In today's competitive market there are many benefits to working with a mortgage professional. Unfortunately, many people don't understand the role of a mortgage professional and they are unaware of the benefits and savings, of working with one.
1Service
A Canadian mortgage broker (associate) is a self-employed professional that specializes in real estate financing and works specifically for you, the client, whereas Canadian bank specialists are employed specifically by the financial institution and works solely for that institution.
Every client is different and as such each one has a unique situation. Canadian Mortgage Lending treats all our clients with the attention and respect they deserve. I can help you to secure mortgage loan products in Canada at the lowest mortgage loan rates without any hassles.
Depending on your Province, mortgage brokers must be licensed and are subject to a strict set of requirements. As well Mortgage Professionals must take continuing education courses in order to maintain their accreditation. Bank specialists in comparison are not licensed and require no formal training. Therefore because of the licensing requirements and continuing education that a mortgage broker has to obtain and sustain you know when dealing with them that they are always up to date with all current Canadian real estate and mortgage financing market rules and regulations which obviously will ultimately instill the utmost confidence in dealing with them vs. dealing with a Canadian bank specialist.
2Products
The benefit of using mortgage brokerages, like Axiom Mortgage Solutions is the fact that I have the ability to shop multiple Canadian lenders (banks) that write Canadian home loans for all types of credit clients. A mortgage broker has access to multiple Canadian home loan products whereas your local bank or credit union only has access to their own individual products.
Because mortgage brokers don't work for a specific lender, you're assured that you will be given impartial advice. Axiom Mortgage Solutions works closely with both large public Canadian banks and small private Canadian trust companies. As a result, I am able to shop the market for you, accessing the best possible Canadian mortgage products. A bank specialist has a limited number of their own institutions products and while it may not be the best mortgage product out there, they will do their best to sell you their institutions mortgage product even though it may not be the best product for you.
3Credit Reports
When a Canadian mortgage brokerage, like Axiom Mortgage Solutions, pulls a credit bureau I only need to pull it once to be able to evaluate your situation and be able to recommend mortgage options. This one inquiry allows me to shop your mortgage to multiple Canadian Lenders.
4Pulling Your Own Credit Reports
Order your credit reports and scores from both Equifax and TransUnion credit reporting agencies before you visit a bank or broker. Personal copies of current reports should provide enough details for them to give you an opinion of the types of loans they can offer you.
The lender you decide to use will access your credit files, but taking your personal copies to the initial interview avoids multiple credit pulls that can lower your scores. Requesting your own credit reports does not affect your scores.
5Tips for selecting a Canadian mortgage broker
When choosing a Canadian mortgage broker you should consider the following tips:
- The mortgage broker should help you decide on whether getting the "best available rate" is more important, or if you want to deal with the institution that will actually lend you the money and provide you with service after funding.
- Make sure that you feel comfortable with whom you are going to do business. Can this person answer all your questions satisfactorily? Does he/she act in an ethical and professional manner?
- Beware of high-pressure sales tactics. You should never accept a loan that you do not understand. You should walk away from anyone who pressures you or makes you uncomfortable. You are not obligated to proceed at any time in the process.
- Ask friends, family and co-workers for references. They are a valuable resource, and usually can provide the name of someone they have used and found to be trustworthy. Ask them if their broker communicated with them throughout the loan process. Referrals are probably your best way to find a good Canadian mortgage broker.
- Beware of claims that seem "too good to be true," and run from upfront fees. For example when you hear "no closing costs" little red flags should go up.
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