A mortgage broker’s major purpose is to be aware of the entire mortgage industry including current rates, which lenders are easier to deal with, and he should have contacts at almost every lender that he can rely on during the entire mortgage application and approval process of his clients. Each mortgage broker has his own specialty; some like to do nothing more than conventional mortgages and others can provide expert advice for or uncommon loans such VA mortgages and reverse mortgages.
Toronto has many of these professionals ready to help any house hunter through the loan application and through to closing. A quick Internet search can produce names and contact information for any kind of mortgage assistance you feel you might need.
The major benefit of working with a mortgage broker is that once he understands a particular needs and has a good idea of your financial history, he will be able to suggest which lenders might be able and interested in helping you obtain your mortgage. Without the assistance and experience of a mortgage broker you may be forced into dealing with multiple lenders on your own. In this type of scenario may be looking for mortgages from lenders that a mortgage broker would have steered you away from for a variety of reasons.
Choosing a broker doesn’t necessarily cost you any more money than if you had just walked into a local bank at lunch time and applied for the mortgage. When you receive the paperwork from your lender, No matter who that might be, you will always see a commission for a broker or loan officer.
If you are dealing with a mortgage professional you should ask him right up front what he charges for a commission. These brokers are all freelance. They work for … Read the rest