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Top Reasons to Use a Mortgage Broker

Multiethnic couple handshake with consultant at home

Why Work with a Mortgage Broker?

Housing prices in Canada are hitting new highs.  According to the Canada Real Estate Association, BC will see the highest prices for homes in 2022.  With interest rates set to rise to keep inflation down, increased taxes and bank charges, it just makes sense to find the best interest rate you can.  It is time to find the right kind of mortgage to suit your life and fit your goals.  A mortgage broker can help you in ways that go beyond your bank.


What does a Mortgage Broker do?

mortgage broker is a licensed finance professional who has the duty to provide the interest of the borrower first.  Remember the last time you visited your bank?  They are more likely to keep their interests first as are evident in their fees.  A mortgage broker will work with you to find the best option for your financial needs.

For example, at One Stop Mortgage Corp., we provide different kinds of financing to help our clients reach their goals, such as home equity lines of credit, mortgages, debt consolidation loans, refinancing and so much more.  This is a customer-first approach that ensures that even if a person is self-employed, she or he can get financing.  Mortgage brokers not only keep the customer needs first as they search for the best rate and best type of mortgage to suit your needs.

While banks use their own pools of money for mortgages, Mortgage Brokers have access to a much wider pool of financing, such as private mortgage lenders, and more.  This enables them to get the best interest rates and best mortgage for you.


Mortgage Brokers save you Time and Money

If you apply to several places for a mortgage, each application has the potential to lower your credit rating, take a great deal of time and effort and lead to frustrations.  A self-employed person often has the most difficult time getting funding due to the nature of their employment, regardless of how much them make.  The One Stop Mortgage Group works hard for every client and has unique financing opportunities for self-employed people, even those with poor credit.  Working with a mortgage broker allows you to find the best mortgage rate, term and financing to suit your needs.  This can mean a savings of thousands over the term of your mortgage.


More Choice and Objective Advice

When you go to a bank for a mortgage, you are presented with a closed mortgage, an open mortgage, variable rate mortgage and other types that often feel like they favour the bank over the customer.  With a wide access to various types of mortgage funding, a larger group of mortgage loan groups and customer-first approach (since mortgage brokers work based on commissions), your success in finding the best options for financing that suits your life will be much better with a mortgage broker.  At One Stop Mortgage, they can often approve a mortgage on the same day.  So not only do they find the best rate from a wide variety of lenders, it is done efficiently so you won’t miss out on your dream home.


How to get a Mortgage with a Mortgage Broker

Applying for a mortgage can be a time-consuming, complicated process.  A mortgage broker can help you get pre-approved for a mortgage so you can be active in a highly competitive housing market like Vancouver.  If you have to put on conditions, such as “subject to financing”, you may miss out on getting your dream home.

A mortgage broker will access their wide pool of financing and find the best mortgage rate for your situation.  A bank posts a rate, but that is only the best possible rate. If you are self-employed, have a poor credit rating (often from applying for mortgages from various banks to get the best rate), or other financial issues, a mortgage broker can help you get the best deal.  If you have good credit rating and dependable income, your mortgage broker can negotiate a lower rate which saves you thousands over the mortgage term.

Having someone there who fights for your best financial needs, and helps you through the process of getting a mortgage is not only the best method to get the lowest rate, it is also a way to make a complicated process much easier and efficient.


Looking to Get a Mortgage or Home Equity Loan?

As the real estate market heats up, and interest rates start to rise, it is time to get the best financing for your needs and current financial situation.  Looking for a mortgage, home equity loan or need to consolidate your debt?   Contact the team of Mortgage Brokers today at 1-877-874-8988.  One quick phone call and you know if you qualify!  Work with a mortgage broker today and see how she or he can help you get the best financing to fit your unique needs.