Contemplating Buying A New House? Why Not Use A Home loan Broker?

For some time it was thought that using a mortgage broker was a bad idea when shopping for a home. They generally only dealt with poor credit and sub prime candidates who couldn’t get approved by their local bank.

Today’s home shoppers don’t quite have the same view of mortgage brokers any longer. In fact more people are using brokers then ever to get quick pre-approvals and lower rates then if they chose to deal with their bank only.

What Can a Mortgage Broker Do To Help?

Got Questions? They’ve Got Answers

Most mortgage brokers stay up to date on new laws, regulations and all things mortgage. Compared to an employee at your local bank, there really isn’t any reason they would want to put in extra time to studying what’s happening in the mortgage industry whether it would help them help you or now. There isn’t as much incentive for a personal banker to keep up on changing mortgage news.

Halifax Mortgage Broker

Finding You The Best Rate

One of the great things about using a broker is they have access to not only bank but also private and local lenders, credit unions and other financial companies that offer mortgages. Therefore they have a much broader reach when shopping you around for a mortgage. Getting several quotes from a variety of potential suppliers means you’ll be sure you’re getting the best rate possible.

If we contrast that to what your bank can offer, they only have themselves to offer you the funds and their posted rates are generally their only rates. Of course there is always the possibility that if you had enough money in the bank they may offer you a slight deal, but we’re only talking a quarter percentage point or so.

Accessibility

Personal bankers are available during regular branch hours. I doubt any of them want you calling them during an evening or weekend, so a home phone or cell phone number isn’t likely to be given out. However mortgage brokers live and die by their clients so it’s in their best interest to keep an open line of communication. You will usually get at least an email and cell number from your broker to contact them should you need to.

Let’s just say you’re at an open house on the weekend and you find a great home but it’s a bit more expensive then what you had discussed with your broker, no problem you can get a hold of them quite easily to see if the added purchase price will work for you, not so with the bank.

It all comes down to brokers being business owners, their self employed. They run their own business and customer service is top on their priority list. Dealing with a broker doesn’t mean you have bad credit, it means you’re a savvy consumer. If you’ve never used a mortgage broker in the past then you must consider it a viable alternative to your local bank next time your shopping for a home, or when you decide to sell. You can visit www.halifaxmortgagehq.ca, look at your local yellow pages, or use the Internet to search for one. Another great idea is to ask people you know if they have used a broker before, referrals are usually the best way to find professionals..

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