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  • What To Expect When Working With A Mortgage Broker

    Author: Karli Shih Date: February 2, 2015

    From first-time home buyers to seasoned real estate investors, mortgage brokers are servicing a greater number of clients than ever before. Fuelling this are the increasing complexities of mortgage rules, lendersí policies and product options, all of which can affect the desirability of a given loan, and your ability to be approved for it. Working with a mortgage broker can also be as convenient and in some cases much more cost effective than working with just one bank. Mortgage expertise can also vary depending on who you work with.

    Comparison Shopping

    Most bank clients securing a mortgage through their bank do not comparison shop, which eliminates the need for their bank to be as competitive regarding the rate as they would be wooing a new client away from a competitor. In addition, banks only represent their own products, whereas a mortgage broker can compare the rates and terms of banks, credit unions, trust companies and other mortgage providers in their search for the best mortgage for your specific situation and goals.

    Convenience

    Making your mortgage payments from your usual bank account is simple when your mortgage is with the same bank, but mortgage payments can also easily be made with an automatic transfer from your account to another lender as well.

    Expertise

    Mortgage brokers can service clients requiring private and commercial financing, whereas many banks cannot assist in cases of poor credit, certain self-employed clients or those who require second mortgages. Negotiating with lenders to keep an application with a bank vs. a more expensive private lender also falls into the realm of a mortgage brokerís expertise.

    Your account manager at your bank is not as specialized, as they are expected to provide most of their bankís many services. Though some banks have mortgage specialists who do focus on mortgages, those specialists are not licensed. Mortgage brokers undergo rigorous testing and must follow strict re-licensing rules under the Mortgage Brokers Act.

    Except in cases of more complicated financing, our services are free as we are compensated by the lender who ultimately funds your mortgage. Mortgage brokers work for you, not the bank, so they keep your interests in mind first.

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Author : Karli Shih
I provide guidance to my valued clients on mortgages and managing their Real Estate Investments at DLC Commercial Capital Inc. My goal is to help my clients make the most of their investments in a home or in other real estate purchases. I make my clients comfortable with the process of securing financing by clearly explaining how they can grow their personal wealth and still maintain their lifestyle today.