A mortgage broker is a licensed and trained professional who brings together potential clients, or borrowers, with lenders who provide secured mortgages. These lenders are usually banks, private lenders or other financial institutions. A mortgage broker has access to the current mortgage rates available in the market place and can help arrange a mortgage for you based upon your specific circumstances and financial situation. In Burlington, the number of people seeking mortgages is increasing every year because of the population is increasing and the number of real estate developments are increasing. A Burlington mortgage broker should, therefore, be in a position to meet the needs of their client in a responsible and professional manner.
A mortgage broker has access to numerous lenders including banks, private lenders and other financial institutions. This means that a mortgage broker has the ability to provide you with a wide selection of mortgage products to meet your needs and help you make an informed decision based upon your personal needs. A bank, on the other hand, typically, can only offer you their products and services. Working with a mortgage broker puts a client at a significant advantage since a mortgage broker can compare what a bank is offering with other lenders’ rates.
A experienced mortgage broker can be a great asset to have on your team. Outlined below are some of the advantages of working with an experienced, professional mortgage broker.
A mortgage broker is also in a better position to negotiate better deals with the lenders, especially if they do a large volume of mortgages with a lender. Some brokers may pass on these discounts to the clients or borrowers.