Is It Easier to Get a Mortgage with a Broker?

28 Apr Is It Easier to Get a Mortgage with a Broker?

Mortgage brokers are great assets to have in your list of contacts when you’re thinking about making one of the largest purchases of your life. Why? Because a mortgage broker can do things for you that a large financial institution can’t. 

Because they act as an intermediary between yourself and lenders, mortgage brokers have a vested interest in getting you the best deal, not in providing themselves with the most profit – something you might expect from a bank or larger financial institutions.

What does a mortgage broker do?

Mortgage brokers bring borrowers and lenders together. They don’t provide the actual loan itself, that’s what banks, credit unions or direct lenders do. Instead, they help you shop around, and can connect you with the best mortgage loan for your particular situation. 

Mortgage lenders like banks will always try to steer you towards their own products during the loan process. A good mortgage broker, just like a good real estate agent, works for you, and no one else. Using a mortgage broker also helps you save time, since you won’t have to worry about spending time comparing the products every mortgage lender offers you during the mortgage process.

The benefits of working with a mortgage broker

The reason that mortgage brokers can often find you a great deal is because they spend time with you, and get to know your specific situation. They can then match what they find out about you with their existing knowledge of the lending marketplace. 

A mortgage broker will also have unique knowledge of the market, and know things like what lenders tend to work in what areas, which lenders are the best to use with specific mortgage packages or property types, and even how to avoid some of the problems that might accompany a poor credit score or troublesome employment issues that might prevent a local bank or direct lender from providing you with the mortgage loans you need to make your purchase.

Mortgage brokers: The one-stop-shop for better rates

Another advantage of working with a mortgage broker is that they can help you with the mortgage application process. Mortgage applications are time consuming and confusing, and if for some reason bank loan officers reject your application, you’ll have to start the paperwork all over again. 

And let’s not forget the amount of time it takes to meet with various lenders. What takes less time to schedule, one meeting or five? Choosing between one meeting with a mortgage broker vs five meetings with five direct lenders is a no-brainer. To save time and money, no matter your financial situation, it makes sense to go with the mortgage broker. 

Can I work with a mortgage broker and a bank?

Of course! Whether you’re interested in the low rates you can get from a bank, a credit union, or some other large financial institution, that doesn’t mean a mortgage broker can’t steer you in the right direction. Very often you can find the best bank rate by going through mortgage brokers, using their specialized knowledge and network within the mortgage industry. 

Their job is to act as a matchmaker, and they are paid by the lender, not you. It’s always a great move to use a mortgage broker if you can. Their expert advice, strong network, and their ability to help you collect and submit all the appropriate documentation is a huge plus, especially in a process that is unfamiliar to many people. 

Can mortgage brokers help me with my mortgage renewal?

Yes they can! Mortgage renewals are one of the specialities of certain mortgage brokers. If your mortgage term has come to an end and you need to renew, you can reach out to a broker just like you would with buying your first home. Shopping around for a better deal often leads to … you guessed it … a better deal! A mortgage broker can help you with that. 

I want to refinance my mortgage. Can a broker help? 

Yes again! A mortgage broker is just the expert to help you refinance your mortgage. For example, if current interest rates are lower than your rate you have with your lender, your broker can use this to your advantage. They will balance all the elements in play, including potential prepayment penalties you might be charged by your existing lender, and come up with a solution that works for everyone and profits you the most. 

You may want to refinance your existing mortgage to consolidate your existing high-interest debt, or to pay for renovations. Whatever the case, your mortgage broker will be familiar with your circumstances and help you refinance under the most advantageous terms. 

Trust John Antle for your mortgage needs

Whether you want to buy your first house, are looking for help with pre-approved mortgages, need to refinance, or simply want some good advice, it’s always your best bet to connect with an experienced mortgage specialist that can guide you through what can sometimes be quite a stressful and complicated process. 

By working with a variety of lenders, brokers can help you understand interest rates, closing costs, and many other details, zeroing in on the best loan for you. As Kelowna’s best mortgage broker, John Antle Mortgages believes that Canadians are entitled to choices when it comes to their mortgage providers. 

With his team, you get a convenient financing process with unbiased counsel from reputable and informed mortgage professionals. Call his team directly today at (250) 212-8512, or email him at office@johnantle.com to see what he can do for you!