Defining roles of a mortage broker

Jean-Guy Turcotte

1. What is a mortgage broker?

Mortgage brokers are independent, trained professionals licensed to represent and provide you with the best advice for your mortgage needs. They not only know where the best rates can be found, their experience and services are often educationally based and will provide you with the best program for your needs. Their services are paid by the lender so to you, their services are free.

2. Why choose a mortgage broker?

Mortgage brokers represent you, the client and are not employed by any of the lenders. Because they are not employees of a lending institution, brokers are not limited in the product they can offer. Brokers seek out the best lender package to suit your specific situation, whether it’s with a chartered bank, trust, credit union, insurance company, or private funds. The mortgage process within today’s very competitive marketplace intimidates many Canadian homebuyers. It pays to work with a mortgage professional who will represent you and ensure the mortgage you get is the one best suited to your needs. Choosing the wrong mortgage can cost you thousands of extra dollars.

3. Other than rates, why should I use a mortgage broker?

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 is best for each individual client. All of the great mortgage brokers offer educational services that one needs to start their home buying journey.

4. How do mortgage brokers find superior rates?

Interest rates are always a concern to borrowers. Because of their daily contact with lenders, brokers know which project or home attracts a favorable interest rate from one institution, but a higher rate at another. Some institutions, in fact, will only accept mortgage submissions from mortgage brokers. These rates, and preferences for types of mortgages, can change daily, depending on economic circumstances or based on the size of an institution’s portfolio in a particular type of mortgage. Your mortgage broker keeps current and knows which lender to approach first. As a result, mortgage rates obtained by brokers are among the best available at the time of placement.

5. 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 valuable time and money. Secondary applications with previous credit bureau inquiries may be more costly. Sometimes the success of obtaining a mortgage approval depends on the way a proposal is presented. Your mortgage broker is trained to present your mortgage proposal where and how it will get the most immediate, positive result. You don’t call an insurance company for insurance – you use an insurance broker, because of their expertise, product knowledge and rates. So remember, call your mortgage broker first!

6. Can I still go through my bank with my broker?

Yes, letting a mortgage broker represent you to your own financial institution can often result in a better rate than you could get on your own but will also have the availability of almost every mortgage lender in the country to keep your bank honest.

Jean-Guy Turcotte is an Accredited Mortgage Professional with his Partners at Regional Mortgage Corporation and can be reached for appointments at 403-343-1125 texted to 403-391-2552 or emailed to jturcotte@regionalmortgage.ca

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