Purchasing a home is a big commitment, and with the home loan market becoming increasingly complex, more people are turning to mortgage brokers. A mortgage broker can act as a voice of reason for you. They can look over your financial information and give you an honest assessment of what you can realistically afford. They may even connect you with a real estate agent to help you find the right house. It’s important to ensure you have a trusted advisor in your corner. However, there is still a lot of confusion about what brokers do and how their service compares to going directly to the bank. To help you steer clear of common misconceptions about mortgage brokers, The Mortgage Centre Hometown Financial has debunked some of the most widely believed myths about mortgage brokers.
Myth 1: You need to pay to work with a mortgage broker
This is a big Myth. A mortgage broker is usually paid a referral fee by the mortgage lender, such as a bank, credit union, or other types of lender. Those who are applying for a mortgage do not need to pay the mortgage broker they work with.
Myth 2: Only people with bad credit use a mortgage broker
FALSE! While mortgage brokers can certainly help someone with bad credit find a suitable mortgage product based on their circumstances, they can also help someone who merely wishes to save time and money by sourcing the best mortgage products possible. Regardless of your credit, I will work on finding the best deal for your situation. I will be focused on finding the best rate and term for you.
Myth 3: Mortgage brokers work for the lender
This is a Myth. A mortgage broker is your agent and consultant. They represent your requirements when you work with lenders and take time to identify your mortgage requirements. They work keeping your best interest in mind and will search the market to find a mortgage product that suits your requirements. Although I have built strong relationships with lenders, this helps me negotiate the best deal for you.
If you’re looking to steer clear of these myths, reach out to The Mortgage Centre Hometown Financial. As the best mortgage broker in Chatham, ON, I am an expert in financing and offering seamless solutions for all your mortgage needs. I have a thorough understanding of underwriting and lender requirements for residential mortgages that help get you exactly what you need for a mortgage. I offer services like debt consolidation, real estate investment mortgage, mortgage financing, mortgage refinance, first-time homebuyer mortgages, mortgage pre-approvals, purchase plus improvements, bridge financing, zero-down mortgages, matrimonial split, new to Canada mortgage, reverse mortgages to clients across Chatham, Sarnia, Dresden, Blenheim, Tilbury, Ridgetown, Glencoe, and the surrounding areas.