20 Mar How A Mortgage Broker Works

How Mortgage Brokers Work

Getting on the infamous property ladder and buying your first home is a life changing experience that can be both an exciting and exhausting process. Your home will be not only one of the biggest purchases of your life (unless you’re one of the lucky few jetting around in your customized Boeing 747-8 Jet). It’s one of the more important decisions you’ll make as well.

What is a Mortgage Broker?

A mortgage broker can help simplify the process, as well as explain to you your options, recommend various financing solutions, and get your first loan approved at the lowest mortgage rate based on your very own personal situation.

Mortgage Broker: a professional that is trained to represent you (the borrower) when you’re seeking financing from a lender (i.e. bank, credit union, etc.).

Canadian mortgage brokers work on a daily basis with a variety of different lenders such as ING Direct, TD Canada Trust, and First National Financial, and have an in-depth knowledge of the lenders’ products and terms.

How much does a Mortgage Broker Cost?

Best of all, their services are completely FREE! Mortgage brokers are compensated by the lenders (not by you the borrower) once a mortgage is completed.

Want to speak with a mortgage specialist? You can easily arrange a call back from our licensed mortgage broker (don’t worry – there is no fee and no obligation). Speak to an expert now >

What your Mortgage Broker Can Do For You

  • Help you determine how much you can actually borrow.
  • Tell you all about the different mortgage products and help you to find the right one for you.
  • Give you a better understanding of what a mortgage lender is looking for in a borrower.
  • Compare different lenders to help find you a lower mortgage rate
  • Arrange a Pre-Approval – which will hold your mortgage rate for up to 120 days.
  • If you don’t qualify for a mortgage, they can give you tips on how to improve your credit score.
  • Walk you through all of the final paperwork required for the mortgage approval.

How do I get in contact with a Mortgage Broker?

Are you interested in speaking to a Mortgage Broker about your mortgage needs? Let us do the work! Simply fill out our request form – we’ll send it to one of our expert mortgage partners, and you’ll get a call back within 30 minutes to 3 hours (during normal business hours). Request a callback from a Mortgage Specialist >

Among borrowers who took out a new mortgage in the last 12 months, 27% obtained it from a mortgage broker. Overall mortgage broker share stands at 23%. Source: CAAMP.

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