Many people just go to their bank for a mortgage but have no idea what a Mortgage Broker does or the advantages & disadvantages between a Mortgage Broker vs. dealing with a Bank directly.

When I work with clients who are talking   to   me  about  their  plans  
to   buy  a  home  and we talk about things like areas of interest,  features of the property  that they’re   looking   for,   and budget,  I always ask if they’ve been  pre-approved  for  a mortgage.

Being  pre-approved for a mortgage is extremely important but not for the reasons that you’re probably thinking.

When I ask that question … quite often people say NO … should I speak to my bank first?

And I broach the subject of mortgage brokers and I find many people have heard of mortgage brokers but they’re not quite sure what the differences are between getting a mortgage from a bank directly vs. using a mortgage broker.

So let me share some key differences that you should know.

Now … I have a question for you … if you’re looking for a car  (or any  high  priced  ticket  item) do you  shop  around?

Yes  of course, right?   Because even if  you  know  what  kind  of  car  you want … different dealer have different  service  and  different prices.

When it comes to getting a mortgage a lot of people think it’s a one-size-fits-all.

“I  want  a  house  or  condo … the bank  send  the  money directly to the seller  (actually the seller’s lawyer), and  I’ll  take  25 years or so to pay  them  back”
Here’s what people might not realize.

#1.  When you are dealing with a mortgage  broker  you’re still getting a mortgage from a reputable bank.
It’s  just through a middle-man so to speak.  So your money is safe.
And  BTW  … we always think of cutting  out  the  middle  man, but in this case if the middle-man is FREE to you … why not use their expertise?

#2. A mortgage broker doesn’t care which bank/lender gives you the mortgage.
All they care about is protecting your interests and giving you great service.
They care about getting you the right mortgage.
So what they’ll  actually do is take your mortgage application ONCE and  then shop it around to the different banks to get you the best product and  the  best  rates.

And  here’s what’s really interesting about this process.
Very often a good mortgage broker will get you a BETTER rate with a 
bank than you could get yourself if you walked into the branch.
Even if you’ve been banking there for years and know the staff.

The reason is because the rate is partially controlled by their Head Office,  and they give preferred rates to mortgage brokers because they want the mortgage brokers to send the LOTS of business.

#3 Equally  important to the RATE … is the actual mortgage itself.
A lot of people think a mortgage is a one-size-fits-all (like I said earlier).
What many people don’t realize is that a mortgage is like a product.
Just like if you go to an electronic store  to  buy  TV’s.
Lots of the SAME product …[TV] but many different features.

Many different BENEFITS from one TV for ONE particular buyer.
And many different BENEFITS you get from a different TV that are better suited for another type of buyer.

All are TV’s that broadcast the same  programs … but different features and benefits … and for many different prices.

So there are different types of mortgages, different  rates, different penalties, different features of that mortgage for one type of buyer than for another type of buyer.

For example, a buyer who’s buying their family home that they intend to stay in for 20 years might need a different type of mortgage than someone buying a home to live in that they might move out of in 2 to 4 years.

#4.  If  you’ve  ever  looked at the fine-print of a mortgage contract … good luck with that.
Even if you like to read … if you’re not trained  in  that  field, might miss something  or not quite understand.

Mortgage Brokers are trained to know what to look for and look out for you.
And  like  I  said … usually their service and  expertise is Free of charge.
So, if they can get you a better type of  mortgage,  that makes you happier, for a better rate, and avoid potential pitfalls because you didn’t see the fine print, and no charge to you … why WOULDN’T you use a mortgage broker ?

#5. They only have to pull your credit rating or credit bureau report once.

So if you’re thinking of looking for a home in the near future and want to plan your budget or want to know about the pre-approval process you can email me confidentially and I’ll be happy to answer your questions.

I can also refer you to the BEST mortgage brokers in town who are the best at what they do and they provide an equally great experience in the funding process.