This is a question that I hear a lot. The answer is simple really, A Mortgage Broker works for YOU. There are MANY reasons why you should use a Mortgage Broker, but to me that is the main one. A mortgage broker works for YOU, not the bank.
Everyone wants the best rate they can get. If you are at your bank applying for a mortgage, they will give you a mortgage rate quote. I can almost guarantee that first rate they give you is not their best rate. They are hoping you take the rate, smile, and sign your papers. If you question the rate, will they lower it? Possibly. But more often than not they will say, if you find a better rate let me know and I will match it. Is that looking after you? Not at all. Not many people have the time to run around town going from bank to bank looking for a lower rate, just so they can go back to where they started and try to get them to match the rate. I can only think of one group of people who have the time for that, Mortgage Brokers, because thats our job. Let me do that for you. Mortgage Brokers have over 50 different lenders that they have access to, to get you the best rate for you.
I am with you from the start to the end of your mortgage, not just your term, the entire mortgage. Chances are when your mortgage comes up for renewal, your mortgage company is going to send you a renewal paper with the new rates and terms on it. Is this going to have their best rates on it? Nope. Time to start that shopping around again, or sign the higher rate. As a mortgage broker I will work with you through your renewal to make sure you get the best rate and term for YOU, again. If your current bank does not want to offer us the best rates on the market, we can switch it to another bank just as easy.
I have worked in a bank. The bank that I worked at had their monthly sales revenue goals, like everyone does. To reach that goal, the bank had to make money. To make the money, someone has to pay. Guess who Pays?!
How much does this cost you? NOTHING! As a mortgage broker I am going to get paid a finder’s fee from the lender that YOU choose on typical residential mortgage transactions. We will get the rates, terms, and policies from the banks that suit the needs for your mortgage, then you pick the best one that fits you. There is no hidden cost in your mortgage, no application fees, no extra out-of-pocket cost.
A lot of people think that they have to stay loyal to their current bank. I have had clients come in that have had their accounts with their banks for 10+ years, and they would not approve a mortgage for them. We sign them up at another institution, and they are the happiest clients out there.
If you’re looking for a mortgage call a Mortgage Broker, let them do your work for you.
If you have any questions please email me @ firstname.lastname@example.org
Follow me on Twitter at http://twitter.com/reddeermortgage
Thank you for your Time
Scott Bourke, AMP