest of your lives.
When deciding whether to use a mortgage broker or to walk into your local Bank, here are few things to consider:
Mortgage brokers work with multiple lenders including your bank allowing them access to the majority of the products and best available market rates. With this access, a good Mortgage Broker will not only be able to shop around and find the best product at the lowest rate for their client but also keep your best interest in mind and share a wealth of industry knowledge with you.
Mortgage brokers have access to a variety of lenders that are regulated by the Bank of Canada and can assist in cases where your traditional bank cannot. Whether there is a credit issue, employment, down payment, or anything else, a broker will be able to find the right lender for each situation.
Currently banks decline approximately 35% of clients who walk through their doors because banks are not able to offer them a second option. When you work with a broker your credit is checked only once.
If you go looking for a mortgage or finance yourself, your credit will be checked each time you go to a new financial institution which overtime will lower your credit score.