Why use a Mortgage Broker

In today's competitive and fluctuating mortgage market, it is wise to seek out the best possible terms from a lender. Given that taking out a mortgage is one of the most important decisions the average person will ever make, why is it that most people will spend more time shopping for a pair of shoes that looking for a mortgage. Most people are either too busy to educate themselves on the many different options and conditions in the market. A mortgage broker is aligned with many different lenders  and has the knowledge and ability to search out and find the best terms from the market rather that having a client negotiate and deal with just one or two lenders. The popularity of mortgage brokers has been growing because of the convenience  and expertise that they bring to the client rather that having the client go to a bank. The best part of this service is that it is free!! Only in rare circumstances such as non standard credit  a mortgage brokers may charge a fee, but in the vast majority of cases there is absolutely no charge to the client.

SERVICE

A mortgage broker brings the financial institutions to you. More than ever lenders are offering a wider range of mortgages to choose from. A mortgage broker will evaluate a clients needs and recommend the best options in the market, together with the client. The mortgage broker will explain the different requirements needed to approve a mortgage such as GDS, TDS, PIT, credit reports, the appraisal and conveyance process to name a few. It's wise to explore the different lenders and their products. Banks, Trust Companies,Credit Unions, Finance Companies and the "Cyber-Banks" are all options.

THE BEST RATES

Don't assume that your bank is the best option.Banks will only discuss the mortgage products they offer. In the past, personal relationships were one of the most important aspects in getting approved for a mortgage and determining your interest rate. Times have changed. There are a multitude of different institutions and mortgage products. Most banks only promote the "posted" rates in their branches. Becauses of the competitive nature for the mortgage market, and the growing popularity of brokers, banks are quick to advertise and promote their best discounted rates and products to mortgage brokers. These discounted rates and products can then be promoted to you.

CHOICES

A mortgage broker will discuss your needs and be able to offer the best alternatives in your best interest. There are many different issues a mortgage broker can guide you in. Some include, the advantages of refinancing. Information on the Home Buyers Plan. Advice on adjustable rate and variable rate mortgages. The best products for self employed clients. Dealing with credit challenged clients. Financing investment properties. Each situation is unique. The mortgage broker brings the information to you and ultimately, the decision is yours.

CREDIBILITY

Mortgage brokers are licensed and regulated under the Financial Institutions Commission. There are continuing education classes along with seminars and training classes offered by various lenders to increase the knowledge and keep a mortgage broker on top of the market and the many options available. There are also professional designations and memberships that brokers are encouraged to become members of.

UNBIASED ADVICE

A mortgage broker works for the client, not the financial institution. Even though a broker is paid a finders fee from the financial institution that funds the mortgage, the fees are all similar. That way there is no pressure to deal with one financial institution over another. Also, since there is no association with the financial institution other than placing a mortgage, there is no pressure to use any of the lenders other finacial services such as term deposits, savings accounts or other personal banking services.

Contact information:

Grant Sahaydak         Versa Mortgages.

Website: www.grantsmortgages.com

email:  grants@telus.net

Phone #: 604 715-6615

Fax #: 604 469-6847