Mortgage Broker Services
A mortgage broker is a licensed professional trained in bringing together borrowers with potential lenders, which are usually banks, credit unions or private lenders. In Oakville, Ontario, Canada the number of people seeking mortgages is increasing every year because of the population increase as well as an increase in the number of real estate developments. Mortgage brokers in Oakville are in a position to help meet the needs of their clients by having access to the current mortgage rates and specialized lenders for unconventional type mortgages.
Why You Should Enlist the Services of a Mortgage Broker
A professional mortgage broker brings with them the experience and network of lenders. Remeber – everyones’ circumstances in life are different! Outlined below are some of the advantages of retaining the services of a mortgage broker.
- Negotiating Better Deals and Saving Money
What most borrowers do not know is that successfully finding a lender to give a mortgage can involve a lot of fees such as application fees, lender fees, and appraisal fees just to name a few. Because of a mortgage broker’s experience and networks, they can get certain lenders to waive some of these fees in effect saving you money.
The mortgage broker is also in a better position to negotiate better deals with certain lenders, especially if they have bulk or a large volume of clients. Another thing is that some of the discounts they get as a result of this may be passed on to the clients or borrowers.
- More Flexibility in Working Hours
Most lenders are banks and they have fixed hours of work. A mortgage broker on the other hand, is not bound by these fixed hours. In our case we are available to our clients from 8 am to 10 pm Monday to Saturday and afternoons on Sunday. So a client or borrower can enjoy extended services offered by a broker because a broker works independently.
- It Saves Time and Effort
Mortgage brokers have access to many lenders seeing that this is what they do every day. A mortgage broker is like a one-stop shop for all lenders. You are bound to come across lenders you have never even heard of. This basically means that there is a good chance you may end up knowing about and even signing up with a lender with better rates. Enlisting the services of mortgage brokers in Oakville will save you the time and effort of having to research and visit other lenders.
- Mortgage Broker vs. Bank
A mortgage broker has access to several lenders including banks and other financial institutions. This means that a mortgage broker will provide you with different rates and mortgage products for you to assess and make an informed decision on.
A bank, on the other hand, usually canl only offer you their products and services. This puts a potential client at a disadvantage since they may want to make comparisons with other rates or their circumstances such as credit, loan to value and employment situation make it difficult to get a conventional bank mortgage.