With mortgage rates still on record lows in Canada, it might be the perfect time to get a good deal on your mortgage. Many Canadians believe that only banks can offer sound advice on mortgage matters. Although banks have different mortgage products, they may not suit everyone, and mortgage brokers always offer an ideal alternative.
A recent survey by the Canadian Association of Accredited Mortgage Professionals (CAAMP) showed that most first time home buyers and young Canadians use brokers when getting a mortgage. Here are a few ways in which your broker could play a crucial role in your home purchase.
Best Rates in the Market
Brokers are your best bet if you are looking for a good rate in the market. Mortgage brokers deal with several lenders and are in a better position to negotiate. Many times the broker could even be negotiating directly with your current bankers.
There is a simple reason why brokers get the best terms and rates: they bring high volumes of business. When brokers get discounts, they pass the same on to you.
Remember that the brokers work with many financiers you have never heard of, some of who offer very good rates. Some of these lenders deal with brokers only.
Unbiased Expert Advice
The mortgage advisor at your local bank will only tell you about products and rates that are offered by the bank. A Mortgage Broker has no vested interest in who you get the mortgage from
Usually, only a direct interaction with a broker can offer balanced advice regarding mortgages in Canada. It is a perfect way of getting information about numerous options when it comes to lenders, terms and rates.
Services beyond Mortgage
When you are buying a home in Oakville, there is more to just getting mortgage. According to Canada Mortgage and Housing Corporation (CMHC), some steps include searching for a home, making an offer, getting the mortgage and moving.
I have visited for many banks for mortgage services and very few bother to offer much advice on anything beyond a mortgage. An experienced mortgage broker is your one stop source for the entire home purchasing process. This includes issues on insurance, payment protection and so on.
A mortgage broker is very essential when you are finding your way in the competitive mortgage market. Whether you research online or use referrals, getting a mortgage broker to work for you is worth the effort. Brokers look at every aspect and suggest suitable mortgage products.