Using A Mortgage Broker.
With the fluctuation in interest rates of late, and the rising property market, homeowners have become more aggressive in seeking out the best possible terms from a lender. The advantage of a mortgage consultant lies in the opportunity to search a large segment of the mortgage industry for the best terms, rather than negotiate personally with only one or a few lenders. As a result, the popularity of mortgage brokers is growing. Last year, almost 50% of all mortgages placed in Canada were through a mortgage broker.
A mortgage broker can also be a source of information and an unbiased help in wading through the myriad of options available in the mortgage industry today. Wondering about the advantages of refinancing? Want more information on the Home Buyers Plan? How about advice on adjustable term mortgages? Having problems getting a mortgage because you’re self-employed? Or maybe you need special help arranging financing for an investment property. These are the kinds of issues a mortgage broker can help with, and usually at no cost to the buyer.
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