Independent Mortgage Broker - Truly Knows The Right Option Which Meets All Your Requirements
Choosing an independent mortgage brokers offers many advantages to the borrower. Lenders are offering new features, options and deals each day that could make the task of picking the best deal harder. The competition between lenders is brutal. These days, over one in five Canadian mortgages is handled by a mortgage broker. More and more consumers are discovering that the benefits of having a mortgage broker are never-ending. They could save you a lot of effort and time and provide various advantages.
The services provided by a mortgage broker are usually free of charge. They offer unbiased advice and fight to find you the best arrangement available. Mortgage brokers require only one application and one credit check to search for the best solution to your mortgage needs. In the same time it takes for you to fill out one application at your bank, they could shop dozens of lenders. The majority of the lenders which mortgage brokers associate with are established and reputable. There are also some broker-only lenders available who can offer features and rates which are even more reasonable.
The broker would get paid when the mortgage is approved and is financed which results in service which is fast and efficient. Nearly all lenders offer the same fee, so a mortgage broker doesn't normally favor one lender over another. The only time a customer is charged is if they have non-standard credit. In these circumstances, they could be charged a commitment fee.
On the whole, the only responsibility of a mortgage broker is to look after your best interests. Therefore, they are usually more accessible, personable and mobile than your traditional bank.
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