Some people may hesitate when it comes using a mortgage broker to arrange their home financing, but the pros definitely outweigh any cons. First of all, let’s clear the air on something… like any service out there; whether it’s an accountant, a carpenter, a baby sitter, anything really, there are some individuals/businesses that negatively impact the industry by providing poor services. Like Canadian Mortgage Services, there is an abundance of mortgage brokers out there that will promise to provide the best service possible, but they don’t. If you are willing to spend the time necessary to find a reputable mortgage broker with the tenure and experience they should have, you will most certainly gain from using their services. A mortgage broker should always work in your best interest, and never their own. How do you know if your mortgage broker is doing this? Options. Your mortgage broker should be giving you options, and if they are not, how are you ever going to have enough information to make a long term decision. A mortgage broker should also do more for you than get you to sign documents and forward them off for closing. Your mortgage broker should know enough about what they are providing you with to explain terms, conditions and privileges involved in your mortgage. If they don`t explain it to you, what`s the likelihood that you will fully understand all the legal jargon on your own. You should never feel any pressure by your mortgage broker to sign or agree to move forward with anything you do not feel comfortable with. If you do feel uncomfortable with what you have been presented, your broker should be able to compare the pros and cons to alternative options, thus giving a better understanding of why `option X` is the best option for you.
If your mortgage broker can meet these simple criteria, than they are definitely working in your interest and you will be fully utilizing the benefits of dealing with a broker to arrange your financing. On average, most people that deal with a broker to arrange their mortgage pay less monthly than those who do not. That`s right, as a mortgage broker we have access to certain promotions, volume discounts and perks of dealing with certain banks that you cannot simply walk into a bank and get yourself. Brokers are also great to deal with for anyone who has credit flaws or lower income. In fact, if you have any difficulties involving your application, deal with a mortgage broker before the banks even have a chance to reject you. This way, you are certain to have a strong application prior to the banks review which will better your chances. Even if you think you can do it on your own, seek help from a broker… you have absolutely nothing to lose.