When it comes to hunting for the right mortgage, most people usually make a beeline for their local bank. It’s what we’ve always done, right? You sit down with a bank rep who knows all about mortgages, and they lay out your options. But guess what? Just because it’s the usual way doesn’t mean it’s the best.

In Canada, more and more people are exploring a different path – teaming up with mortgage brokers. Why? A mortgage broker offers you a broader range of choices and can find you the lowest mortgage rates around.

Why are those rates so crucial? Because even a teeny-tiny 0.1% drop in your mortgage rate can stack up to thousands of dollars in interest savings over the life of your mortgage loan. That means more money in your pocket today and in the future too. Keep reading to find out everything you need to know about working with a mortgage broker.

What is a Mortgage Broker?

When it comes to securing the perfect mortgage for your home, think of a mortgage broker as your one-stop shop. Unlike your neighbourhood bank branch, which can only offer you its own set of mortgage products and rates, mortgage brokers in Canada open doors to a diverse array of lenders. When you schedule an appointment with a mortgage broker, you’re tapping into the offerings of major banks, credit unions, and trust companies, but with the convenience of dealing with just one person. The beauty of it? You gain access to a multitude of products and options through their vast network of lenders.

If you’re someone who prefers the safety of obtaining a mortgage from a big bank, a mortgage broker can still make it happen. In fact, good mortgage brokers often work with major lenders regularly, which means they may be able to secure a mortgage rate for you that’s lower than what you could negotiate independently, even with the same big bank.

What if your financial situation is a bit more unique or challenging?

No need to worry. Mortgage brokers have you covered. They work with “B” and alternative lenders, offering tailored solutions for your specific needs. For instance, if you’re self-employed, a full-time contract worker, or have experienced credit issues in the past, a mortgage broker can still assist you. And if you’ve been struggling to get mortgage approval on your own, a skilled mortgage broker can leverage their relationships with lenders to increase your chances of securing that approval or help you create a plan to remedy your credit issues to get you back on the right track towards securing the mortgage you need.

Advantages of Working with a Mortgage Broker:

• Convenience: Connecting with a mortgage broker has never been simpler. Typically, one meeting, whether in person, on a video call, or over the phone, is all it takes. You can send any necessary documentation via email.
• Cost-Free: Using the services of a mortgage broker won’t cost you a penny. They are compensated directly by the lender, so you don’t have to worry about fees.
• Improved Rates: Most mortgage brokers enjoy volume discounts from their top lenders. This means you gain access to more competitive mortgage rates than you could secure through independent negotiations.
• Access to a Wider Network of Lenders: Unlike applying for a mortgage at a bank or credit union, where your options are limited to their in-house products, a mortgage broker opens doors to a multitude of lenders, providing you with extensive choices.
• Expert Guidance: Mortgage brokers are seasoned experts in their field, well-versed in assisting borrowers with unique requirements, such as small business owners, contract workers, or individuals with less-than-ideal credit histories.
• Impartial Advice: Because mortgage brokers are independent and not tied to specific lenders, they offer impartial recommendations on a diverse range of lenders. They can guide you on the most suitable mortgage products and help you determine the mortgage amount that aligns with your financial situation.

How to Find the Right Mortgage Broker For You

In Canada, there are around 30,000 licensed brokers, agents, and other mortgage experts, all ready to help you. So, how do you find the right one in your local area?

• Narrow Your Search: Google is going to turn up a lot of options – almost too many. Focus on local, accredited mortgage brokers who have a specialty in your area or the place you’re interested in moving to.
• Check Their Website: Start by browsing the broker’s website. Look for reviews, any official accreditations, or awards they’ve received. Check reviews on their website, their Google business page, Yelp, or social media.
• Ask Friends and Family: Talk to your friends and family who’ve recently bought homes. Their recommendations can be gold. If they had a great experience with a broker, it’s definitely worth considering.
• Set Up a Meeting or Call: When you think you’ve found a broker you like, arrange a meeting or a phone call. This is your chance to ask questions and gauge if they’re the right fit for your unique situation. It’s like a first date!

When Interviewing A Mortgage Broker Ask These Questions:

Sure, you can read a lot of this on their website but when you’re talking face-to-face or over the phone, you’ll get a better feeling for how passionate your potential mortgage broker really is. Asking these questions will help you get a feel for their overall understanding of the mortgage world.

• How long have you been a mortgage broker? Obviously, the longer, the better.
• What did you do before becoming a mortgage broker? Why did you decide to make the decision to switch?
• What professional credentials do you have? Are they up to date? Mortgage brokers are licensed professionals who must maintain good standing with provincial regulators.
• What is the typical process and timeline for a mortgage approval? What are some examples of difficult mortgage situations you’ve resolved?
• How many lenders do you work with? The higher the number, the more rate and product options they’ll be able to offer you.
• What makes you better than your competitors? If the answer is “lower rates” and little else, you may want to keep looking.

The Next Step – Let’s Talk About Your Mortgage!

Set up a meeting with me today – I’m here to help — and, I’m local to the Barrie area! As an experienced mortgage broker, making you feel comfortable with your choice is very important to me. You’ll have a chance to assess my knowledge and find out why I’ve earned the trust of many mortgage holders in Barrie. You’re under no obligation to proceed with your mortgage application until you discover the mortgage rate and lender options available to you and I have many to offer you right at my fingertips.

Let’s find you significant savings on interest rates and I’ll give you the benefit of valuable, unbiased advice tailored to your financial circumstances. Why? Because it’s what I do. Don’t hesitate to give me a call today at (705) 315-0516 or click here to book a consultation with me to get the ball rolling. Finding the right mortgage, and your dream home is easier than you think.