Here’s an upbeat article by the Gazette about mortgage brokers and Montreal-based Multi-Prets.
Mortgage brokers are “consumer advocates,” explains the Gazette, “ready to do the comparison shopping and bargaining that few people have the time, inclination or expertise to do on their own.”
Mortgages are “like life insurance. You can call all the (lenders) yourself and ask for the best rate for all the products, or you can let a broker do some shopping for you.”
Of course, there are other benefits to using a professional Mortgage Planner besides speed and convenience. For instance:
The very best mortgage planners have access to rates and/or terms that 99.9% of people (often even other mortgage brokers) can never get on their own.
Good planners keep up with new products and rates daily so you always get the latest and best financial terms. (Note: “Good” is the operative word. You’d be surprised how many mortgage brokers don’t keep up on this information regularly)
Reputable agents give you a plan to pay off your mortgage in the fastest possible timeframe, and automatically notify you if it’s beneficial to refinance, and when it’s time to renew.
Brokers order only one credit check for all lenders. Borrowers who shop on their own often run several reports and damage their score.
Good planners spot (and often resolve) problems on your application before it’s ever submitted to lenders. This alone can greatly increase the chance of approval.
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