The Benefits of Using a Mortgage Broker in Oakville

Posted by on July 25, 2012

Many home buyers who need a mortgage generally look to their bank for a mortgage loan. What some people may not realize is that there are other options to obtaining a mortgage, like using an independent mortgage broker in Oakville. Rather than settling for whatever lending rate the bank is willing to provide them with – or worse yet, getting turned down by the bank – a home buyer can really shop around for the best possible rate that meets their lending needs.   The best way to do that is to employ a mortgage broker to do that for them.

What Does a Mortgage Broker Do?

What exactly IS a mortgage broker? What exactly do they do, and how do they differ from a traditional lending institution (like a large bank) in terms of getting you a mortgage for a home, cottage, and so forth? Basically, a mortgage broker shops around and looks for the best answer to your mortgage needs. They look for lenders who will supply you with a mortgage in the amount you require, and will negotiate lending rates.

Since buying a home is really one of the biggest investments most people will make, it is vital to do proper research for the best solution for you and your family. This is where an Oakville mortgage broker comes into the picture, and he or she will do this research for you on your behalf. The mortgage broker will develop a relationship with you, the client, and come to know what your needs are in order to find the best possible solution and come up with various options that will meet those needs.

Is It Really Better to Use a Mortgage Broker Instead of a Bank?

The simple answer to that question is, yes! By using an independent mortgage expert, you’re not committed to one bank that may or may not be able to give you the best rate or the best solution for your mortgage needs. Using a mortgage broker will give you the opportunity to make sure your needs are met in the best manner possible.

People are realizing this advantage more and more. In Canada, homeowners and home buyers are utilizing the services of an independent mortgage broker more and more for financing. People are realizing that their best chances of getting optimal lending rates is by having a mortgage broker shop around for them, rather than settling for whatever product their financial institution offers them.

You will not only potentially save money by finding the lowest rate possible, but you will also save time, as you will be leaving the shopping around to the mortgage broker. The reason is simple – let the mortgage broker do all the leg work and shopping for you! The broker will then find lenders who will possibly bid for your business, which will more than likely result in the lowest rate and better terms for your mortgage.

Mortgage brokers have direct access to banks and private lenders, and have developed relationships with them. For this reason, many times they are able to get instant approvals, depending on the client’s credit score.  Not only that, but they may be able to get approval for larger mortgage amounts if necessary, and have access to unique mortgage products that are not available to the general public.

At the end of the day, the mortgage broker will negotiate the best rates and products for your mortgage. Since they work for you – not the banks – they can give you expert, unbiased advice. Best of all, there is no charge for using their services. The bottom line is, get yourself a mortgage broker Oakville to negotiate the best rate and terms for you!

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