Why You Should Use a Mortgage Broker

There are still a lot of misconceptions and misunderstandings when it comes to mortgage brokers and what they do. A mortgage broker is a professional who gets licensed with the Real Estate Council. To obtain this credential, a Mortgage Broker is required to meet educational and professional conduct requirements and complete background security checks.

A mortgage broker cannot compare to your local financial institution. The purpose and function of each are very different. An independent mortgage broker has no association with any lender. That means it's their job to offer you unbiased advice.

Necessarily, they're experts who get trained and licensed in the business of mortgage financing. Their primary function is to work for you and not the lender. They shop the mortgage market for the best rate, term, and product for the consumer. But they also offer more than this. They provide consolidation loans Hamilton solutions, and credit recovery strategies.

Best of all, a mortgage through a broker operates in the same way as the one you would get through your local financing institution. Online banking, accelerated payments, and pre-payment options are all available. It's easy and hassle-free.

Why You Need an Independent Mortgage Broker

It pays to work with a broker who will represent your interests and ensure the mortgage you get is the one that's best suited to your needs. Mortgage brokers have direct access to every significant lender across Hamilton. Most important, many of the Hamilton private lenders lenders are only accessible through a mortgage broker. You will want to ensure you get the one that's right for you.

Once you have decided where to apply, obtaining mortgage approval is often dependent on the way your application gets presented and whom it gets sent. A mortgage broker is trained to submit your request so that it will get an immediate and positive result. The turnaround time for a broker to get a response from a lender and secure your financing can be within just 1-3 days. It depends on the workload of the lender.

Who pays the mortgage broker

Mortgage brokers get paid a "finder's fee" for residential mortgages from the lender. The payment is after the deal has been completed and funded. Therefore, most brokers do not charge clients for their services. To ensure there are no misunderstandings, make sure you ask your mortgage broker upfront if the lender will be paying their fee.

Final Thought

A broker can be a valuable asset, whether you have good credit or poor credit. Independent statistics show that the use of mortgages brokers continues to rise in leaps and bounds each year. It grows as people get a better understanding of what they do.

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Created on Sep 13th 2019 02:02. Viewed 412 times.

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