4 reasons to use a mortgage broker when purchasing a home

Accessing a full selection of banks
One of the things that you should be looking for as a first time home buyer is a large selection of mortgage products. You want to know that you’re getting the best possible deal in terms of both the interest rate and your own personal financial needs. In Canada, there are many banks that can help make the process easy. Using a mortgage broker will enable you to work with many of the top banks in the country. Because each bank has a number of different products, you will have access to as many as 350 different choices.

Saving time
When you are looking for a good deal on a home mortgage, your time is important and it’s valuable. Using a mortgage broker will allow you to save time when it matters most. The problem with shopping for a mortgage by yourself is that most banks will ask you to go out and shop for a rate, then they’ll match that rate. This means less work for them and more wasted time for you. It’s better to work with a broker so that you can cut out these types of experiences and help yourself get the best deal in a hurry.

The convenience factor
Bankers and their representatives are notorious for keeping short hours. Simply put, they are not available to you when you need them. The nice thing about using a mortgage broker is that they are available after normal banking hours. If you have needs that need to be taken care of, then you can get in touch with a mortgage broker and have your concerns answered right away. It should be easy for any first time home buyer to see why this is a great thing.

Working with someone who’s working for you
What you should know about bank representatives is that they’re out for the good of the bottom line. They work for the bank, so it’s their goal to make as much money as possible. You are simply a means to that end, so you cannot count on banks to look out for your best interests. Mortgage brokers are different, because they are in business for themselves. In order to stay viable, they have to make their clients happy. That’s a definite positive for consumers like yourself.

About the Author Jim Thornton