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5 Things a Mortgage Broker Does For You That Your Banker Cant

BC mortgage rates aren’t as simple to understand as you’d think and across Canada the housing market is changing rapidly. Unfortunately for many new home buyers, they don’t believe a mortgage broker is necessary, but this could backfire on them significantly. Mortgage brokers may appear to be a wasted service; however, in reality they are a greatly needed service. The following are five very simple things that a broker can do that your banker may not and it does make for interesting reading to say the least.

No One-Sided Deal

Many bankers strike associations with certain mortgage lenders and that can sometimes mean they forget about other lending institutes. A mortgage broker on the other hand, looks at all options available to them and not just with the lenders they mostly know or are associated with. This is great because every home buyer gets the opportunity to find a mortgage that is suitable for them. Bankers may mean well directing you to lenders they’re associated with but sometimes, you’re not getting the best deal. Mortgage brokers have ties with lenders but usually their client’s best interest is what matters most.Get latest post coming from http://www.myjerseyshorerealtor.com/types-of-mortgage-calculators/

Impartial and Free Advice

Brokers don’t just point you in the direction of a Canadian mortgage calculator they actually offer an entire range of free advice. What’s more, there is no pressure on you to decide and it’s all unbiased and impartial advice too. This is what every buyer needs and while bankers can offer some advice they are limited in resources as they usually stick to what the bank can offer. Brokers have a mass of resources and offer much more which is so greatly needed today.

Searching For a Mortgage That Works For You

Brokers have a huge array of lenders to choose from as you’re already aware and that is good on several levels. For starters, it allows the mortgage broker to go in search of a low interest rate mortgage and one which is suitable for you now and in the future. Brokers look at your history (i.e. income and credit) and match you with a mortgage. Bankers often do the same but sometimes they don’t automatically find the lowest interest rate mortgages unlike brokers. Remember, brokers know if the clients aren’t happy they lose custom and that is bad for business.

Negotiating For a Better Mortgage

In all honesty, when a home buyer is looking for a mortgage and their brokers select one, there is usually a fair amount of negotiation. This is important because while the broker believes the mortgage is a potential option, they try to get a better deal so you’re happy with the results. They also look at reducing overall BC mortgage rates; bankers on the other hand don’t like to negotiate as it means they’re losing money. Plus, banks don’t usually negotiate without a broker.

Reviewing the Mortgage

Canadian mortgageThroughout the year, brokers can in fact go back to their former clients and review their mortgage and look at options to pay it back quicker. Its one service a broker does and it’s very impressive indeed. They once again use a Canadian mortgage calculator and other tools and find way to help reduce the mortgage length if possible. Bankers don’t do this usually which is why brokers are greatly needed in today’s housing market.

Who Will You Put Your Trust In?

Initially you might think brokers are in it for themselves and the truth is yes they want to make money. However, they also want to ensure their clients are happy. They are going to do a lot of hard work, some of which you can’t and bankers won’t do half the things mortgage brokers do either. A mortgage broker can help you in so many ways and you should put your trust in them to help assist finding a suitable mortgage.