7 Reasons to Use a Mortgage Broker

For many people, mortgage payments are their single largest expense. Yet, when financing a home, most Canadians don’t comparison shop to ensure they’re getting the best mortgage rate and terms available. This mistake can cost homeowners tens of thousands of dollars over the course of their mortgage.

Here are seven ways mortgage brokers can help:

Access to competitive rates

Brokers deal with multiple competing lenders and can often access exclusive rates. Based on the number of mortgages brokers complete each year, they also have the power to negotiate rate discounts from lenders, which can be passed on to their clients.

A free service

Mortgage brokers’ services are typically available at no cost to consumers. Brokers are paid by the lender selected by their clients.

Knowledgeable advice

Brokers offer consultative service, advice and solutions that are customized to each client’s needs. And unlike banks, brokers work for you.

Speed and convenience

Brokers will work around a client’s schedule to make the transaction as easy and convenient as possible.

Pre-qualification

Whether you’re shopping for a new home or refinancing your existing mortgage, a broker can help you obtain a pre-approved mortgage, often with up to a 120-day interest rate guarantee.

Preserved credit rating

When you shop for a mortgage, there is an accumulation of lender inquiries on your credit bureau report, possibly affecting your credit rating and, ultimately, the rate and terms of your mortgage. This isn’t the case with a mortgage broker, who only does one inquiry yet can still get many competing lenders to quote on your business.

Peace of Mind

The Canadian Association of Accredited Mortgage Brokers has a stringent Code of Ethics that members are required to adhere to in order to retain membership.

The House Team is committed to providing quality information to help people make informed decisions about their mortgage financing needs. Compare Canadian Mortgage Rates. Need a mortgage calculator? Mortgage Calculator Ontario. Mortgage Rates Ontario.

Benefits Of Cheap Mortgage Protection

Cheap mortgage protection is one of the most underrated forms of insurance and protection on the market today. Consumers often do not believe that it is completely essential if you own your own home, despite the fact that it can help to protect the single biggest investment that the majority of people will ever make in their lives.

In fact, cheap mortgage protection could feasibly enable an individual to keep the roof over their head should they be unable to work due to unforeseen unemployment, long term illness or accident.

Sadly, many people who become out of work due through no fault of their own can often find that their home, which they have worked long and hard for, eventually gets repossessed if they cannot manage to keep up the mortgage repayments.

The benefits of cheap mortgage protection are immense. The first and main benefit that all homeowners should consider is the fact that it could actually keep a roof over their heads should they be out of work for a period of time through no fault of their own. In fact, cheap mortgage protection would take the stress of being unable to make repayments off an individual. Very few people would have enough savings to live off while they got well or found themselves another job and the State benefits would not even make a dent in helping towards a mortgage repayment.

Secondly, cheap mortgage protection can last the lifetime of a mortgage. It is designed to protect home repayments for the life of the mortgage, although it will only pay out for one twelve or twenty-four month period usually. The cover will only be cancelled before the end of the term of the mortgage if you cancel it yourself or you make a claim

Finally, cheap mortgage protection can remove some of the stress placed on a homeowner ill equipped to cope with financial difficulties on that scale. The peace of mind it gives is most definitely a major benefit!