Whether you are in the market for your first home or are interested in making changes to your existing mortgage, using a professional mortgage broker is becoming more and more common. Mortgage brokers are small business owners who rely on personal references and referrals for a lot of their client base, and therefore are always willing to go the extra mile. Real estate is a hot market in Calgary and Alberta, and mortgage brokers do not have access to the hundreds of thousands of dollars of advertising dollars that institutional lenders have. Brokers must work harder to get a potential new client’s attention, and provide exceptional service in order to earn a recommendation.
With access to multiple lenders, mortgage brokers like Candice Light have the unique opportunity to be able to shop around to not only find the best mortgage rates, but also find and customize the very best type of mortgage for your lifestyle. The personalized service brokers offer simplifies the lending process and can save you a great deal of time and money.
1. Independent advice offers plenty of options.
Because brokers are not affiliated with any particular lender, mortgage brokers are free to find the home loan that perfectly suits your needs. At large lending companies quite often there are specific mortgage products on offer at any particular time that the institution is pushing to be sold to consumers. Brokers can look at all of those offers across the board and pinpoint the most beneficial one for your situation. Brokers get to know you and your goals for home ownership; you get to choose a loan that works for you – NOT for your lender.
2. Negotiates for you.
A broker has the knowledge and experience to get you the best terms and most competitive rates every time. They are experts in negotiation…something the average Calgarian isn’t all that used to. Brokers find the best mortgage rates Calgary homebuyers are looking for every day.
3. Saves time for what is most important.
A broker offers one-stop comparison shopping. Why should you spend all your time trying to find the right mortgage when what you really want to do be doing is finding the right home? Brokers work with many different lenders and are familiar with all the products they offer, so they can quickly select the ones that have the best chances of meeting your personal needs right off the bat.
4. More choices = better rates
Your broker has access to several major lenders for Canadian home buyers, They have extensive options to choose from, including credit unions, trust companies, traditional lenders, and other sources. Remember, a bank loan officer will only show you the products their own institution offers.
5. Accesses special offers.
Because the market is so competitive, many institutions that provide financing or mortgage insurance will offer incentives for qualified customers, including discounts on appliances, retail points programs and shopping clubs. Your broker will help you determine if any of these are worth your time so you get the deals you deserve.
6. Makes sure you get the best terms and rates available.
Even if you’ve been pre-approved for one mortgage, there is no reason you have to stop looking. Mortgage brokers are happy to provide rate and term comparisons, and are likely able to offer a fresh perspective on your first pre-approval. There may be significant prepayment penalties attached to your mortgage that you were unaware of, or perhaps the term selected offers very little flexibility.
7. Protects your credit rating.
Did you know that your credit rating is impacted each time a different lender requests your information from your credit company? If you apply to many different lenders, you could actually hurt your chances of qualifying by lowering your credit score. A mortgage broker will only submit your credit information once, thereby circumventing this potential problem.
8. Keeps the process moving.
Buying a home can be a very long process, and brokers will work as hard as you do from the beginning to the end. Unlike large lending institutions, brokers aren’t able to “pass off” your mortgage to another person up the chain. They are completely responsible for your mortgage until your closing is complete, and will also assist along the way in other respects. Brokers are often able to recommend reliable real estate agents, can supply helpful documentation to walk you through the moving process, and will take the time to explain the ins and outs of all the confusing home-buying terms and lingo.
9. There is no cost to the buyer.
Your broker works for you, but you don’t have to pay. Like others who provide professional services, brokers are paid on a commission basis and usually receive a finder’s fee from a lender. These fees are standardized industry-wide to help keep the focus on the customer.
10. Get advice from an expert.
Brokers are experts in the housing market. They will help you understand everything you need to know about all the different terms, rates, and types of mortgages out there. It is their job to explain the language so you can choose a mortgage with confidence. After your mortgage paperwork is done, they stick around to answer questions or assist you with future financial processes like refinancing and renewing.
Mortgages by Candice offers professional assistance, Calgary’s best mortgage rates, and a myriad of additional services for clients. With privileged access to a wide variety of lenders and their products, Mortgages By Candice makes mortgage shopping a lot less stressful. Information and understanding about your mortgage allows for long-term peace of mind so that you can enjoy your home and its occupants.