A mortgage broker acts as the middle person between the lender and you. These are the main roles of a mortgage broker!
Sometimes at the bank, it may feel like you are just another customer. With a broker however they typically like to form more of a relationship with the client. They like to review your goals and needs more in-depth. Also, they will ask you a series of questions to be sure they find you the best solution for your needs.
The best mortgage broker might not necessarily be the one who immediately offers you a rate without getting to know you, your situation or goals.
Ottawa Mortgage agents can look to approve you for a mortgage in situations where you may have been declined by your bank. The decline may have been from a situation where you were not able to meet the lender’s guidelines.
Learn more: Ottawa Mortgage Brokers
A mortgage broker can really shine in this situation. They have access to alternative and private lenders which are not available typically through your bank.
Learn more: Private Mortgage Ottawa
With your one application they are able to compare mortgages from a variety of different types of lenders and help discover the best mortgage for your needs.
A bank will only have access to their own mortgage so unfortunately you will only be able to explore one option with them.
If you do not shop around with a broker while looking for a mortgage, it is probably safe to say that you are missing out on other options and deals.
Even if you have gotten a mortgage in the past, applying for a new mortgage can sometimes feel a little overwhelming and can be quite time-consuming.
Banks at times can lack in communication, have quite limited hours compared to a mortgages brokers in Ottawa and can make the documents process exhausting.
Ottawa mortgage brokers takes care of the entire process from the initial application to gathering your documents. Also, with negotiating rates at different banks and lenders, educating and guiding you through the process and being your one stop shop from start to finish.
Exploring options with the mortgage broker is completely free.