Getting a mortgage through big banks is a thing of the past – or at least it should be.
We all know how it’s supposed to go: you put a down payment on a house you love that’s – hopefully – in your budget, you go to your bank and apply for a mortgage, and you’re essentially stuck with that bank for the next 15 – 30 years. Most people do it this way, and it works fine enough. But there’s a better way: work directly with a mortgage broker. You might see articles about mortgage brokers pop up from time to time, but it’s not always clear exactly why you’d work with a broker. Well, there are some compelling reasons for why you should give working with a broker a chance.
A Better Rate
As a wholesale mortgage broker, we frequently have access to products that the general public simply don’t. This means that we can leverage our broker status to give you, our client, a better interest rate than you would get were you to approach a lender by yourself. This means you’ll pay less interest over the term of your mortgage, saving you money and making owning a home more accessible.
Beyond just rates, a mortgage broker will reduce the headache in your mortgage application. We know exactly which documents you need to start your application, and for more uncommon documents we can give you advice on how to obtain them. So you won’t just save money, but you’ll save stress too!
Like we said before, as a wholesale mortgage broker we often have access to broker-specific products. Some of these will vary from their retail counterparts in specific ways, such as fine print of the loan which includes prepayment privileges, penalties, and so on. But more than that, working with a broker – like us – means you get a solution that fits your situation – and big banks often can’t give their clients flexibility in the same way a mortgage broker can.
There are always more points we can talk about when people ask us why they should work with a broker, but these three are the most important. Working with a broker can get you a better rate in less time, with less stress, and leave you with a loan that works for you, not the banks.