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Why Use a Mortgage Broker?
Over 1 in 4 Canadians (7 in 10 Americans) use mortgage brokers to assist them in financing their homes. To understand why so many Canadians choose to use a mortgage broker and why they are so important to the process you have to understand firstly how the banks operate.
When a client walks into a bank, they are given a mortgage rate based on how strong their relationship is to the bank, by that of course we mean profitability wise; the more assets you have with the bank, the better the mortgage rate you get. In order to give these big discounts to their high value clients, every other client has to pay for it, this is referred to as a rate basket. It takes several average clients to be as profitable as one high value client to the bank. This is why every client at the bank doesn't qualify for the lowest mortgage rate.
Mortgage brokers operate on a different model than the rate basket, we are given access to the banks lowest mortgage rates (wholesale) on a daily basis as they try to compete with the other banks brokerage channel for your mortgage business. Bank appetites for new business can vary, but we have access to so many different mortgage lenders that we are able to compare mortgage rates, so that you are always guaranteed to get the best mortgage rates available on the Canadian market!
Another reason mortgage brokers have become so common place in the industry today is the access we have to all the unique mortgage products and services not always offered direct to consumers through the big banks.
Mortgage companies are always looking for creative ways to grab a bigger piece of market share and are very instrumental in developing new mortgage products that allow more and more Canadians the opportunity to become home owners. A good example of this would be mortgages for self employed individuals. In the past these clients didn't show enough income to qualify for a mortgage, today however, we have programs where the lender doesn't even look at the clients income.
One misconception in the market is that mortgage brokers cost money, or 'points' as they are referred to in the US. In Canada, mortgage brokers are paid directly by the lender, so there are never any fees for our services on standard mortgage applications.
With the best mortgage rates in the Canadian mortgage market, innovative mortgage products and the type of service that you almost never get from your bank, is it any wonder more and more people are using professional mortgage brokers for something as important as the financing of their homes? Apply today to get started!
- Over 1 in 4 Canadians (7 in 10 Americans) use professional mortgage brokers to assist them in financing their homes;
- Mortgage brokers are given access to the banks lowest mortgage rates on a daily basis;
- Mortgage brokers have access to all the unique mortgage products and services not always offered directly to consumers through the big banks. We offer mortgages for self employed individuals, best rate mortgages, bank turndowns mortgages, zero down mortgages, equity mortgages, investment loans and much more;
- Mortgage brokers are paid directly by the lender, so there are never any fees for our services on standard mortgage applications;
- With Canada's best mortgage rates, innovative mortgage products and the type of service that you almost never get from your bank;
Why not use a mortgage broker? Call today to get started!.
