FAQ: What are the Advantages of Using a Mortgage Broker?

Posted on 10 August, 2015

If you are new to the home buying process, you may be wondering: What is a Mortgage Broker and why would I use one instead of simply going through my bank?

A mortgage broker is someone who acts as an intermediary between you (the purchaser), and a lender. There are several advantages to using a broker, some of which include:

  • The cost – In the majority of cases, brokers are paid by way of a ‘finder’s fee’ from the lender, and not by you.
  • A broker is here to offer you independent, objective mortgage advice. They’re in business to act in your best interest, not in the best interest of a lender.
  • Brokers do the research for you. Buying a home can sometimes be an overwhelming and complicated process. A Broker will work to find out which lender best suits your financial situation and help you alleviate the risk of unforeseen penalties, fees and charges.
  • Brokers have negotiating power with lenders, because lenders compete to gain your business. They also have access to rate specials that may not necessarily be available to the public
    Whether you’re self-employed, a first time home buyer, someone who is new to Canada, or purchasing your second or third home, Brokers have the knowledge to make your home buying process less complicated and stressful for you.

Whether you’re self-employed, a first time home buyer, someone who is new to Canada, or purchasing your second or third home, Brokers have the knowledge to make your home buying process less complicated and stressful for you.


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