In a number of forms, mortgage firms chose to pay their brokers. Based on their expertise and efficiency, many mortgage brokers earn salaries. Others get a share of the mortgages they lend to customers. Understanding how mortgage brokers get paid will help you select a specialist that best suits your needs. So, how exactly would the use of a mortgage broker benefit you?
Save time: By going to the 5-6 big Canadian retail banks, many individuals are attempting to shop around their own mortgage, which can be very time consuming. A mortgage broker will meet you where it’s convenient for you and they’ll save you a lot of valuable time looking for your mortgage. Credit Score: The credit score is one of the most critical factors for Canadians while shopping around at various banks. They will make a credit inquiry each time you go to a bank and apply for a mortgage, too many inquiries will adversely impact your credit score. Only one credit inquiry is submitted by a mortgage broker and then forwarded to the banks they are shopping for.Dominion Lending offers excellent info on this.
Save Money: A lot of people are under the mistaken impression that using a mortgage broker is costly. In fact, most brokers do not charge any fees because the banking institutions pay them for putting them in business. The best part is that you get impartial advice on your mortgage, and it doesn’t cost you any money.
Best prices: Using a mortgage broker ensures that you get the best available rates, independent mortgage agents rely on repeat business so that they do not play games, they always find the best possible rates for their customers. Additionally, many banks will provide exclusive rates only available to mortgage brokers for their customers as a reward for getting them millions of dollars per year in revenue.