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What does a Broker do for me?

September 21, 2012

Why Use A Mortgage Broker?

Purchasing property can be a pretty daunting process. In most situations, when you are purchasing property, you are purchasing a house for you and your family to call home. You have your list of wants and needs (WANT a spa-like ensuite…NEED a soundproof basement for the teenagers): neighbourhood, style of house – all of these are factors that are crucial to your purchase right?

Oh wait… this is a purchase… and a really big one. 

Not many of us are lucky enough to have the cash to buy a property outright; the majority of properties out there are purchased with mortgages. Well, considering the significance an extra bathroom can have on your decision to purchase a property, just imagine the importance of how you are going to pay for that extra bathroom… and the rest of the property that comes with it.

Good thing there are lots of television ads and marketing programs that can direct us to go to our bank for our mortgage, right? Hmmmm maybe not. Come to think of it, banks sell only their own products, what if their mortgage isn’t right for you, or vice versa – you aren’t right for their mortgage? Millions of people have mortgages, they can’t all have the same one…

And a banker is paid to sell you that bank’s products right? How often have you heard your banker say, “well, down the road at Bank of So and So, they have a lower-fee chequing account, so you should probably consider going there”?

So how can you be sure that this mortgage product is the best product for you? How would you get independent, unbiased advice on such a major financial decision? And what will that cost you?

A mortgage broker is a licensed, government regulated, educated professional who works for you, their client. Not for a bank or specific lender. In fact, mortgage brokers have access to dozens of lenders – financial institutions, private lenders and yes, likely the same bank you already deal with.

So why would you consult a mortgage broker to arrange your mortgage?

A mortgage broker will provide their clients with independent advice. We are unbiased. We work for our clients, not a bank’s customers. We work together with our clients to find you the best product and rate for you. Mortgage brokers keep current on the constantly changing industry that will affect your mortgage so you can be assured that you are getting the best rate and best product available.

So? You say… there are websites that monitor rates and will send me daily updates… why would I pay a mortgage broker to do this for me, I can do it myself… How much can it really take out of my life to research every lender out there, each of their product suites, monitor and compare their rates, keep up to date on changes to the financial industry requirements and regulations, research and monitor insurers programs and products, and figure out which of these will work for me, and which one is the best option. Why would I pay someone to do this for me?

In the majority of situations, a mortgage broker’s services are free to their clients. So you get free, unbiased, specialized advice on (likely) the largest financial commitment and investment you will make in your lifetime. Not to mention mortgage brokers work with other professionals in the financial and real estate industry and can guide you to other independent professionals who will be able to make related significant decisions – is mortgage insurance or life insurance the best choice for you? Who would be a good contractor for that basement renovation? Who is a good real estate agent to work with?

A mortgage broker is a valuable tool in building your financial structure. Call The Mortgage Centre Comox Valley to get our team working for you.

When you think “Mortgage”, think “The Mortgage Centre” – your GO TO place for mortgage information.

Courtesy of:

Amanda Jacobson, Mortgage Professional
The Mortgage Centre Comox Valley

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