Are you ready to start exploring your financing options for purchasing a home? While there are many different types of loans available to select from, one of the first things you will need to determine is whether you want to work with a mortgage broker or with a bank. Here's a look at some of the benefits associated with working with a mortgage broker rather than a bank.
1. Likely the most important factor is that the mortgage broker works for you not the bank. The bank representative working at the bank in concerned for only the bank, therefore only has an allegiance to protect the banks best interest not yours! A mortgage broker works for you and only gets paid when you are happy with the financing options you are offered, so in the end your mortgage broker has your best interests first.
2. When working with a mortgage broker you will have different mortgage options with numerous different lenders, whereas a bank will only offer you their own product. A mortgage broker as many lenders to choose from and can provide you will several different lending options that might even be more flexible and fit your own situation better. Often a mortgage broker will offer you better rates and can work with people that have perfect credit or even the credit challenged.
3. A bank employee does not require any specific training to work for the bank, and in fact many of the lending officers at a bank do all sorts of lending but do not specialize in mortgages. A mortgage broker specializes in mortgage lending and will have the experience and skill to ensure you are matched with the right mortgage for your unique situation. Mortgage brokers are licensed professionals that have to meet strict criteria to maintain their license as well ad continuous education.
4: Reducing Credit Report Inquiries Each time your credit report is pulled by a lending institution, your credit score may take a hit. When you work with a mortgage broker, your credit report only needs to be pulled once in order to recommend the best options. If you go to multiple banks, on the other hand, your credit report will be pulled each time you inquire into a loan.
5: Submit Your Information Only Once After you have submitted all of the necessary information to your mortgage broker, he or she will pass all of the required information on to those mortgage lenders that might be a good fit for you. As such, you are able to submit your information to multiple lenders while only filling out the necessary paperwork one time.
1. Likely the most important factor is that the mortgage broker works for you not the bank. The bank representative working at the bank in concerned for only the bank, therefore only has an allegiance to protect the banks best interest not yours! A mortgage broker works for you and only gets paid when you are happy with the financing options you are offered, so in the end your mortgage broker has your best interests first.
2. When working with a mortgage broker you will have different mortgage options with numerous different lenders, whereas a bank will only offer you their own product. A mortgage broker as many lenders to choose from and can provide you will several different lending options that might even be more flexible and fit your own situation better. Often a mortgage broker will offer you better rates and can work with people that have perfect credit or even the credit challenged.
3. A bank employee does not require any specific training to work for the bank, and in fact many of the lending officers at a bank do all sorts of lending but do not specialize in mortgages. A mortgage broker specializes in mortgage lending and will have the experience and skill to ensure you are matched with the right mortgage for your unique situation. Mortgage brokers are licensed professionals that have to meet strict criteria to maintain their license as well ad continuous education.
4: Reducing Credit Report Inquiries Each time your credit report is pulled by a lending institution, your credit score may take a hit. When you work with a mortgage broker, your credit report only needs to be pulled once in order to recommend the best options. If you go to multiple banks, on the other hand, your credit report will be pulled each time you inquire into a loan.
5: Submit Your Information Only Once After you have submitted all of the necessary information to your mortgage broker, he or she will pass all of the required information on to those mortgage lenders that might be a good fit for you. As such, you are able to submit your information to multiple lenders while only filling out the necessary paperwork one time.
About the Author:
Conexia Mortgage is a Calgary based Canadian mortgage brokerage specializing in residential financing. While the team at Conexia Mortgage can assist you with a mortgage across Canada they specialize in Calgary Mortgage .
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