Are you planning on purchasing your dream home? Or are you looking to renew your mortgage?
It makes a lot of difference in purchasing a mortgage with the best rates and terms, as it can help you save thousands of dollars over time. This is where a mortgage broker comes in handy. A few years ago, the only way to get a mortgage was to approach a traditional lender like a bank. However, in recent times, using a mortgage broker has become more convenient and sought after.
Who is a mortgage broker?
Unlike a traditional lender that sells mortgage products only offered by them, a mortgage broker Ajax is an independent individual that has a sound relationship with various lenders, including having access to various mortgage products from different lenders.
What separates a mortgage broker from a lender is that they offer unbiased advice, as well as provide you with a plethora of mortgage options to choose from to make a well-informed decision.
Benefits of using a mortgage broker
- Free bespoke service – A mortgage broker Ajax will not charge a fee when shopping for the best rates. They will help you with completing your application, offering expert advice on what all documentation is required, including guiding you on what the next steps are. The only time you will be required to pay a fee is when you are working with a private lender. Don’t worry, a mortgage broker will inform you in advance if there are any payments to be made.
- Saves time and effort – They have access to a wide variety of lenders that include major banks, private lenders, credit unions etc. A mortgage agent works for one lender, unlike an independent broker. A mortgage broker Ajax will do all the heavy lifting.
- Experienced professional – A mortgage broker Ajax has the knowledge and skills to identify the best products to meet your specific needs.
- Better rates – You can rely on a mortgage broker Ajax to negotiate the best rates and terms on your behalf. You would not be able to do it if you went directly to the lender yourself. A lower rate means you will be making lower monthly payments.
- Everything under one roof – With a mortgage broker, you will not need to apply with various lenders, the broker will allow you to make a well-informed decision by giving you access to multiple lenders.
- Helps you protect your credit score – Every time you apply with a lender, they will ask you about your credit history. A mortgage broker Ajax will pull your credit history only once, thereby protecting your credit score.
- Offer expert advice – In addition to a mortgage broker Ajax offers a bespoke service to meet your specific requirements, they also provide expert advice along the way. Having a reliable professional by your side as a first-time homebuyer helps you make a well-informed decision. You can place your trust in a mortgage broker to identify a lender that is flexible when it comes to payments, or if you are a self-employed individual. Furthermore, they can also help you understand certain financial jargon like guarantor and lien in your mortgage application process. A reputable mortgage broker will explain and guide you throughout the entire mortgage approval process, including the legal process of transferring property.
As you can see, working with a mortgage broker in Ajax makes a lot of sense. If you require a mortgage, be sure to reach out to our professional mortgage broker in Ajax at Your Rate Guy to find out what the best options available in the market are for you.