If you take out a mortgage through your bank, then you may be missing out on these benefits you could have gotten from an independent mortgage broker:
- Comparison shopping. A mortgage specialist at a bank will only offer you the interest rates available through that bank. But an independent broker who works with multiple lenders can show you a wider range of rates and options, potentially saving you thousands of dollars over the life of the loan!
- Specific mortgage industry knowledge. Your banker may have to be informed in all aspects of banking and may not be able to offer you the best mortgage specific needs you require that fits in with your goals. An independent broker knows all the ins and outs of underwriting, renewing, refinancing and more.
- Personalized attention. Independent brokers can help find the mortgage rate and terms that fits your needs, help you through the underwriting process and more. This level of support and attention is especially helpful for first-time buyers who may not be as familiar with the mortgage process. An independent broker will know which lenders offer the best programs for self-employed borrowers, those who’ve gone through bankruptcy and so on. He or she can also give you referrals to other real estate professionals such as a home inspector, lawyer and agent.
- Continued support. You’re likely to get a different person each time you call your bank with a question about your loan, but working with a broker allows you to build a relationship with a professional who’ll support you throughout your mortgage. Need help porting your mortgage or deciding whether to renew with the same lender? Ask your broker!
- Quick turn around times. A pre-approval with your lender can take weeks and your questions will only be answered within business hours. Chances are, a broker will get back to you much faster, even if it’s outside of normal business hours. For first-time buyers who have a late-night question or concern, this can be invaluable!
Start your research by comparing all mortgage rates with us and we’ll connect you with top brokers in your area.