Investing In A Mortgage Broker
The housing market is booming around Ontario with buyers looking for their forever home, next business opportunity, or a change in lifestyle. That said, the fine print of mortgaging a house can seem utterly confusing at first, and even second glance, making an exciting milestone in life feel much more tedious.
That is where Farley Mortgage Associates can help you. At our brokerage, we connect with our clients personally before connecting them to the perfect lender for their mortgage. Our experienced associates understand that each client has a unique goal in mind, and we work with you to determine the best way to help you reach it. We prioritize finding the most compatible terms of a deal as well as the lowest possible interest rates so that you can buy your dream home hassle-free.
Advantages of Enlisting a Mortgage Broker
Shopping for a mortgage individually is the first step many Canadians take when they begin house hunting. It’s extremely beneficial as it gives you an idea as to what interest rates, fees and deal terms you can expect when applying. Although this is a great introduction into the housing market, there is a lot going on behind the scenes which may not be prevalent to you as the buyer. A mortgage broker can help you navigate the complicated world of home ownership. How do we do this? Consider the following benefits of hiring a mortgage broker:
Brokers can help you find the best rates and terms for your mortgage.
Searching through for a low interest rate at a lender that also meets your ideal terms can be difficult. At Farley Mortgage, we prioritize the lowest interest rates on the market, and negotiate the best possible terms of your mortgage before closing the deal.
Brokers can provide invaluable market knowledge that can lower your mortgage considerably.
Most lenders keep brokers in the loop with their policy updates, rate changes and other information that could be leveraged to get you a better deal. Not all of this information is available to the public, so enlisting a broker can give you access to better, more informed deals than you would have had otherwise.
Some lenders only choose to lend through brokers, thus they can open new avenues for you.
A lot of the biggest banks in Canada choose to lend through brokers, because it establishes credibility for the client and generates more business for the lender. Some only lend through brokers and provide them with access to their prime rates, which may lower your mortgage by the thousands.
Brokers can introduce more suitable lenders in a much shorter time period than if a client did the leg work on their own.
Each lender, be it a bank, credit union or online lenders, have their own websites that display information in a variety of different ways. Going through each individual lender and working through their jargon can be tedious and confusing, whereas a broker has foreknowledge of their policies already and they can present you with the most relevant information quickly and effectively.
Many popular Canadian banks already hold a relationship with brokers, primarily selling through them.
Banks such as TD, Scotia Bank, CIBC, Tangerine and many more primarily sell through mortgage brokers, and have a strong relationship with them. Thus, it makes it much more likely that borrowing through a broker will result in a better deal for you. Farley Mortgage Associates makes it a priority to ensure that we have the most up-to-date information from these lenders.
Brokers have a database of lenders for clients to choose from, which can make the search to obtain a mortgage much easier.
Adding onto the previous point, mortgage brokers can do the leg work for buyers much quicker because they have access to relevant information from all kinds of lenders in their databases. At Farley Mortgage, we work with over 50 lenders to ensure that we provide you with a satisfactory deal.
Brokers can help manage unexpected fees that come with a mortgage, such as appraisal and origination fees, sometimes even waiving them altogether.
A lot of buyers are often unaware of some of the fees that come with buying a home. The mortgage is the biggest expense that they have to take on, however there are other fees charged by the lender that have to be budgeted for. Brokers can often reduce, or even waive the fees for their clients, saving them hundreds or even thousands of dollars.
Mortgage brokers have access to lenders who will especially service clients with low credit ratings or low income, making it easier for them to obtain a mortgage.
Some buyers may struggle to get a mortgage approved, due to any number of financial problems including low credit rating, bankruptcy or low income. In these situations especially, an experienced broker can be extremely helpful in connecting a buyer with a lender. Farley Mortgage Associates welcome clients with financial backgrounds that may make it difficult to obtain a mortgage, and we work with them to find an affordable and manageable deal to buy their home.
Although banks lend the mortgage to you, borrowing through a broker means you have a helping hand throughout the life of your mortgage.
Once a deal is approved, most follow-ups happen between the lender and the buyer. However, in the event that you want to change the terms of your deal, or refinance your mortgage, it can be very beneficial to have a broker by your side to help you negotiate the terms in an informative and assertive manner.