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Benefits of a Canadian mortgage broker

You have probably heard the term "mortgage broker", but many do not know what it means and what a broker does.  When it comes to mortgages, many people think that the best way to get a loan is to go down to your local bank and sit down with the financial person.  And since you have probably been a client of that bank for many years, you would expect that you would get a mortgage, and of course, get the best mortgage interest rate.

OK, let's discuss how that scenario may not work out exactly as you have planned.  Firstly, just because you are a client of that bank for many years, it does not guarantee you that you will be approved for a loan.  Every bank has their lending guidelines, and if you don't fit within their parameters, your application will be denied.

I will continue my explanation below, but if you wish to apply for any kind of mortgage or Canada debt consolidation loan, please fill in my "quick form" below.

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You may have a good relationship with the bank manager, but he or she has to answer to the big bosses.  And they don't wish to jeopardize their position by "bending" their lending criteria.

But let's assume that you do qualify for a loan from your bank.  The next questions is, are you getting the best interest rate.  Once again, you would think that your long relationship with the bank, and your many years of letting them make good interest off of your hard earned money would necessitate that they would give you the lowest interest rate possible.  Well, you would be surprised.  A bank employee is responsible for the profitability of that branch, and by giving you the absolute best rate, they are not doing the best job for their bank.

As an aside, you would be shocked at the number of friends that come to me and ask whether the rate they just got from their bank is the lowest.  They come to me and say the bank offered them 3.19% on a 5 year mortgage.  I tell them that I have 4 other lenders that will offer them a rate of 2.99% on a 5 year Canadian mortgage.  Because they are friends, I take my business card, write the 2.99% rate on the back of it, and tell them to take it into their bank officer.  The bank lending officer looks at my card, sees that I am a Canadian mortgage broker, looks at the rate that I can get my friend, and then offers him the same rate of 2.99%.  Many of my friends are incensed when they find out that their bank is trying to "rip them off".  I tell them it is not uncommon.

So, there's the main reason for using a broker.   Whether you are purchasing your first home, or are moving up - down - or across, or needing an equity loan to look after some bills, do renovations or take a vacation, you can trust that your mortgage broker has the expertise and experience to assist you in the transaction.

We have relationships with many lenders that are constantly emailing us with the absolute best rates.  The lenders know that clients, such as yourself, come to us expecting that we will offer you the lowest percentage rate, along with sound advice and attention to the details.

If you are purchasing a home, a good mortgage broker consultant will work with your Realtor to ensure that the best financing plan is available on time and as agreed. We will be able to advise you on financing options, mortgage insurance, legal issues pertaining to the mortgage, and government and private policies and programs.

And finally, is their any cost to you for using a mortgage broker.  The answer is no.  If the broker gets you a mortgage with a conventional lender, the lender pays a commission to the broker.  It does not come out of your pocket.

Please let us help you today.

All Applications are FREE and there is NO OBLIGATION to borrow

 

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