101 Series: Why You Should Use a Vancouver Mortgage Broker
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Why You Should Use a Vancouver Mortgage Broker
It’s a simple fact that over 50% of Canadians use their own bank to obtain their first mortgage.
It’s a common practice adopted by many first time mortgage borrowers because it’s a convenient place to apply since they know you.
But, did you also know that if you use your bank and you accept the rate they offer, it could end up costing your thousands of out of pocket dollars because you did?
Many Canadians are under the impression that it’s better to use their bank because you are under the impression you will have to pay a commission to a mortgage broker such as myself.
Vancouver Mortgage Brokers Don’t Charge You a Fee
That’ right! You don’t pay us to do this work for you because we earn our commission directly from the lender. The commission we receive has nothing to do with any costs that are reflected on your mortgage. They pay us this commission because we brought the business to them.
The commission we make is specifically based on the size of the mortgage and has nothing to do with interest rates. Mortgage brokers have to go through a stringent process to get a license, so you know that you can expect a high degree of competent professionalism when you use our services.
Bottom line – you pay nothing to use our services!
A Vancouver Mortgage Broker Offers Greater Convenience
Let’s say you did go through your bank. You went through all the ropes and put your paperwork together. You may have met with them several times to clarify aspects of your application or to sign some papers. You have to take time off from work to meet with them during business hours.
You go through all this and what might happen? They turn down your application. So, what happens next? You have to go through all this rigmarole to do it all again with no guarantee.
By using the services of a Vancouver mortgage broker, you only have to complete all the paperwork once. Then we take over and do all the rest for you. We have access to numerous lenders and can save you a lot of legwork because we can repeat the process without having to inconvenience you with a bunch of stressful appointments.
Many people who apply for mortgages also happen to be either single or self-employed. Other applicants have less than stellar credit history. These and other issues can present new hurdles which you might not be prepared to address.
As the banks are more stringent when it comes to people in this boat, I can advise you on how to manage these hurdles with a lot less hassle.
A Vancouver Mortgage Broker Can Find You Cheaper Mortgage Rates
We not only have access to many different types of lenders, we are also apprised by our lenders about any changes in interest rates on a daily basis. We have hands-on information on the most updated mortgage rates from all our available lenders.
We can find you rates which are cheaper than traditional lenders such as banks. This means we can save you money by seeking out and finding you the best rates.
Why Should You Use a Mortgage Broker?
It boils down to 3 basic reasons. We don’t charge you anything. We offer greater convenience to ease you through the mortgage process. We can find you better rates and have access to multiple lenders.
Need a Vancouver mortgage? Give me call and let us help!