Mortgage Brokers in Calgary
First things first, what is a mortgage broker?
A mortgage broker acts as a mediator between the lender and the client. A mortgage broker's mission is to find a bank or a lender that is willing to give a loan to whoever is seeking money for a Home purchase.
All the work a broker does is on behalf of the individuals or businesses inquiring for a mortgage.
Mortgage Broker vs. Bank
It's becoming more common for first-time Home buyers to reach out to a broker to arrange their mortgages instead of going to a bank.
This is happening because of the benefits a broker can supply instead of a traditional bank.
Benefits of a Mortgage Broker:
- Access to better and more realistic rates in the real estate world
- Online marketing to wide ranges of demographics
- Ability to arrange more "difficult" mortgage options for clients who are self-employed or have a history of poor credit
- Can easily help with a mortgage application to ensure pre approval
- Have experience with setting up specialized services such as a commercial, construction or a reverse mortgage
On the other hand, a bank also has its benefits including its well-established reputation that firmly stands among other banks as well as upcoming mortgage specialists.
Benefits of a Traditional Bank:
- It is an existing institution that meets federal guidelines giving their clients a sense of protection that their money is safe and secure
- Have access to a range of financial and mortgage products along with extensive knowledge about how those products can save the client money
- If clients plan to go with their personal bank, those financial institutions already have exclusive access to client information, credit histories and balances making the approval process much easier
Should I use a mortgage broker?
We may be a bit bias here at HomeHow but we do highly recommend you to consider doing your research to find a local broker that fits your specific needs.
It may be easier to go with a broker if one of the following relates to your current situation.
- No proven credit
- Missed several credit payments
- High credit card balances
- Contacted by bill collectors
- Declared bankruptcy
Not too worry, you do have options – including us! If you're wanting to place your trust into the hands of a mortgage brokerage that will put you first and foremost when buying a Home, please apply now.
Want to hear from a mortgage broker expert?
Please feel free to phone call, email or use the text option below with any questions regarding which mortgage brokerage is right for you.
With our advanced technology, we can connect you with several lenders that are eager for your individualized customer service.