10. Brokers deal with many different types of clients, from first time buyers to sophisticated investors. They can provide creative solutions which help clients through different and sometimes challenging phases of their life that some conservative lenders avoid.
9. Can I still go through my bank with my Broker? Most of the lenders that a broker deals with are the same reputable, established Canadian financial institutions, however, often at better rates. Letting a Mortgage Broker represent you to your own financial institution can often result in a better rate than you could get on your own.
8. Brokers have access to innovative broker-only lenders who offer even more attractive rates and features which a traditional bank may not provide.
7. Brokers use one application and one credit check, so your credit score will not be affected as it could be if you were shopping around with several banks….(multiple credit checks will actually lower your credit score…)
6. Brokers specialize in mortgages. Some banks have staff that do not specialize just in mortgages but are more generalists, who also work with RRSPs and GICs.
5. One misconception — which still exists today — is that brokers exact an up-front fee from clients. Brokers do not charge clients a fee, either before or after they’ve secured them a mortgage.
4. Brokers tend to be a little bit more open to broad economic info from a variety of sources, where Banks tend to work with their own economists and reports. So brokers tend to have a slightly broader outlook of the market.
3. Brokers can offer unbiased advice and help plan beyond what a traditional bank can do in some cases (particularly for real estate investing).
2. Brokers can be more flexible working evening and weekends, where not all banks are as flexible.
1. Brokers can shop dozens of lenders at the click of a button. Lenders are competing for broker business, versus you negotiating and competing for a bank to back you. They can find their clients the best mix of interest rate and mortgage benefits; for their individual needs, with the least amount of hassle.
If you would like more info on the new mortgage rules coming March 18, 2011 or to talk to top broker give me a call!