Why use mortgage brokers? Why not just go to your bank? Because:
1. they can source mortgages from 8, 10 or more lenders from just one credit report (up to 42 I’m told not counting private lenders)
2. they can get more competitive interest rates and terms
3. they are paid by lenders at least for most residential mortgages (commercial borrowers usually pay their fees directly; note some residential clients may pay a fee to B or C lenders)
4. they save you time
5. they protect your beacon/credit score from multiple hits
6. they can often get you higher LTV, loan to value ratios
7. they can get you a second mortgage if you need it
8. they can help you structure financings
9. they can make investor/partner introductions
10. they can advise you on ways to retire debt faster (eg, paying your mortgage 2 x a month)
11. they work for you not lenders
12. they keep you away from banks who use tied selling to push their own (often) expensive products like mortgage insurance or (often) poorly performing mutual funds
13. mortgage brokers are licensed by FSCO
14. they are not selling you a limited number of bank products –they pull from the entire spectrum
15. lenders pay mortgage broker fees whether it’s to an independent or someone in their own institution
@ profbruce @ quantum_entity
Note: with input from
mortgage agents Sean McCormick, Capital Mortgages and Johny Ghossoub, Mortgage Alliance
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