Whether you’re looking to buy a new home or figure out the mortgage processing, here are 8 reasons as to why more and more home buyers in the GTA are using a mortgage agent or mortgage broker to buy a home, refinance, renew or switch their mortgage.

Service While Mortgage Processing:

A mortgage agent provides some service that is similar to a bank, but most mortgage agents work after business hours. Because mortgage agents and brokers are self-employed, they spend hours honing their skills and developing referral sources. You will get a great service for mortgage processing from a mortgage agent.

Options in Choosing:

Mortgage Brokers have access to multiple lenders. Some lenders only offer mortgages through the mortgage brokerage channel as they have no brick and motor storefront. By not having a storefront, they are able to offer their mortgage at a lower rate. With an ongoing relationship with multiple lenders and mortgage insurance companies, mortgage brokers will be able to offer different types of mortgage options. By knowing what is available in the mortgage marketplace a mortgage agent will be able to advise you on what your options are and who would be the best lender for you to get your mortgage.

Savings on Mortgage Rate:

Mortgage brokers have access to multiple undisclosed discounted rates due to high volume that they offer to lenders. Lenders from time to time have different promotions that they offer to mortgage brokers who in turn offer to their clients.

Peace of Mind

In some situations getting the right mortgage can be very stressful. A mortgage broker takes on that stress for you by making sure that all the paperwork is in place. They will keep in good communication with you so that you know what is going on with your mortgage. They will also call equafix to work on straightening out a credit issue. This way, you can start the mortgage application process if there are errors on your credit bureau.

Convenience

Most mortgage agents and brokers work outside of business hours, which allow you to focus during the day on your employment as you can get an appointment at 8 PM at nights and also have someone working on your mortgage application after business hours.

Free advice for Mortgage Processing:

The mortgage companies pay mortgage brokerage to offer their mortgages so their services are free to you the borrower. Mortgages agents don’t work nine to five. Therefore, they will be available to you after work hours and also on weekends. A great source of referrals for mortgage agent is a satisfied client.

Committed

Most people think that the reason for going to a mortgage agent is because the bank turned them down. For that reason, mortgage agents see more challenging deals than a typical bank employee would see.

Compared to typical bank employees, mortgage agents have access to bank funds as well as private funds. So the solutions offered by mortgage agents and brokers are much more diversified than those offered by a bank.

Regulated

Governing bodies in their own jurisdiction monitor the mortgage brokerage industry.

As Mortgage Brokers, it is extremely important to have principles and values that are based on the best interest of the client.

In fact, in order to become licensed, the Mortgage Professionals need to be well versed in the ethical and upstanding values that are outlined through the Financial Institutes Commission of Ontario.

The Financial Institutes Commission of Ontario is a provincial governing body that makes sure agents are acting within the framework of the mortgage regulations.

The Mortgage Broker has a better understanding of a diverse mortgage of products offered by the many banks. They represent most of those banks. Therefore, they will more than likely know which bank’s mortgage is more ideal for your particular situation.

While this is not an exhaustive list of the benefits of using a Mortgage Professional, it is compelling to see the benefits of using a Mortgage Professional when you are completing a mortgage transaction.

At Sunlite Mortgage, we are accustomed to financing clients with the very best credit and some with very bad credit, so knowing the right fit for a person looking to buy their first home, or someone looking to refinance their home because they don’t have enough income.