How to Save Time and Money with a Mortgage Broker

In this article, we give you 4 reasons why you should use the services of a mortgage broker when purchasing or refinancing a home.

1- It’s free!

We’ve all heard it before: “Nothing comes for free in life! »

Well, not quite!

When it comes to mortgages, the services of a broker cost you nothing. Even though they allow you to save time and money, their income comes from a commission paid by the financial institution that grants the loan.

But what does a mortgage broker really do?

2- Understanding your financial situation

The same way your financial planner does, brokers should be able to give you the straight facts about your situation and what the market has to offer.

Their first task is to evaluate your borrowing capacity. It’s only then that shopping for a new home can truly begin.

In addition to helping with your budget, the broker takes into account all the factors that could affect your financing needs.

For example, if you are planning to repay the loan before its term, which may result in penalties, the broker will guide you towards a mortgage contract with the best possible rate and conditions under the circumstances.

3- Getting the lowest rate and the best conditions

All too often, people rely on their bank for mortgage financing without much thought. While it is indeed simpler to deal with a single institution, it is not necessarily the best way to save money.

The mortgage broker allows you to centralize your mortgage shopping with one person, without sacrificing good offers.

A good independent broker will negotiate on your behalf with many lenders in order to identify which financing product is best suited for you.

4- Preparing your request

For those who hate paperwork and forms, the broker can avoid many headaches. It’s especially the case for self-employed workers since financial institutions tend to require a lot of documents from them.

In the end, it’s difficult to find good reasons not to rely on the expertise of a mortgage broker! He or she is an important ally in the process of buying a home or refinancing, from start to finish, without costing you a penny.

Need support for your mortgage shopping? MCB Group also gives you access to mortgage brokerage services. Get in touch with us!