Mortgage brokers do the work for you

How does a mortgage broker do it and how they charge for their services

Why should I use a mortgage broker? It's a question I hear often. It's a fair question and hopefully I'll help shed some light on the benefits.

In Canada, about 30% - 35% per cent of all mortgages are done through mortgage brokers. In the US and Europe the figure is closer to 75%.

Unfortunately, in Canada, most people go about getting their mortgage by walking into their local bank and filling out the paperwork and often think they've just received the best deal.

Often that best deal is for the bank, and not you. When you go to your local bank, you'll be shown the mortgages products only offered by your bank. With the large number of lenders and vast array of mortgage options available today, just walking into your bank is a strategy that just doesn't make sense anymore. If you don't work with a qualified mortgage broker you'll never know what other mortgage options are available. As a mortgage broker, I with the major banks and also lenders that specialize in mortgage lending which also offer different types of mortgage products. With all these options available to you utilizing a mortgage broker's resources, you can be assured that you'll receive the best rates and mortgage products to match your individual credit and financial situation. In days gone by, it was thought only those who had poor credit ratings sought the help of a mortgage broker to obtain a home loan which is no longer the case. Today's mortgage borrower realizes that using the services of a mortgage broker will not only save them time and aggravation, but in most cases will save them a substantial amount of money throughout the term of their mortgage. Mortgage brokers can work with borrowers of all credit types and specialize in finding a mortgage of any size and type on any given day. A service I also offer to my clients as a mortgage broker is that I'll work with my clients on credit issues to improve their ability to obtain financing. They connect you to a lender and help you navigate through the steps the lender requires of you as well. You are better off going through a mortgage broker and letting them do the legwork to find you the best deal available. We're an advocate on your side during the mortgage borrowing process.

One of the great things about dealing with a mortgage broker (like myself) is that we will be happy to take whatever time is necessary for you to understand all the options and requirements for mortgages and the home buying process. The mortgage broker's experience will be able to identify the positives and negatives associated with all the mortgage options available to you. The mortgage broker is a negotiator and will make your case to the appropriate lenders if your situation should contain some financial or credit challenges. In most cases, the mortgage broker's negotiations will result in better terms or rates for those in situations that leave them not up to bank quality. In most cases a mortgage broker does not cost you money and is paid by the lender. In some cases where he/she has to go to a private lender, or a lender who does not provide compensation for the mortgage broker's service, payment is made by clients and taken out of the mortgage's proceeds. If the mortgage broker ever charges a fee it should be disclosed early in the process so there are no surprises.

Mortgage brokers build their business on referrals, providing personalized service and education to their clients, which larger banks are simply unable to provide. Because of this, you can rest assured that your mortgage broker has your best interests in mind with everything they do. Most mortgage brokers will work with you and your schedule. We know how busy you are without the added inconvenience of a 9 a.m. to 5 p.m. window to get mortgage advice. If you can't come to the mortgage broker, the mortgage broker will come to you.

By providing you with "one-stop shopping," a mortgage broker can get you a good deal and educate you along the way. If you are looking for a mortgage, discuss your needs with a mortgage broker and see what kind of deal they can offer you -- you might be pleasantly surprised at the results.

So let's recap. Who should use the services of a mortgage broker? Everyone from the investor looking to use the equity in their home for further investments, to the self entrepreneur who needs someone to understand what running a business is all about and the financial challenges that go with it. The first-time homebuyer will find a wealth of information and mortgage products through a mortgage broker. Such buyers will find options like purchasing with no down payment, cashback mortgages -- and even debt consolidation programs which will enable a purchase in the near future.

Contact me anytime and see why more and more people have discovered that using a mortgage broker just makes sense.

Brent Irving
Mortgage Expert

Your friend in the mortgage business
Tel: 604-764-6336
Fax: 604-541-6323
Toll Free: 1-888-665-1344
Email: birving@dominionlending.ca

Web: www.BrentIrving.ca

Web: MyMortgageBC.com