Mortgage Brokers vs Banks

Mortgage Articles

	Benefits of using mortgage broker versus banks
	Sunday January 04, 2009
	Mortgage Brokers VS Banks We work for YOU, not the lender- Most lenders in Canada now use the services of mortgage brokers to perform the origination of their mortgage loans. A few use mortgage brokers almost exclusively. MB Direct Mortgage Agents qualify you the borrower by verifying income, credit, downpayment and property details, and submit your application to the Lender. For performing this function, Lenders compensate the mortgage broker. Knowing that the mortgage broker has access to many different institutions, Lenders will compete to provide the best rates they can to secure the mortgage broker`s continued business. Because MB Direct submits hundreds of applications to these Lenders, we are able to secure favourable terms which might be unavailable to the consumer approaching these Lenders on their own. Professional Expertise - MB Direct Mortgage Agents are professionals. We have access to up to the minute information from lenders telling us who has the best offers. This means we have access to the lowest rates, of course, but MB Direct Mortgage Agents also know that finding the right mortgage for you may mean thinking outside the box. What good is the best rate for 5 years if you decide to move in 3 years and have to pay a hefty penalty to break that low rate mortgage? Maybe there was another option you hadn`t considered? MB Direct agents will address your needs to find the right mortgage for your particular situation. Pre-Approvals and Rate Holds - Have you just placed an offer on a property? Are you just looking? Locking in a rate may be your best first move. Many lenders will lock in a rate for up to 4 months. This gives you the peace of mind to go house hunting knowing that you have a mortgage pre-approval in place with a known rate of interest. Back

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