Looking to buy a home in Vaughan? If you are, you may be thinking where should I go to get my mortgage? Well over my 20 years of helping people buy real estate in Vaughan, I’m always asked this question “shouldn’t I just go to my bank to get a mortgage?” And my answer is always the same: “I believe it’s in your best interest to hire a good mortgage broker instead of dealing directly with your bank”. Why is that? Check out my top 12 reasons you should hire a mortgage broker.
1) Mortgage Brokers Work for You: Brokers can expose you to multiple options from multiple financial institutions that are in your best interest. They will expose to you all the options available to you, not just what one bank can offer. Ask yourself this question –Will your bank’s rep tell you that you can get a better mortgage from the bank across the street?
2) Access the Best Rates: Since Brokers send lenders millions of dollars of new business each month, they always offer them the deepest discounts which they pass on to you.
3) Availability: I’m sure you’ve heard the term banker’s hours, but most mortgage brokers are available on your terms - days, evening and weekends. Many times my clients have called their broker in the middle of negotiating an offer late at night to have a question answered.
4) One Credit Bureau: Brokers take one credit bureau only but can forward your file to many lenders. When multiple banks pull a credit bureau, your credit rating drops every time, sometimes eliminating the chance for the best mortgage or a mortgage at all.
5) Large Range of Products: Many products for renting, self-employed, credit challenged, no down payment, cottage properties, line of credit, 2nd mortgages and more. If one bank can’t help, brokers have other options.
6) They shop the market saving you time: Calling a mortgage broker is like calling over 50 different lenders including Banks, Credit Unions and Trust Companies at once. They find the best mortgage product for you thus saving you much time.
7) Licensed Expert: License requirements and disclosure rules are much more stringent for Brokers. Meaning the client is typically better informed when using a Broker.
8) Rate Protection: Most brokers keep a very watchful eye on the rate and if they drop before you close, you automatically get the lower rate and if rates go up, you have the lower rate locked in.
9) They want referrals. They want to do an exceptional job for you because they want you to refer them to all your family and friends. Also, many times the broker you use, has been referred to you by a Realtor. Brokers want to keep receiving referrals from those agents and don’t want to jeopardize that source of business by not doing an outstanding job for their mutual clients.
10) Application Process: As mentioned earlier, most brokers are available to take your application anytime/anywhere, even over the phone or on the internet. They’ll take some information and then send it electronically to the lenders. You will typically get a response within 24 hours.
11) Follow Up: They act like a quarterback between the lawyer, lender, realtor and you. A good broker will also follow up with you before and after the closing date to ensure all went well. Many will also provide Annual Mortgage Check-Ups, Variable Rate Updates and the planning of your Mortgage Burning Party.
12) All this for Free: In a vast majority of cases their services are free as the bank pays broker a finder’s fee. So you get all these advantages and it doesn’t cost you a cent.
So when you are looking to buy a home in Vaughan, I say you should consider getting a good Mortgage Broker on your side. If you are looking for a good broker, feel free to contact me anytime. Want some other buyer tips?
Comments(0)