Is it time to purchase a home loan? Whether this is your first foray into homeownership or you’ve been around the proverbial block before it’s important to know your options. For the uninitiated, walking into the bank you have done business with for so many years maybe your first option. Not so fast! While you may trust your local bank and its employees you need to weigh your options. This includes speaking with a mortgage broker: your ally in the home buying process!
What a mortgage broker is
A mortgage broker is a licensed professional that compares mortgages from different lenders to provide you with the best lending options. Unlike a bank that can only provide you with one lending option (theirs), a mortgage broker can offer you dozens. A knowledgeable mortgage broker like Diane Bertolin– a professional with financial experience under her belt – has a vast amount of resources they can pool from, providing you with hundreds of lending offers.
What a mortgage broker isn’t
Since a knowledgeable mortgage broker in Burlington, ON can provide you with hundreds of loan offers you should be able to at least get one offer no matter your situation, right? Wrong! A mortgage broker is not a magician that can qualify you for a mortgage. Thus, you must be certain that you are financially secure before even thinking about buying a home. Here’s a good rundown on what must be done before meeting a mortgage broker for the first time.
Why do I need a mortgage broker?
Want the lowest rate possible for your home’s mortgage? Who doesn’t?! Because mortgage brokers in Burlington have access to a multitude of rates and lenders they also have information about rates that are not currently being advertised to banks and credit unions. To get the best interest rate possible, choose an experienced mortgage broker!
Your best interest (not the bank’s best interest)
To a bank, you are merely a customer. They want to give you an interest rate you are comfortable with but above all they want to ensure you continue to do business with them for years to come: a home mortgage is one of the best ways to make it happen. Alternatively, a mortgage broker in Burlington is paid on commission: when you succeed in getting a mortgage, they are paid a finder’s fee. The incentives for each option are different but one option will allow you to get a better deal on a home mortgage more so than the other.
Even if you do not feel like a mortgage broker is the best option, it takes so much time to find the best deal on a home mortgage. If you search around for every single offer in your area, you are still missing countless lending offers since you simply do not have all of the resources at your disposal. Only a proven, trusted, and a knowledgeable mortgage broker can provide you with so many lending options in one place. You know the name, now make the call: Diane Bertolin.