What Does a Mortgage Broker Do?

When applying for a mortgage, an Ottawa mortgage broker acts as the middle person between the lender and you. They review your goals and needs and compare different mortgage products from multiple lenders on your behalf. They assist with the application process all the way to the closing date. Plus they are there to assist after closing as well. There are a lot of differences between a great Ottawa mortgage broker and a less than favourable one.

Many do not have the time to contact dozens of lenders to explore mortgage options when looking for a mortgage. Also some lenders only offer their mortgages through mortgage brokers. Therefore, if you value your time and want to be sure you are reviewing all your mortgage options, just visiting a few banks will not be enough. While you may have explored one bank’s options in an hour, a mortgage broker can show you many banks and lenders in that same hour.

A mortgage broker has access to many types of lenders too. From banks such as TD Canada Trust and Scotiabank to credit unions like Alterna Savings and even Manulife.

Also, with your one application and one credit check, a mortgage broker can use this by exploring many options. When you explore options at many banks however this will mean multiple applications. Plus, multiple credit checks can use up valuable credit points.

Mortgage agents can also access private lenders in Ottawa for a private mortgage.