Mortgage Brokers are experts dedicated to finding their clients the right mortgage solution and ensuring their home mortgage financing process goes as smooth as possible. A Mortgage Broker will take the time to understand your individual wants and needs, then tailor the best mortgage solution from among top lending institutions who offer hundreds of mortgage products.
It’s a Mortgage Brokers job to keep informed of industry changes including mortgage policy changes, industry regulations and lender’s product assortment. In Ontario, Mortgage Brokers are licensed through the Financial Services Commission of Ontario (FSCO).
Similar to having an Insurance Broker or Financial Services Agent, Mortgage Brokers act on behalf of their clients and ensure their solution meets their needs. A Mortgage Broker does not work with or represent one particular lender; rather they can offer multiple products from multiple lenders. Many lenders are non-bank lenders; these include credit unions, trust and insurance companies. These institutions are not “accessible” to the general public as they do not have branches; instead they work solely with Mortgage Brokers.
A Mortgage Broker is a dynamic player in the Real Estate and Mortgage marketplace. Essentially they are your advocate. Today, about 30% of Canadian homeowners arrange their mortgages through mortgage brokers.
A Mortgage Broker will save you time and energy. Typically, comparison shopping involves travelling from lender to lender repeating your story, asking the same questions and analyzing the answers. That’s time most people don’t have. On top of that, mortgage financing is highly competitive and each product can be complex, interest rate is just the beginning and shouldn’t be used as a sole comparison tool.
Unlike a bank employee, Mortgage brokers do not offer bank accounts, credit cards, investment products or car loans, nor do they cross sell you these items. Clients find peace of mind dealing with their mortgage in isolation allowing them to focus on the details as their mortgage and home is likely their biggest investment and expense.
A Mortgage Broker will also work with you on strategies to manage monthly payments or improve your credit rating and assist you with becoming mortgage free faster, which is why you should have a Mortgage Broker on your side.