Homes: The value in using the services of a mortgage broker

Kelowna columnists talk all things mortgages in their weekly column

Homes: The value in using the services of a mortgage broker

Buying a home? Refinancing or Renewing your Mortgage? Your mortgage will likely be one of the biggest financial investments you will make and securing financing can be challenging. Mortgage brokers are available to assist you with navigating the complicated world of mortgages. With the new stress test now in place a mortgage broker is an even more valuable resource for you as they have access to multiple lenders all with their own unique criteria for qualifying. You may not qualify with one specific lender and a mortgage broker with their resources may be able to offer you an approval with another lender.

A mortgage broker is a licensed professional that specializes in real estate financing and works for you. Your broker will be your point of contact for everything related to your financing and will provide personalized services tailored to suit your needs. They will walk you through every step of the process and as independent professionals they can set appointment times that work with your lifestyle. Your broker will be available for questions or consultation throughout the process and long after the mortgage has funded.

Mortgage solutions are their area of expertise and they have access to, and knowledge of multiple home loan products offered by many different lenders. They do not work for one specific lender and can shop the market for you. Mortgage brokers are able to advise you of the lenders that will consider your application, and this can be particularly helpful for those with financial circumstances that may impact their ability to secure a loan. They can also access exclusive deals that are not available on the open market, and in some cases may be able to negotiate a better interest rate from the lender. Your broker will help you with understanding the different financial products, the rate types, mortgage options and term.

A mortgage broker will also help you avoid unnecessary risks and costs. Whether you are looking at securing a new mortgage or refinancing or renewing your mortgage, they can help identify applicable penalties, fees and charges so that you can make the most informed decision. Additionally, mortgage brokers will only pull your credit bureau once to evaluate your situation and make recommendations for mortgage options. They can then use this inquiry to shop your mortgage with different lenders. If you choose to do your own mortgage shopping this may result in different lenders each pulling your credit report which can have a negative impact on your credit score .

Lastly, mortgage brokers provide these services at no cost to you. Mortgage brokers are paid by the lender when your mortgage is funded. If you have any questions with regards to mortgage financing with a Mortgage Broker, we welcome the opportunity to further discuss our services.

Of Prime Interest is a collaboration of mortgage professionals Trish Balaberde 250.470.8324 trishb@creativemortgage.ca; Darwyn Sloat 250.718. 4117 dsloat@creativemortgage.ca; Christine Hawkins 250.826.2001 christine@creativemortgage.ca