2 minute read.
With so many changes coming to the banking industry this month and lenders tightening their belts when it comes to advancing mortgage financing, you may find yourself wondering if you should be working with a bank or a Mortgage Broker for your next mortgage. Here are a few reasons to consider using a mortgage broker to help you secure your financing;
Having a Mortgage Broker means that you have someone negotiating on your behalf with not just one lender, but many! Imagine doing it yourself…. travelling from one financial institution to another, sitting down with many different loan officers, filling out an application at each one…it’s all just too much! A Mortgage Broker will do the leg work to find the very best deal for your circumstances, saving you loads of time!
Your business matters! Mortgage Brokers really are like Realtors in that they are often self-employed and their livelihood depends on word of mouth and reputation. With a Mortgage Broker, you are likely to enjoy a more personal concierge service versus an employed individual from a bank.
Although banks are keeping better hours these days, Mortgage Brokers often have more flexible hours, are easily reached and may likely come directly to your home to discuss your needs!
Their services often won’t cost you a dime! Mortgage Brokers get paid by the financial institutions for bringing in qualified borrowers like yourself.
An advantage of having a Mortgage Broker working for you is that they often will handle your paperwork, application submissions and negotiations behind the scenes and when all is said and done, they can help you understand all the terms of the loan too.
THE OPPOSITE IS SOMETIMES TRUE THOUGH
At Knowledge Broker, we also have very tight relationships with Mortgage Advisors that do in fact work directly for banks. Contrary to a clerk that works in a branch, these Mortgage Advisors work fairly independently in a similar manner to Mortgage Brokers. These representatives can have a very strong pull from within their organizations to help you expedite your approval. In sum, it’s all about the person.
If you are looking to gain a mortgage commitment, we would be happy to recommend one.
If you have any additional questions about your real estate needs, please don’t hesitate to contact us!