Using a mortgage broker used to be frowned upon when shopping for a new house. Most often brokers were thought to deal with sub prime people who due to poor credit could not get a mortgage from their own 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.

So What Exactly Can a Mortgage Broker Do For You?

You Have Questions? Brokers Have 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.

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. The result is they can get several quotes from several suppliers of potential money and then negotiate the best rate, term and amortization for the mortgage you’re looking for.

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. If you’re a high roller at your bank then there’s a chance you could save a quarter point off your rate, but there’s little if any room for negotiation.

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. Because mortgage brokers work for themselves and they want to offer you the best service possible, you’ll usually get more then one way to communicate with them. For this reason you will usually have a cell phone and email for your broker.

If you find that perfect house on the weekend and want to know if you can bump your purchase price by a few more thousand then you had previously talked about, you can likely get a quicker answer from a broker then a bank.

It all comes down to brokers being business owners, their self employed. Customer service is their priority since they know it will keep you, their client, happy. Using a mortgage broker to help you buy your first or next home doesn’t say anything bad about your credit it just shows you’re a smart consumer. If you haven’t used a broker before then we suggest you consider it next time your mortgage is up for renewal or when shopping for your next home. You can visit HalifaxMortgageHQ.ca, check your local phone directory or use your favorite search engine online to find a broker to work with. Also asking friends for referrals is always a good idea.