While a bank only offers the products from their particular institution, licensed mortgage professionals send business to Canada’s largest banks, credit unions and financial institutions; offering their clients more choice, and access to hundreds of mortgage products! Yet, most people still don’t quite know what a Windsor mortgage broker can do for you and your family. Let’s consider five common myths about mortgage brokers and the real truth:
1) Mortgage Brokers Only Deal With One Lender
Most mortgage brokers work with a variety of lenders. This allows them to connect their clients with the lenders most likely to offer them the best terms. That said, all brokers pick up certain “best practices” and may have specific lenders in mind for clients in certain situations.
2) Mortgage Brokers Will Work With Any Lender
This serves as the opposite of the issue above: Will brokers work with just any lender who offers them a good deal? The answer is no. Mortgage brokers are held to high professional standards: They recognize low-quality lenders and understand that when you succeed, so do they.
3) Mortgage Brokers Are Only for Those With Bad Credit
In the past, those with credit issues have been encouraged to work with mortgage brokers to find the right solution for them. While mortgage brokers are helpful for those whose credit is not perfect, they work well with clients from any background.
4) Mortgage Brokers Are Only Interested in Their Commission
Mortgage brokers make their living earning commissions for their services. However, they must use real discernment in how they make their money. Cutting corners causes problems and makes referral business much less likely. They want you thrilled with your results!
5) Only the Biggest Banks Have Reputable Mortgage Brokers
Certainly, big banks may have the largest teams of mortgage brokers. However, there are great brokers working for all sorts of institutions. In any lending situation, no matter what it is, you can usually get the best deal by comparing several brokers and lenders.
When all is said and done, what’s the most important thing to know about mortgage brokers?
Simply, a good mortgage broker is on your side and will work with you every step of the way. With about 20,000 mortgage brokers in Canada, you are bound to find one who is right for you – and that’s a major step toward reaching home ownership goals.