How Mortgage Brokers Work

How do mortgage brokers work-

Getting on the property ladder and buying your first home is a life-changing experience that can be both an exciting and exhausting process. Not only is your home likely the biggest purchases of your life (unless you’re one of the lucky few jetting around in your customized Boeing 747-8 Jet), it’s one of the more important decisions you’ll make as well.

What is a Mortgage Broker?

A mortgage broker can help simplify the process, as well as explain to you your options, recommend various financing solutions, and get your first loan approved at the lowest mortgage rate based on your very own personal situation.

Definition of a mortgage broker: a professional that is trained to represent you (the borrower) when you’re seeking financing from a lender (i.e. bank, credit union, etc.).

Canadian mortgage brokers work on a daily basis with a variety of different lenders and have an in-depth knowledge of the lenders’ products and terms.

Want to connect with a mortgage broker? Check out the best mortgage rates in Canada>

How much does a Mortgage Broker Cost?

Best of all, their services are completely FREE! Mortgage brokers are compensated by the lenders (not by you the borrower) once a mortgage is completed.

What your Mortgage Broker Can Do For You

  • Help you determine how much you can actually borrow.

  • Tell you all about the different mortgage products and help you to find the right one for you.

  • Give you a better understanding of what a mortgage lender is looking for in a borrower.

  • Compare different lenders to help find you a lower mortgage rate

  • Arrange a Pre-Approval – which will hold your mortgage rate for up to 120 days.

  • If you don’t qualify for a mortgage, they can give you tips on how to improve your credit score.

  • Walk you through all of the final paperwork required for the mortgage approval.

Also read: What is a good credit score?>

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