Quick Approvals: A mortgage broker will typically have your mortgage accepted at the very best interest rates within 24 hours. Even if the retail banks immediately accept a person’s mortgage, negotiating them down to their best rate can still take weeks Feel At Ease: A mortgage agent will take the time to clarify the mortgagee’s entire process, which is particularly reassuring for first-time homebuyers. They will take the time to clarify all of a mortgage commitment’s terms and conditions so that there are no surprises later. Typically, they will provide more than one option for customers and will be able to clarify the variations between each bank, helping consumers make informed decisions about which banks they prefer to use.Reverse Mortgage offers excellent info on this.
It is no longer appropriate today for Canadians to blindly put their faith in their mortgage banks. There is now a large amount of knowledge accessible to customers, and it is useful for customers to use the services of a Canadian mortgage broker to help them evaluate which products are better tailored to their needs with all the information available. Canadians should know they are not choosing between a broker and their bank by using a mortgage broker. If that’s what you ultimately decide, a mortgage broker will position your mortgage with your bank. What you should ask yourself though, if you are a TD Bank customer, do you think the bank representative would tell you if there is a better interest rate for Scotia bank? It’ll be your mortgage broker.
There can never be a comparison between a mortgage broker and your local financial institution. Each has a very distinct role and function. An independent mortgage broker is just an independent mortgage broker, meaning they have no relation with any lender. That means giving you impartial advice is their work.