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A mortgage broker can offer a variety of mortgage products

A mortgage broker is a person or company that works as a go-between between you and the bank/lender who will be providing the mortgage.

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The mortgage broker will research a number of mortgage offers and packages that are provided by lots of different lenders to uncover the mortgage that's ideal for you and your situation.

The first and most obvious advantage of mortgage brokers over banks is the variety of mortgage products they have access to. They're not limited to pushing one product, or promoting one institution. They represent a multiple array of lenders, typically around 25 to 100 lenders. Being able to have access to this many options gives them the best chance to get you the perfect mortgage for your financial situation.

Those who have a bankruptcy, poor credit or that don't have much cash available for a down payment also typically find it easier getting a mortgage through a mortgage broker than when going directly to their bank.

Local banks generally need applicants to have high credit scores and a large down payment, while a mortgage broker can find lenders who are a lot more forgiving about these things.

Another thing mortgage brokers often offer is their own mortgage insurance which is insurance that is typically compulsory for borrowers who put a less than 20% down payment. The ability to offer these kinds of flexible arrangements makes mortgages accessible to many more people who would perhaps not be able to get a mortgage otherwise.

There's an additional area where a mortgage broker can offer more flexibility than banks payment arrangements. Even though you won't be making your payment directly to the broker but rather to the lender itself, mortgage brokers are able to negotiate with lenders on your behalf to work out the most ideal payment terms. Banks tend to be very strict and rarely deviate from their policies and procedures.

If you think that because you've been a loyal client of your bank's for many years that they will in turn be willing to give you discounts or any breaks you would be mistaken. Such discounts and great deals are usually reserved for a tiny percentage of eligible new customers and NOT for old and existing customers. Which means you'll be stuck paying a high interest rate with no discount, while brand new clients end up paying less for their mortgage than you.

Theres a reason that over 40% of the mortgages in Canada are obtained through a mortgage broker and that number keeps rising. They typically provide much better financing deals!

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Posted in Publishing and Printing Post Date 03/06/2016


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