Although you could go straight to the bank, then another, then another, then another, then go and another financial institution with no results. Take our advice, use a Mortgage Broker!
A mortgage broker’s job is to successfully help you find the best home loan rate and terms and conditions that match your unique situation. What the best part is! The mortgage broker gets paid by the lender not by you! Like any professional, you need to shop around. Talk to friends and family for any recommendations on who’s services to use. Better yet, there are many mortgage broker databases out there like RateHub.
Mortgage brokers will have a large list of lenders they work with or have access to. Working with a mortgage broker, of course, means more choice. But remember quantity does not mean quality. A good mortgage broker will whittle down the list and to the ones that will suit your needs and the best rates for you.
Brokers generally maintain a close relationship with lenders, so they will not be biased when helping you. But some lenders may offer bonuses to brokers that send them more clients. Lenders may also pay brokers a who sign clients to a longer term. Make sure you ask your broker plenty of questions so you can understand exactly what services they offer.
Many mortgage brokers are independent, but there are also a lot who belong to other groups such as associations and franchises. Brokers working hard as part of these operation’s make use of the label name and sometimes able to get increases bonus products or increase commission provided by lenders but are able to possibly reach larger databases and better rates than by themselves.,