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The Benefits of Working With a Private Mortgage Broker versus a Bank

General Suzanne Hagan 20 Feb

There are generally two ways to get a mortgage; through a bank, or through a private mortgage broker. While banks only offer services and products from their particular institution, private brokers act as the middlemen between you (the borrower) and a variety of lenders (the banks), and can, therefore offer you more options than a bank ever could.

Private mortgage brokers are specially trained and certified to find you the best and most personalized mortgage options to fit your circumstances. Here are the top 5 benefits of using a private mortgage broker over a bank.

Brokers do the legwork

Shopping around for mortgages can be difficult and time-consuming, nevermind the complicated application process. Using a mortgage broker ensures that you don’t have to worry about doing the hard work – they’ll do it for you. With dozens of lenders to choose from, a mortgage broker will save you time and energy by ensuring you have the best mortgage options for your needs and your budget while ensuring you stay informed throughout the whole process.

No fees

Mortgage professionals work for you, not for the banks, and their services are typically without charge throughout the mortgage process. Banks can lock you in for 5-year terms and charge you large penalties should you choose to leave. With no extra fees for their services and no 5-year terms, why not let a private mortgage professional handle your mortgage needs?

You can count on someone being there for you

Banks have high employee turnover rates so you are never working with just one person throughout the entire mortgaging process. Working with a mortgage professional ensures you can always count on someone to be there for your mortgage needs and have your best interests at heart. Private brokers are also easy and convenient to contact at any time if you have any questions or concerns, whereas the complicated communication path of large banks often means that you don’t have access to timely guidance when you need it most.

Brokers give you more options

Mortgage brokers have access to a large variety of lending options. They are able to carefully search to find you better rates or special deals. If you don’t qualify for a regular mortgage through a bank, a private broker can match you up with a mortgage that is better suited to your budget.

Brokers customize mortgage options to fit your needs

While banks are trying to sell many products at once and are not specifically focused on mortgage services, private mortgage brokers are only focused on providing mortgages and are therefore better suited to help you find the best possible mortgage for your needs. Mortgage brokers take the time to understand you and your goals in order to find the best possible options to satisfy your budget and your specific circumstances.

To learn more about what a mortgage broker can do for you, or discuss your mortgaging options, contact Suzanne Hagan in Guelph today! Or call her at 1-519-241-1682.