Ever wondered what a mortgage broker does? In some countries, the lines can be blurred between some offering more than others, but in Vancouver, a broker mostly acts as an adviser as well as a helper when it comes to seeking finance for your new house. They will help you review the available mortgages so that they can find the best one that meets your needs, and act on your behalf.
When they do this they typically have several contacts of lenders that can help, and whom they would usually deal with when clients visit them for assistance. They are a very helpful bunch of companies that help save you time and money, not to mention they can also sometimes find the best offers that will get you more than you need.
There are many reasons to use a mortgage broker and some of these are mentioned on this website, as well as below.
Reasons for Using A Mortgage Broker
As mentioned above they can save you a copious amount of time that you would typically spend running around from one institution to the next and one back to the next, which takes the stress out of the applications significantly.
If you are a first-time home buyer it can be a daunting or exciting experience depending on if you handle things yourself or seek help from those who have been in the business for years, these professionals have a lot more knowledge on how to do the applications, all the legal terminology in the paperwork and have the right tools and software that can get the job done fast and efficiently. In most cases, if you are handling the purchase yourself it may take much longer and be more stressful.
They will also have a good idea of the lenders that will accept you’re your application and point you in the right direction. These companies often have good deals as well, which you may have missed had you not gone through them.
The one thing you need to avoid is a bad credit score. When this happens, it can affect any future similar applications and purchases, so when you visit the experts they can guide you to do things right, without damaging the process.
When it comes time to check your credit score, Canadian institutions such as TransUnion have an online service that can help you with this: https://www.transunion.ca/1 where you can check your credit score and access a report, as well as chat to their customer support team regarding any queries or confusions. It is always a good idea to keep on top of this as it affects a lot of aspects of your personal and business life.
Things to Look Out for When Choosing the Right Company
There are some aspects you must deliberate about when selecting a loan adviser. On the top of this list should be a company that deals with whole-of-market. Some loan advisers or brokers will only endorse advances that are accessible from a choice ‘directory’ of moneylenders.
If you speak to one that’s based as part of a building society or a banking institution, they will most likely advise you about their products of offering, however, a whole-of-market broker has access to several different types and will be able to do an analysis and recommend the cheapest or most favorable for your application. Which in turn can help save you a lot of expenses.
A good example of this is Geoff Lee Mortgage which is based in Vancouver and offers loads of different services that surpass not just your first mortgage but can help with your second and third one for instance. Companies such as these often have a wide portfolio from home improvement loans to variable-rate mortgages and even commission sales or purchasing services, so you are better finding these types of organizations.
No matter what stage you are with your application, hiring the best team to help you out will not only get you the best rates now but also in the future when you decide to sell or buy another place, you can contact them for assistance, and who knows they may offer you even better rates than the first time because you are a returning customer.