You are likely familiar with mortgage brokers in Burlington, ON, but what do they actually do? Do you need a mortgage broker to successfully purchase a new home or can you opt to go with your local bank instead? It can be a confusing time – especially if this is your first home.
It doesn’t have to be, though. Our staffs want you to know that whatever route you decide you deserve to have the advantages and disadvantages of choosing a mortgage broker in Burlington, ON clearly laid out for you. Below are a few of the top pros and cons associated with choosing a mortgage broker like the trusted staff at Diane Bertolin.
A mortgage broker searches for mortgage deals from dozens of lenders
A bank only searches for one lender: themselves. If you want to get the best deal on a home mortgage and want to have access to as many lenders as possible, choosing a mortgage broker is undoubtedly the best course of action. A good and trusted mortgage broker like Diane Bertolin has years of experience in the financial sector, meaning when she says you’re getting the best deal you can believe her!
You may be more familiar with your bank
Despite getting access to dozens of lenders versus just one, there is something valuable about getting a home mortgage from an institution that trusts you. If you have been with your bank for years – in some cases, most of your entire life – you may not feel comfortable with choosing a mortgage broker over the bank that you’ve come to trust.
The employees at the bank likely know you too. If you have conducted business with them face-to-face, this could go a long way in getting you a rate that’s competitive with what a mortgage broker can give you. Note the keyword here: competitive. Chances are, even your local bank cannot give you the best rate available…
You will (almost always) get the best rate from a mortgage broker
Because a mortgage broker in Burlington has access to so many lenders, they will almost always provide you with a better rate than you can get from your local bank. In many cases, the mortgage broker will even work with you if your finances do not look perfect (e.g. your credit score leaves much to be desired). They’re not magicians and cannot pull a pre-approval letter out of their proverbial top hat, but they can certainly give you enough ‘wiggle room’ to secure a home loan. A bank simply cannot do that!
May require extra documentation
Depending on your financial situation or the type of home loan you are securing, you may have to do a lot of back-and-forth signing before you secure your home loan. You may also have to provide more documentation than you would with your bank. Depending on your situation this can prove to be a hassle, but it’s merely the small price to pay to get the lowest rate available to you. A little headache can go a long way in ensuring you save thousands over the life of your home loan!
What are you waiting for?
Whether you are interested in choosing a mortgage broker in Burlington or you still prefer your local bank, we urge you to choose Diane Bertolin for all of your home mortgage needs. Save time and energy as you secure the perfect home loan at the best rate for your situation. Reach out to us today, and let’s put you on the fast track to homeownership!