The Benefit of Working with a Mortgage Broker

A question that I find comes up often is why would I use a mortgage broker instead of just going to my bank?  There are numerous reasons why a person should use a mortgage broker. Ryan Nemeth of Conexia Mortgage offers his point and advice as to why use a mortgage broker over your bank branch.

• We provide a service that is very difficult for an individual to do on their own, find the best mortgage rate and mortgage option available for their specific circumstance.

• In the vast majority of instances, there are no fees. Our service does not cost anything!  We are paid by the lender who funds the mortgage. 

• If you go into your own bank you have no idea whether the rate and terms you are being offered are the best available.  We deal with over 50 lenders, so we can ensure that the client is getting the best rate possible.

• We do the searching for you!  Time is a commodity that very few people have enough of.  We are able to do one application and shop the mortgage to dozens of lenders.

• We only have to obtain a credit bureau once.  Most people are unaware that if you are shopping for credit by going from bank to bank for instance you are hurting your credit score.  The more credit inquires you have, the more it reduces your credit score, which can have a negative effect on the interest rate you are able to obtain.

• Not every bank will lend money to every individual.  Since we have so many options available to us we can get many mortgages set up that a traditional bank may not be able to do.  Examples of this would be people who are self-employed and unable to fully verify their income or people looking for a 0 down payment mortgage.
• Not everyone at the bank has the experience and expertise to put together a mortgage for you. Bank employees have a general knowledge of all sorts of lending but rarely have the expertise you may require in obtaining a mortgage, especially if you have less than straightforward income such as spousal support or self employment. 

Dealing with a mortgage broker is not just for the person who has had credit problems in the past.  We can assist people in those situations definitely, but the majority of what we deal with is people who are out to get the best possible interest rate and mortgage term available. 

Ryan Nemeth Mortgage Associate Conexia Mortgage info@conexia.ca (403) 214-0444