If you are thinking about buying a home, one of the first things that you will need to do is get pre-approved for a mortgage. You could just call your bank and see what they are willing to offer you but a better idea is to hire a mortgage broker and get access to the best mortgagee options on the market. Here are just a few of the reasons why you should hire a mortgage broker:
They work with many different lenders
If you contact your bank for a mortgage, you have essentially limited yourself to one lender and there is no competition. But a mortgage broker works with dozens of lenders and they can shop around to help ensure that you get the best rate and terms for your situation.
They can negotiate on your behalf
Especially if this is your first mortgage, it can feel intimidating to ask a lender to give you a better rate than the one they have posted. Mortgage brokers however never feel intimidated about asking for a better rate if they know they can get you one. They have long-term relationships with the lenders that they work with and know when it is possible to get you a better deal.
Mortgage brokers can help with specialty mortgages
It is not always easy to get approved for a mortgage. People who have poor credit, are self-employed, or new to the country may very well find themselves turned down for a mortgage when they apply for one with a traditional lender. Mortgage brokers, however, have connections with specialty lenders who serve a client that the big banks just can’t. If you’ve been turned down for a mortgage by your financial institution, then it may be time to hire a mortgage broker.
Gain access to the equity in your home
Mortgage brokers aren’t just for people who are looking to purchase a home – they are also for people who already own homes and who are looking to access their home’s equity. By hiring a mortgage broker, you can gain access to the equity in your home through a number of different strategies including refinancing, second mortgages and reverse mortgages. Your broker can review your situation and provide you with a strategy that makes the most sense for you.
If you are ready to take advantage of these and another benefit by hiring a mortgage broker, then Contact Greater Toronto Mortgages today @905-405-1666 for a consultation!
