Is it better to go through a bank or a broker to get a mortgage?

There are several advantages to using an independent mortgage broker over a bank. Brokers have several lenders they can submit your loan application to. This makes them an attractive option, especially for borrowers with difficult loans such as low credit scores, or income issues. Independent mortgage specialists not only can offer the best rates but also generally have better rates than the banks. More importantly, a mortgage broker works for YOU, not the bank. The bank lender, simply put, works for their bank and are not able to find you a better rate than what they are able or prepared to offer you.  

How do I find a mortgage broker?

To find a mortgage specialist or mortgage broker you can trust, start with referrals. Then, make sure you ask the right questions, do online searches, check Google ratings, etc.  In today’s marketplace, an online presence is key for most successful mortgage brokers and it is not hard to find honest feedback about people’s personal experiences.

Is a mortgage broker worth it?

Yes, of course! There is absolutely no risk to you to use a Red Deer mortgage broker and it doesn’t cost you a penny. Even a small difference in mortgage rates can save you thousands in interest over the life of a mortgage, so it's certainly worth it to shop around.  They are also much more accessible and flexible with their hours than banks, plus mortgage brokers are constantly upgrading their education and training to have the most up to date knowledge base in an ever-changing mortgage industry, to serve the home buyer better. 

Can mortgage brokers save you money?

Yes. Mortgage brokers have access to multiple lenders and a good mortgage broker will search to find you the best deal that works for your specific needs. This alone could save you thousands of dollars in the long run, if for example, unforeseen circumstances lead to you breaking your mortgage early. They also have access to exclusive lenders that sometimes offer special deals. Ultimately, you are much more likely to get better rates and a better product with a mortgage broker, than without.

Who pays a mortgage broker?

Mortgage brokers work on commission, which is paid by the lender upon closing of a deal, with the exception of private or commercial lending. Knowing this, it’s easy to see why using a mortgage broker is much more advantageous than going through the bank. In 95% of residential lending, it doesn’t cost you a penny to use a mortgage broker, so with all the additional advantages of using a broker, it’s clear to see why brokers are so important in the industry.

How do I get the best mortgage deal?

It's simple. Start by meeting with a mortgage broker today, so they can review your current situation and guide you through the ins and outs of the home buying process. A mortgage specialist can set you up for success, to ensure you are getting the best advice, the best rate and the best product for YOU when you are ready to purchase, refinance or renew your existing mortgage.