Mortgage Services
Benefits of Partnering with a Mortgage Broker in Red Deer
Navigating the complex world of mortgages can be overwhelming for anyone, particularly with the sheer volume of information available. Securing a mortgage is a significant and potentially life-changing investment that can leave individuals feeling unfamiliar and stressed. This is where utilizing a mortgage broker can be a game-changer. Mortgage brokers serve as expert advisers who can provide you with tailored advice, competitive rates, and access to various lenders you may not have access to independently.
Unlike banks, mortgage brokers work independently, which means they have access to numerous lenders nationwide. This vast network of lenders allows brokers to offer competitive rates and mortgage options that are not always available to the general public. Additionally, brokers have a wealth of experience assisting clients with securing their dream home, using their knowledge to overcome any surprises that may arise during the mortgage process.
Perhaps one of the most significant advantages of working with the Mortgage Collective is the peace of mind that comes with having a specialist by your side. We will be your advocate at each stage of the process, taking the time to understand your unique needs and ensuring these are addressed throughout. This personalized approach helps you save valuable time, money, and energy.
Let's get started! FIND YOUR BEST MORTGAGE
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What is a mortgage broker?A mortgage broker is an individual who has taken their provincially administered course and passed an exam allowing them to deal in mortgages. From there they are watched forever by their provincial regulatory association to make sure your best interests are always protected. You as a consumer can file a complaint should you need to and I can assure you it is taken very seriously by these associations.
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What do they do exactly?They take the application and gather all the necessary documentation for the mortgage lender. They submit to the lender they see as having the best product for you and work as a go between you and the lender until they know you have the full approval for the mortgage.
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Who pays them?Usually it is the banks and the mortgage lenders but in some cases you pay them directly though you would know this well ahead of time. The commission a mortgage broker makes is budgeted for by these companies. It is a normal cost of business and can be paid to the broker or to the bank employee and the net effect is the same to you the consumer.
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Why would you consider using a mortgage broker?They have access to a wide variety of mortgage lenders. Considering that every situation is slightly unique, it can be a relief knowing that if bank A says no to your application that there are many more the mortgage broker can present your application to without you having to make appointments with each.
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What if you want a bank you know?Mortgage brokers deal with many of the main banks in Canada but often do a much higher volume than you doing just your own mortgage. They can get better rates and often faster turnaround.
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Are they safe?You bet! This group is watched carefully by the regulators.
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Aren't they just for people with bad credit?Mortgage brokers have made the Canadian mortgage market competitive which means lower rates for you and more money in your pocket at the end of the day. According to a CMHC survey, approximately 51% of first time home buyers chose to go through a mortgage broker. They know the pitfalls you need to avoid. Mortgage brokers are a great resource to save you money both now and down the road as well as saving you time and reducing your stress overall. Considering you debt is the largest debt you will ever take on, it just makes sense to ensure you are getting the best mortgage rate and terms possible for your situation.
