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Wednesday, July 27th, 2016

The Advantages of a Vancouver Mortgage Broker versus the Bank

The Advantages of a Vancouver Mortgage Broker versus the Bank

Vancouver Mortgage BrokerDid you know that almost half of all Canadians still agree to simply accept the rate their bank offers them for their mortgage?

I suppose it’s somewhat understandable because they have a history with each other. It just might be because it also seems simpler especially if you’re applying for your first mortgage or have had a pervious mortgage with them.

But, choosing to go with your bank could be a costly decision. Although it might seem more convenient to take the easy route, these same people could be losing out on saving themselves thousands of dollars over the life time of their mortgage.

One of the problems with dealing with banks is that you have to jump through their hoops to get your mortgage. You might have to take time off from work to meet with them several times. It can be quite stressful doing it on your own.

So, what can aVancouvermortgage broker do for you that a bank can’t?

Let’s clear one misconception that people have about mortgage brokers. How much do we charge for our services? The answer is usually nothing. When you use a mortgage broker our services are basically free. (OAC)

The important thing to know is that we make a commission based on the size of the mortgage – not the interest rates. The banks actually prefer to deal with mortgage brokers because we save them on overhead instead of them having to use their own in-house lenders.

Banks also tend not to offer their best rates until their hand is forced. By using banks you aren’t getting access to the vast array of mortgage lenders that exist out there. Also, if you’re self-employed, or have credit issues, you run into a whole new set of hurdles you have to overcome by using your bank. And, because we have access to hundreds of lenders, we can find one that can help you get that dream house and at a much better rate than your bank.

A Vancouver mortgage broker gets up to date information from all the lenders on a daily basis. This means you don’t have to waste time doing the research because I can do it for you.

Another advantage of using aVancouver mortgage broker like myself is that we can help you get all the paperwork together to apply for your mortgage, and advise you along the way. An added convenience is that you don’t have to fill out multiple forms of paperwork over and over. Once you have what you need to apply, you don’t have to repeat the process, because we do all the work for you.

Since we don’t work for the banks but for you, the client, our opinions are unbiased because we don’t favour one lender over another.

Our job is to find you the best possible mortgage product. Another big factor you should consider is that we also know how to negotiate with these folks, and that includes your own bank. The reason for this is simple because these lenders are all in the same business and are competing with each other.

In summary, the biggest advantages about using aVancouver mortgage broker include:

  • Provide a convenient one stop application process to hundreds of potential lenders.
  • Have access to multiple lenders, and to all the up-to-date rates and products on a daily basis.
  • Provide  great value and knowledge with usually no cost to you.
  • Can negotiate on your behalf.
  • Can save you time and money.
  • Guide you through the whole process and give you valuable advice.
  • Help those people who are self-employed, those with credit issues and other folks who may have special issues.

 

If you’re still not sure about which way to go, give us a call because we’re here to help.

 

 

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