Is it Better to Get a Mortgage Through a Broker?
October 9, 2023 | Posted by: Ron Chan
You’re getting ready to buy your very first home. It’s an exciting yet nerve-racking time in your life. For this reason you’re considering connecting to a professional that can assist with the process. You’ve heard that a mortgage broker is a good idea, especially when you don’t even need to pay them out of your own pocket for their services. That being said, you’re wondering if adding a so-called middle-person to the mix is ideal or if it complicates the process more than necessary. Simply put, you’re wondering; Is it better to get a mortgage through a broker? Yes, it is. Below is a breakdown of why this is the case.
Two Big Reasons Why it is ALWAYS Better to Partner with a Mortgage Broker Prior to Beginning the Home Buying Process
1. A Broker Will Get You Better Rates
For most everyone, this is the biggest advantage of using a mortgage broker. A well-established broker gets first-time buyers access to lower mortgage rates when compared to those who do not use their services (all else being equal). This is made possible due to the following:
- Mortgage brokers have access to bulk discount rates from Canada’s big banks
- Mortgage brokers can help you qualify for new buyer incentive programs
- Mortgage brokers can connect you to alternative private lenders
For greater insight, please read Can a Mortgage Broker Get Better Rates.
2. A Broker Will Assist You EVERY Step of the Way
Does the prospect of even getting pre-approved for a mortgage give you anxiety? Do you find mortgage calculators confusing? Are you nervous about approaching Canada’s big banks and other lending institutions out of fear that they will deny you? Are you uncertain about whether or not you need mortgage insurance? Do you not have the time nor patience to deal with the giant mound of paperwork that comes the process? If you’ve answered “yes” to any of the above and/or have other things regarding the home buying process that keep you up at night then you will definitely appreciate having a mortgage broker at your side. A broker is with you through each and every single step of the way. They will take care of all the “heavy lifting”, negotiations, calculations, paperwork, and more. All that you need to do is initiate the conversation with a simple phone call to get the ball rolling.
Is it Better to Get a Mortgage Through a Broker? You’d better believe it! Call Winnipeg mortgage specialist Ron Chan at 204.290.9950 for a friendly noncommittal conversation.
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