Why Use A Mortgage Broker?

Cory

POSTED BY

Cory Hill

Financial Advisor

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Today, we recommend that our clients enlist the services of mortgage brokers when buying property or renewing their mortgages.  Gone are the days of automatically renewing one's mortgage or leveraging a long-standing relationship with a local bank branch to secure financing.  While, in the past, this was the business norm, in the highly competitive mortgage arena, clients get the best combination of rates and terms by having a professional mortgage broker shop the market for them.

Professional mortgage brokers typically have access to dozens of lenders, from traditional financial institutions, such as banks, credit unions and trust companies to non-traditional lenders such as private mortgage corporations and even private investors.  With this breadth of lenders, and the myriad of choices vis-a-vis mortgage payment terms, interest rates and flexible maturity options, our clients have been well-served by using a professional mortgage broker to negotiate with lenders on their behalf.  In most cases, there are no upfront costs for using a mortgage broker.  They are typically paid commissions by the lenders with whom they place client's mortgages and this commission does not affect the interest rate or terms that the broker has negotiated on a client's behalf.  In rare instances, fees are charged but this is reserved for non-traditional financing such as high-ratio or short-term financing.

Typically, most standard mortgages can be completed and funded using online tools and electronic applications.  The transfer of funds and funding is usually seamless and automatic, even with renewals using different lenders. 

If you would like a referral to a professional mortgage broker, please ask your Rogers Group Financial advisor.  All of us work with independent mortgage brokers and are happy to refer them to clients.