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7 Reasons to Use a Mortgage Broker

Top Reasons to use a mortgage broker

Thera are an infinite number of reasons to use a mortgage broker but we are going to highlight the top 7.  It’s no secret that owning real estate is one of the most efficient ways to build your net worth. Whether you’re looking to expand your portfolio or simply move into a new home, it’s highly recommended to use a mortgage broker during the process.

But, not everybody understands the benefits this type of professional can provide. We’ve put together a short guide with everything you need to know.

Let’s get started.

1. You’ll Work With an Experienced Professional

As you might guess, the benefit of working with an experienced professional is something that cannot be overlooked. While securing a mortgage is possible to do on your own, you are far less likely to achieve the results you desire.

A reputable Canadian mortgage broker has worked with hundreds (if not thousands) of buyers just like you, allowing them to quickly assess your situation and determine the best course of action and offer advice on the various types of mortgages and financial institutions offering them. So, keep this in mind when making your decision.

2. It’s Much More Convenient to use a Mortgage Broker

A large portion of a mortgage broker’s job involves catering to your needs. This means that they can often adjust to your schedule and get in touch with you when you have free time.

This is especially useful for those who have children, irregular work schedules, etc. Otherwise, you would be left to complete the process on your own. For some individuals, this could be highly inconvenient and prevent them from easily doing so.

3. Overall Efficiency

If you want to get through the lending process as quickly as possible, it’s highly recommended to work with a broker. As previously mentioned, it’s almost impossible to handle everything on your own.  An experienced mortgage broker will negotiate on your have, have access to dozens of lenders and save you time.

The overall efficiency that a mortgage broker provides is one of the most enticing attributes of enlisting one for help.

4. Access to Powerful Tools

No matter what you do, there are certain tools that the average person does not have access to. For example, brokers have specialized software that allows them to quickly develop a profile based on your situation.

This application will consider factors like your current financial circumstances and whether or not you meet the lending criteria of their organization. After compiling this information, they can then present you with a range of loan products for you to choose from.

Additionally, they can achieve all of this without impacting your credit score. This will help you make the most appropriate loan decision in the shortest amount of time.

5. Market Knowledge

As with any other real estate endeavor, market knowledge is invaluable. So, it should come as no surprise that the market knowledge a mortgage broker has is one of the most useful resources that you can take advantage of.

After all, a mortgage is a commitment that will likely last multiple decades — it’s essential to make the right decision from the very beginning.

Otherwise, it’s fairly easy to end up overpaying. Even if your mortgage interest rate is a fraction of a percent higher than it could have been, this could translate into tens of thousands of dollars over time.

That’s money that you could have put toward retirement or even toward renovating the house itself.

6. You Will Learn About the Process

Some people simply wish to get through the process as quickly as possible. They don’t seem to care what they need to sign, they just want the documents in front of them so they can be on their way.

Many people, however, have a desire to learn more about how mortgages work, how certain criteria impact their ability to secure a certain loan, etc.

If you choose not to work with the broker, you won’t have anybody that can clearly explain all of this information to you. Similarly, you won’t have the knowledge of certain tricks that you can implement to help the process go even smoother.

Working with a broker, though, will ensure that you obtain a strong understanding of the borrowing process. This could even help you out during a future home purchase.

7. Better Deals

At the end of the day, there’s no reason to decline the opportunity to save money. Your mortgage broker will use their abilities as a professional in order to get you the best deal possible.

In some cases, this could even end up shaving off a significant amount of money from your loan.

It’s not uncommon for highly experienced mortgage brokers to have little trouble in negotiating better interest rates for their clients. Compared to what you would be able to receive while working independently, the difference could be night and day.

You can then use this extra money to reinvest into the home itself. New homeowners often immediately use the money they saved on their mortgage to add an additional bedroom or renovate the exterior of the house.

In turn, these modifications will add exponential value to the home itself. And, it all starts with getting a better deal in the first place.

Deciding to Use a Mortgage Broker Can Be Game-Changing

While we have listed 7 reasons to use a mortgage broker, there are many more.  So it’s imperative that you keep the above guidelines in mind. From here, you’ll be able to take advantage of the benefits you’ll experience from deciding to use a mortgage broker.

Want to learn more about what we have to offer? Feel free to contact us for a free consultation at 1-877-383-1577 or via email: info@mortgagebrokersnetwork.ca to see how we can help.