The situation is this: you want to buy a house, but not having the cash to just outright pay for it, you have to get a mortgage. Not being an expert in the field, you are unsure of where to go and what to do. You know you want to pay the least amount possible, but you are uncertain of how to go about this.
It is this confusion that leads many to use a mortgage broker.
What Is A Broker?
A broker is a licensed mortgage professional who acts as an agent between you and the lender. The lender is the bank. These agents will talk to the lenders, negotiate a deal for you, and inform you of the final results of their efforts.
Of course, it is you that makes the final decision on whether to go on with the deal that was found or if you want to go in a different direction. The whole point of using this go-between is to eliminate some of the headaches associated with getting a mortgage done. The other aspect is to get the lowest rates possible.
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The broker makes contact with different lenders. From there, it is just a matter of negotiation. After the agent gathers up all possible deals, those deals will be brought back to you. You will be presented with said deals, from which you will choose one.
The mortgage broker will also help you to understand the process, how it will all work, and offer suggestions based on the information you provide. This information is usually financial in nature, but there may be other questions you need to answer so the agent can work more efficiently.
While you might be tempted to be content with just finding an agent and hiring him/her to work your mortgage process for you, it is advisable for you to shop around. All mortgage brokers are required to be licensed to perform their duties.
The thing you should look for the most when searching is AMP, which is an accurate title given to those who have met all mandatory qualifications. AMP stands for Accredited Mortgage Professional. Any broker that carries this title is reputable to a degree.
Aside from the AMP title, you should find an agent that is experienced and has an excellent reputation with clients. You can ask to talk to other customers or just ask around to see if the broker you are thinking of hiring is going to treat you right.
Using a mortgage broker to get things done for you is certainly a viable option. They are quite useful especially if you have no clue as to what you are doing with getting a mortgage started.
Brokers can expedite the process, and they may be able to get you rates lower than you could find by talking to lenders directly. Many brokers have a relationship with some financial institutions, making better deals possible.
Dealers can take away many of the headaches that come with getting a mortgage deal done, so going this route may be the best option for 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.