Why Use a Mortgage Broker?

The mortgage broker industry has evolved dramatically over the last 25 years.

A common misconception remains today that the a Mortgage Broker can only help when your bank turns you down.  This is entirely untrue.  Today’s mortgage market offers more choice and complexities than ever before for consumers.  A mortgage broker provides expert advice and service and ensures that you can easily navigate the lending landscape.

Here are some important points when considering using the services of a mortgage broker:

• Get Independent, Unbiased advice – in my mind this is the most important thing to consider.  As a Mortgage Broker I work with many different lenders, but, not for them.  I work for you, my client.  If you go to your bank for a mortgage, they can only offer you their mortgage products.  This may or may not be a fit for you.  You have no choice in the terms & conditions, penalty clauses, etc..  This is where it really matters and most consumers never even consider the potential costs.

Can an employee of a bank really have your best interests in mind? They have one brand to sell regardless of your needs and wants.  Really think about that, you decide…

• Choice – much like the previous example.  A mortgage broker has access to upwards of 30 – 40 lenders and 100’s of products.  As a truly independent adviser I can assess what factors of a mortgage are the most important to your situation and provide the right solution with the right lender.

           i. Do you want a great rate, large prepayment privileges that are available anytime throughout the year? We have that.

           ii. Do you need the flexibility to payoff the mortgage early with little penalty? We have that.

           iii.  Are you self-employed showing little income? No problem, we have that.

• Expertise –  Mortgages are all I do,  everyday.  We provide expert advice and guidance on products, rates and strategies. Many consumers go to their bank account manager for their mortgage, bank accounts, loans, insurance, etc… not the expert you need.

Jack of all trades, Master of None

• Best Rates and Terms – Mortgage brokers have the negotiating power with all of our lenders as they are competing for your business.  Many lenders have rate/product specials which are not advertised to the general public.  A broker has access to these specials and is constantly updated on the upcoming specials
• No Cost to You – In most cases the Mortgage Broker gets paid by the bank who ultimately does your mortgage, which means my service to you is free.

These are just a few of the reasons that you need to consider using a mortgage broker for your next mortgage transaction.  For the single largest financial transaction most will make, you cannot afford not to consult with a professional.

Contact a licensed Mortgage Broker for true choice when getting your mortgage.

Morgan Vaughan is a licensed mortgage broker with over 14 years in the mortgage industry.  Providing excellent service, expert advice.

Contact Morgan or call at 416-436-0179 to discuss your situation or get a second opinion.