Where should you go first – to a bank, or to a mortgage broker?
A mortgage broker is an intermediary who works with multiple lenders to find the best deal for the client. Mortgage brokers are licensed professionals, each province has its own registry and criteria for being a certified mortgage broker.
Would you go to a dentist to fix your flat tire? Then why would you go to a lender that doesn’t specialize in working with Investors?
Mortgage lenders can connect you with traditional lenders, such as a bank. Many of the largest banks sell through brokers, including TD Bank and Scotia Bank. Where brokers shine, is connecting you with alternative lenders you may not be able to access on your own. These smaller lenders often have fewer fees and cheaper rates than a big bank.
When you submit your mortgage application, the broker will shop it around to his or her contacts to find you the best interest rates, terms and conditions. The more experience a broker has in the industry, the better your chances of finding a mortgage that fits your situation. Did you know that we only pull one credit check when searching for a lender? Yes, just one!