Are you a first-time homebuyer and do not know the difference between using a mortgage broker or going to a bank? Do you have so many questions and not know where to start? Well, do not worry! As your local mortgage broker, we have all the information to help this loan choosing process be as stress-free as possible.
Bank or Broker?
Buying a home might possibly be the biggest purchase you will ever make; therefore, it is important to know who the best person to work with will be when it comes to processing your home loan.
Mortgage brokers have more knowledge and expertise in the field because they work with a wide range of different services and products. They work with a lot of different lenders and financial institutions in order to find the best rates and deals out there for you. A bank is limited on only the rates and services they offer at their institution and leave little to no room for negotiation.
A broker is also paid off of commission, so they do not get paid until they sign the loan papers. Therefore, they always have your best interest because if they do not put you first and find you the perfect deal then they will not be getting paid. In addition, all their services to you are free since they only get paid after the loan is signed.
Banks are also known for being very strict on the clients that they take on. If you have a poor credit score or a bad application, they will most likely not be willing to work with you. A mortgage broker will work with you and still try to get you the best rates on the market.
If you are in the market for a mortgage, it is important to know your financial options and limitations. Be sure you are financially ready to take on the commitment of homeownership. Talk with your local mortgage broker today for any questions or to get started. Please call the Silverman Mortgage Group at 604-532-3824.