Don’t get me wrong, I like the banks.
Within 200 metres you’ll always be able to find an ATM, which is quite useful when it’s a hot summer day and the ice cream truck rolls by (can summer arrive any sooner?!). The banks issue me a shiny debit card that allows me to make purchases anywhere I go, for a nominal fee of course. And I quite enjoy watching bank commercials – they’re always so positive about your future, no matter how the economy is doing.
But when it comes to applying for a mortgage, there are just too many good reasons for using a mortgage broker instead of a bank:
- CHOICE – When you go to a bank, you can be sure you’re only being offered the bank’s mortgage products. When you work with a mortgage broker, you’ll have access to dozens of lenders including the major banks. These lenders offer a substantial range of products that suit every type of borrower and their personal circumstances. It is these lenders that have the ability to provide financing for individuals with poor credit, past bankruptcies, people who are self-employed, and everyone in between.
- RATES – Mortgage brokers can negotiate discounted rates with the lenders, and oftentimes can beat the bank rates. In addition, mortgage brokers can have access to promotions and unpublished rates you simply can’t find at the banks.
- BEST INTEREST – The banks are there to sell their products and make a profit, whereas a mortgage broker works for you by choosing the best lender and product for you!
- RELATIONSHIP – Once the bank sells you a product, you’ll likely not speak to the representative again until your renewal comes. On the other hand, mortgage brokers take a proactive approach to show you how to pay your mortgage down faster, refinance in ways that help you make money, and make sound mortgage choices.
- COST – The banks don’t charge you anything, and neither do mortgage brokers because they get paid by the lenders!
If you’re looking for a Mississauga mortgage broker that can help you beat the banks, give us a call today and we’ll be glad to meet with you and show you your options. You won’t be disappointed!