Why Use a Mortgage Broker?

When the time comes to purchase a home, finding a lender can be very time consuming and frustrating. Some people will stick with their bank because it is who they have trusted to hold their money. But, is your home bank the best option for your mortgage lender? Will they guarantee you a better rate than any of their competitors?

Lenders are in the business to make money, so they are not encouraged to provide the lowest loan rate, even to their most loyal customers. They are only likely to negotiate when they know the borrower is able to get a better rate at another bank. Lending policies also vary between banks, so a rejected loan application will be noted on your credit report.

Mortgage brokers have already done all the work for you by finding the banks with the best rates and comparing their mortgage products and fees. A mortgage broker will work for you to get the best deal possible on a mortgage. Typically, mortgage brokers have a panel of lenders whose policies and requirements are known to them. So, they will submit your application only to those lenders whose requirements suit your situation. Mortgage brokers can save borrowers time and money.