Getting through the whirlwind called buying a home can be more than a little daunting unless you have the right professional on your side from the beginning. Along the way, you’ll need to have trusted experts who understand all the financial aspects working with you. Don’t be afraid to ask the tough questions and expect easy to understand answers, starting with: “What is a mortgage broker?”
The very first thing you need to understand is we are the professionals that don’t work for the big banks. Once you’ve been through the learning curve and understand what is a mortgage?, you’ll need to saddle up with the folks that want to get you the best rates possible and work in your best interest. Those people aren’t necessarily the banks because they hire mortgage folks that get paid to further that bank’s agendas. In other words, the bank employees you deal with want to sell you the product their institution has to offer.
That’s not the case with mortgage brokers who make it their job to get each one of their clients the best priced and best structured mortgage. Dealing with the banks personally means shopping around and negotiating with a number of representatives with motives that don’t include what’s good for you. Using a mortgage broker means making a single phone call and we’ll do the rest.
There’s more. There’s no risk of anything running off the rails when you use a mortgage broker since every province regulates their brokers to ensure the public gets high quality service at a decent price. Still, the mortgage industry is like every other in that you’ll want to choose a broker that has experience.
