So, you are ready to get a mortgage so you can begin the process of buying your home. The question that comes up is this: do you use a mortgage broker or go through the bank lender? Each one has its set of advantages and disadvantages.
A Bright Spot
Luckily for you, all of that will be revealed and explained for you in the following article. We will start off with mortgage brokers, defining what it is they do and what the positives and negatives could be for hiring one.
1 year / fixed
2 years / fixed
3 years / fixed
5 years / fixed
As Low As
A mortgage broker is a mortgage professional. Usually, they have to be licensed and accredited. They also have to maintain their accredited status with continuing education and testing.
What a mortgage broker does is take all of the legwork off of your plate. Your broker will gather information and a credit report. After that, it’s time to talk deals with multiple lenders.
The broker figures out which of the offers would suit your financial situation better while communicating with you and lenders simultaneously. If you accept an offer, the broker will begin the paperwork and be with you until the closing is complete, and you are in your new home. Some of the advantages of using a broker are:
There are some downsides to using a mortgage broker as well. Some of them are:
Now, we will look at bank lenders, defining who they are and how they do things, as well as some pros and cons regarding
Bank lenders are a different set of people, and must be dealt with differently. With a bank lender, there is no one in between to make the moves for you. Negotiation, paperwork and everything else would be between you and the bank to complete.
Bank lenders are open to negotiation. If you are active in this area, you can find out how much flex each prospective lender has out of those that would accept you. Other advantages are:
Some of the disadvantages to dealing directly with bank lenders are:
You know a bit about the differences between a mortgage lender and a mortgage broker. When it comes to lending mortgages, an agent can help you get a better deal. Then again, you might be able to do better than that if you negotiate right.
The choice is yours. A broker is far more convenient than going solo, but the ultimate decision falls to you.
I would just like to thank Certified Mortgage Broker Toronto on behalf of me and my husband. Everything worked out perfectly and we got an excellent rate. We picked up our keys and everything is great. Could not recommend them enough. Excellent service and excellent team. Thank you.
I don't usually write reviews, but with CMBT I felt obliged to. Absolutely AMAZING service, I never chased these guys and they were always very clear with my options. They went above and beyond to find me the best rates and were very clear and understanding. They explained everything and made the whole process easy, I really could not recommend these guys enough.
Great guys and great service. The whole process was quick and done very professionally. They had the best rates we could find and were very helpful with explaining the whole process and all our options. Will absolutely be using them again.
After my first bad run in with mortgage brokers I had a coworker refer these guys to me, and I can honestly say this was a quick, easy and all around great experience. Being a first time home buyer I was kind of worried I was getting in over my head, but the team At CMBT was very understanding. They walked me through the whole process and answered all of my questions. They found the best rates and we went over them together. These guys are honestly a pleasure to work with and I would absolutely recommend you check them out if your looking for a high quality mortgage broker service.