What’s So Special
Mortgage Tools
Mortgage News
- Condos in the Suburbs Gaining in Popularity
- Part 2 - Differences in U.S. and Canadian Mortgage and Housing Markets
- Differences in U.S. and Canadian Mortgage and Housing Markets - Part 1
- Using a Home Equity Line of Credit to Consolidate Credit Card Debt
- CIBC Chief Comments on Canadian Mortgage and Housing Markets
Why You Need a Mortgage Broker
To get a good mortgage, you have to go about the process in the right way. You need to get in touch with lenders in your area, compare their lending rates and repayment terms, haggle with them to give you a good deal, and follow up when there are any delays in the approval process. A simple solution to deal with all this is to hire a mortgage broker, who acts as your agent in dealing with the lender. Here are a few important services that a mortgage broker provides.
Mortgage Broker
Don't leave your mortgage up to chance,
work with a CMI mortgage pro!
Assessing your financial position
A mortgage broker can assess your financial circumstances and understand your needs. You will have to furnish the supporting paperwork like your credit record, pay slips, and bank statements. From these documents, he can help you decide how much loan you can take so that you can keep making your mortgage payments comfortably.
Making recommendations
After your discussions with your broker, he will be able to search for schemes suitable for your financial situation. He will have access to a lot of information on offers from different lenders and he can help you choose from them. If you had to approach the lenders directly, you would not only have to waste a lot of time, you would also find it hard to understand the intricate details of their offers.
Lenders would entice you with low interest rates but there may be hidden costs. These costs may include closing charges, legal fee, appraisal fee, and prepayment penalties. If you do not understand the legal disclosures, you may be misled and end up with a bad mortgage. As mortgage brokers have a moral and legal responsibility to protect you from fraud, they will help you understand the offer details and all the hidden charges.
Negotiating the best deal
Experienced mortgage brokers have a wide network and enjoy a good rapport with lenders' representatives. They are in a better position to negotiate the best offer from the lender. As intermediaries, they bring prospective clients to the bank, and in return, they get to secure better terms for the mortgage.
Helping you with the application process
A mortgage broker's tasks include collecting the necessary documentation from the borrower and submitting it to the lender. He will ensure that the application form is complete and all the information is supported by relevant paperwork.
In most cases, if all the documentation is in order, your loan application will be processed quickly and you will receive a pre-approval. If there is any delay during the formal approval process, the broker can follow-up on your application and get the lender to respond faster.
Securing a loan takes a lot of time and it can be quite stressful when you do not understand how it works. Mortgage brokers simplify this process with their expertise and network and they help you make an informed decision.
Looking for a Richmong Hill Mortgage Broker? Fill out our simple online application or call us today at 1 888 465-1432.
