There are still many misconceptions and misunderstandings when it comes to mortgage brokers and what they do.
A mortgage broker is a professional licensed by the Alberta Real Estate Council (RECA). To obtain this authorization, the mortgage broker must meet educational and professional conduct requirements and perform security checks. You can also hire a mortgage broker in Windsor through many web sources.
How are mortgage brokers different from banks?
Mortgage brokers should not be compared to your local financial institution. The purpose and function of each are very different. Independent mortgage brokers are simply independent, which means they have no affiliation with the lender. This means that their job is to advise you impartially.
They are trained and licensed experts in the mortgage financing business. Their primary role is to work for you, not the lender! They shop the mortgage market for the best interest rates, maturities, and products for consumers, but also go beyond that by offering debt consolidation solutions and loan repayment strategies.
Best of all, getting a mortgage through a broker works the same way as through your local financial institution. Online banking, expedited payments, and prepayment options are available. Very easy and hassle-free.
It pays to work with a broker who will represent your interests and ensure that the mortgage you get best suits your needs. Mortgage brokers have direct access to all major lenders in Canada. Be it bank charters, trusts or insurance companies, or private lenders, each offers different rates and product features. The most important thing for you to know is that many of these lenders are only available through mortgage brokers. You will want to make sure that you get what is right for you.
Once you've decided where to apply, getting mortgage approval often depends on how your application was filed and who it was sent to. A mortgage broker will be trained to submit your application for instant positive results. The broker's execution time to get a response from the lender and secure your funds can only be 1-3 days, depending on the lender's workload.