Why Use a Mortgage Broker?

People in Halifax and Nova Scotia are changing the way they shop for mortgages. In the past 3 years, the use of mortgage brokers for first time home buyers has doubled. Home buyers are making the switch to ask a professional mortgage broker represent them for the most important financial decision in this lives. This change means clients are getting better mortgages at lower rates, a win win for everyone! Having once worked for a major Canadian bank, I made the move to mortgage brokering because I believe strongly in the brokerage process. Here are the reasons why I believe working with a mortgage broker is a sound financial decision:
Mortgage Broker Bank
Mortgage Rates Best rates offered automatically May have to negotiate for best rate
Objectiviity Able to use all lenders Works for one banking
institution
Mortgage Options Basically every option on the
market
What is offered by the one
banking institution
Focus Mortgage Specialist Offers investments, bank accounts,
mortgages, car loans, etc
Lender Options Big banks & broker only lenders One bank only
Penalties Calculated at discounted rates:
much less expensive
Calculated at posted rate:
much more expensive
Representation Professional representation
to lenders
Self representation
to the lender