As you start working on your new home purchase or refinance you may realize you need some help. Do you reach out to your local bank or credit union? Or do you find a mortgage broker?
A mortgage broker is a licensed mortgage specialist who works on your behalf with multiple lenders including major banks, local credit unions and other financial institutions. The broker is paid a commission by the lender providing the mortgage.
Independent Mortgage Specialist
A mortgage broker is an independent mortgage specialist who acts as the go between for you and the lender. Mortgage brokers meet with you on your time schedule. They get to know you and your situation and what you want to accomplish. They listen and learn about your housing goals. They get to know you – the individual.
Vertuity Mortgage, for example, finds the best mortgage rates and saves you time and money. Vertuity Mortgage learns the local market and knows the market conditions so you don’t have to become an economist just to get a mortgage. Vertuity Mortgage assembles a team of people who work to provide the right mortgage products and services.
The Right Mortgage for You
The mortgage broker works to find you the best mortgage rate with the right mortgage for you. There are many kinds of mortgages and putting together the right mortgage is part of the mortgage broker’s job. Vertuity Mortgage has access to over 40 different lenders and typically works with 5-10 lenders to meet a client’s needs. It’s a matter of who has the best products in the industry to help the client the most.
Mortgage rates can go up and down. Depending on market conditions and the type of mortgage you need, different lenders have different rates. A mortgage broker has access to a variety of lenders and can negotiate to get the best mortgage rate.
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Vertuity Mortgage is a local company but is part of a national mortgage franchise that creates great “buying power”. It allows Vertuity to obtain lenders rock bottom lowest interest rates upfront without any need for negotiating. It often means Vertuity can get you a lower mortgage loan rate than you could from anyone including your own bank.
The mortgage broker also helps you walk through the mortgage process step-by-step. The mortgage broker educates you about the information you need and the opportunities you have.
Vertuity Mortgage’s first step in obtaining a mortgage is to determine how much money you can borrow. Although lenders conform to standards set by Canadian government agencies, loan approval guidelines vary depending on the terms of each loan and certain lenders may have internal restrictions where others may not.. A mortgage broker will take a mortgage application by phone, in person or clients are welcome to submit a secure application online at their convenience.
Mortgage brokers negotiate a mortgage with the lender on your behalf. Besides knowing the right lenders to approach, a mortgage broker knows the right questions to ask. A posted mortgage rate usually isn’t the best rate. The mortgage broker will negotiate on your behalf with the lender to get the best rate.
Mortgage Broker Fees
One of the best reasons to use a mortgage broker is there’s no cost to you. Mortgage brokers are independent and not tied to any one lender or range of products. Vertuity Mortgage is compensated through a finder’s fee by the lender based on the mortgage amount. The consumer is not charged up front and Vertuity Mortgage only gets paid when a mortgage is completed.
There are several good reasons to work with a mortgage broker. A seasoned mortgage broker like Vertuity Mortgage can land the right mortgage for you and save you time and money during the process.