Our Ottawa mortgage broker team has worked with hundreds of home buyers, both new and old, to find the best mortgage packages for their needs. You can really benefit from working with a mortgage broker in ways you may not be aware of. A good mortgage broker works with your best interest in mind and can be a real lifeline as you go through the mortgage process. Here are 3 ways a mortgage broker can help you.

Get the Best Deals

Mortgage brokers have access to many lenders and a variety of deals that you won’t find on your own. When you go for a mortgage with your bank, they are only showing you their products. When you use a mortgage broker, you gain access to products from hundreds of lenders. You are also protecting your credit report when you use a mortgage broker. When you shop around on your own for mortgage deals, it means having to fill out several applications, which means many queries against your credit report that can have a negative impact. When you use a broker, you only have to fill out one application.

Saving You Time and Money

Another benefit you get from using a mortgage broker is that everything needed for the mortgage application process can be done in one place. You don’t have to run around between lawyers, underwriters, and estate agents because a broker will take care of all of that for you. A good mortgage broker does all the necessary paperwork and gets everything submitted in a timely fashion so that the process moves along smoothly. There’s no hassle with having the wrong paperwork, which can slow things down.

Working with a mortgage broker also saves you money. They have access to the best deals for your situation, from interest rates to mortgage terms. You can save a few thousand dollars just by using a mortgage broker.

Negotiating Power

Using a mortgage broker means you have someone in your corner who can negotiate with lenders on your behalf. A good mortgage broker will go through all of your financial details carefully to find ways to save you money. We can even find good deals for those with credit that may not be that great. Brokers have the qualifications and experience to know exactly what to look for in every client’s situation. They are up to date with changes in the housing market and the mortgage sector, including what is needed for the newer mortgage stress test.

Your typical lender will offer you mortgage packages that benefit them. However, when you use a mortgage broker, they are looking for packages that benefit you. You get more than just one or two options to choose from, which makes it easier to find a suitable mortgage. We also take the time to explain how the mortgage process works so that you have a better understanding of where things are at as you move forward.

If you’re thinking about buying a home or looking to apply for a mortgage, give our Ottawa mortgage broker team a call today.