At every point in our lives, it’s part of our dream to buy a house. For some, living this dream happens earlier, and for others a little later. But what separates these two groups is the right information. The right information can make a whole world of difference when you have it. For instance, a good mortgage broker. 

In Canada, there are two ways to get a mortgage. Either from a bank or a licensed mortgage professional. While they both have their benefits, here are some great reasons to use a professional mortgage broker.

1. It saves you from stress 

Let’s face it, no one likes stress or being stressed out. If it’s going to cause you inconvenience in any way, especially if you can avoid it, then why do it? Finding a mortgage can be difficult and discouraging, particularly when looking for great rates. A mortgage broker takes on that stress for you. From their experience in real estate, thoroughly finding the best rates, doing the paperwork and going back and forth, your mortgage broker takes the burden off you completely, leaving you with just the signature to append.

2. Saves you time

Since mortgage brokers are experts at relieving you of mortgage-related stress, it means they help you free up time to focus on other productive things. Mortgage brokers have access to multiple lenders with whom they work with, some of whom you may have heard of.  

Leveraging their relationships and experience with these lenders, your mortgage broker can help you secure even better rates.

3. Saves you money

Going by the volume of transactions or businesses that mortgage brokers handle, they have the advantage of securing better rates. Like in business, the larger the order, the greater the discount. The same applies to the relationship between mortgage brokers and their lender counterparts. By extension, a mortgage broker is perhaps your best hope for saving money at the best rates.

4.  Services are free 

Already, at this point, you’re thinking, “What’s the catch?”, “How much do I have to pay to work with a professional mortgage broker?”

Well, there’s no cost to you. In fact, you won’t have to pay anything. Surprised?

So, while mortgage brokers do the dirty work or heavy lifting, they are only paid by the lender and not you. Again, you might ask, “What do they gain from working with me?” Nothing, other than your business. And more business. 

Mortgage brokers always have your best interests at heart. This is because your happiness will earn them more of your business and even referrals. In other words, more business to take to the lender (which will also help them get you a better rate) and more earnings from the lender too. 

5.  It gives you access to lenders that are otherwise not available to you 

In Canada, some lenders work exclusively with mortgage brokers. In cases like these, people who aren’t brokers, particularly professional brokers, do not get access to them, let alone their rates. Hence, the need to work with a professional mortgage broker.

Working with a broker is a great way to get advice and support when seeking a mortgage. By working with a broker, you will be sure to have someone on your side to help you get the best rates and conditions. While this is not an exhaustive list of the benefits of using a mortgage broker, it is compelling to see and exploit the benefits of using a mortgage broker rather than putting a mortgage together on your own.