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NINE GOOD REASONS WHY USING A MORTGAGE BROKER CAN SAVE YOU THOUSANDS OF DOLLARS

By: Cam

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1.Mortgage brokers offer huge advantages over a bank when it comes to applying for a mortgage. If you go to your bank where you hold your current account or any other bank you're obviously only going to get offered that bank's products, so straight away your choice is severely limited. Mortgage brokerss, on the other hand, always have a wide array of products available for their clients to choose from, and more options means better deals and better savings for you.

2.Mortgage brokers understand that you, the customer, needs to be satisfied with the service that is provided. Some mortgage brokers, like me, go to considerable lengths in the way that they prepare and follow up on your application, because they know that as a happy customer you will talk on average to two other people about your experience. We know that satisfying you is good business, and referrals are the best kind of business.

3.Mortgage brokers have a relationship with many financial institutions that are competing to get your mortgage business. These institutions continuously compete with rate, product and service promotions, hoping to win your business.

4.They have access to multiple mortgage products and services to meet your unique needs when it comes time to renew your mortgage, refinance to consolidate debt, take equity out of your home for renovation purposes, or even lease business-related equipment.

5.With access to more than 90 lending institutions, including big banks, credit unions and trust companies, They are familiar with a vast array of available mortgage products - ranging from financing for the self-employed to financing for those with credit blemishes.

6.Mortgage brokers are able to trawl the entire mortgage market to identify the best mortgage deal. Mortgage brokers earn a fee of about 1% of the loan value, which is usually paid by the lender not the borrower. The service, knowledge and negotiating ability they offer the client for free can make the difference between acceptance and rejection of your loan application.

7.Best of all, a mortgage broker works for you - not any specific lender - ensuring you always receive the best mortgage product and rate to serve your specific needs. Also, because of the high volume of business they bring to lenders, and the special relationship they have with them, they often receive better discounts on mortgages, which are passed on to their clients.

8.Mortgage brokers do not fund your loan themselves; they use little known wholesale and private lenders as well as banks to find you the right loan and save you money. They work with you to find the right lender for your situation. For example, if you have bruised or bad credit, it's important to find a mortgage broker who can match you with mortgage lenders who work with such clients. Even clients with great credit ratings can save themselves stress and headache and obtain a better rate by having a mortgage broker handle everything for them, which will save you thousands over the life of the mortgage.

9.Mortgage brokers are always up to date on the market. They are equipped with all the necessary tools such as mortgage calculators, schedule of fees and charges for each individual finance product and most importantly the latest variable and fixed interest rates. They can even get you discretionary discounts from posted rates that you are unable to get for yourself, even from your own bank!

With interest rates continuing to fall to historic lows, refinancing your existing mortgage and switching to a lower rate may save you a lot of money - possibly thousands of dollars per year. Imagine what you could do with the savings - anything from renovating or investing to going on a much-needed vacation or putting money towards your children's education.

By refinancing now and paying off high-interest debt, such as credit cards, you can put yourself and your family in a better financial position.

Article Source: http://depositarticles.com/

Cameron Wood is a mortgage associate with Dominion Lending Centres Key Financial. Visit his web page for more articles and sign up for his informative newsletter and personal service www.cameronwood.ca .

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