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Brokerage Benefits

There Are Numerous Benefits to Working With a Mortgage Broker, & None of Them Cost You a Dime*.

Industry estimates show big-bank market share at roughly 80%. This means that, 80% of the time, people go to a bank when they’re seeking a mortgage.

We want to reduce that number.

Working with a mortgage broker will almost always save you money, and there is no direct cost to you. Looking for a catch? There isn’t one… keep reading.

Getting a Mortgage: Two Paths to Approval

When it comes time to purchase a home, you essentially have two options for getting a mortgage: working with a bank directly, or utilizing a mortgage broker to find the ideal lender.

Working With a Bank

Many people choose to work with their bank because of an implied assumption that the bank is the best place to go for a mortgage. After all, they handle your banking accounts and credit cards, so logically they’re probably the best place to acquire a mortgage, right?

In some cases, yes. However, for the vast majority of Canadians, approaching a bank directly can be limiting and more expensive than working through a broker.

Why?

  • Banks only have access to their own mortgage products, meaning your choice is limited (and there is lots of choice for mortgages out there)
  • Banks rarely enter the conversation with their best rates put forward
  • You must negotiate with the bank on your own behalf, and many people find this process uncomfortable or intimidating

Working With a Mortgage Broker

Millions of Canadians have chosen to work with a mortgage broker, and we hope that after this article you’ll join them!

In most cases, working with a mortgage broker saves you money and simplifies the mortgage process.

How?

  • Mortgage brokers work with a variety of lenders, including some of Canada’s national banks like TD and Scotiabank.
  • Through your broker, lenders have to compete for your business
  • Mortgage brokers almost always are able to secure lower interest rates and more favorable payment terms
  • Mortgage brokers will negotiate on your behalf and are often able to offer rates even lower than the “best” rate available
  • Mortgage brokers are paid a commission by the lender for securing your business, not by you

It’s important to remember that a mortgage broker is not a lender- they don’t personally finance your mortgage. Instead, they connect you with a lender, secure your approval, and ensure that your mortgage is funded without incident.

It Doesn’t Cost Anything to Assess Your Options, So Come Chat With Us!

We understand that the financial aspect of the home buying process is often confusing or intimidating. Don’t worry- we’re here to help you!

Remember, working with a mortgage broker comes at no cost to you.

If you’re curious about what your options are, come in for a no-obligation conversation. We will be happy to chat about your financial situation, what you can be approved for, and what your best mortgage options are.

* On fees: In the vast majority of cases our services are no charge to you. However, in some situations, we may charge a fee in exchange for our services. Example – mortgages for commercial real estate.

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