There has been a great deal of media over the last few years with respect to Mortgage Brokers.  While the press has been very positive, there seems to be confusion on the part of consumers in terms of understanding how Mortgage Broker's services work.

Mortgage Brokering is not new! However, it has been experiencing explosive growth over the last ten years.  Currently 21% of all mortgage business in Canada is originated through Mortgage Brokerages. While this is a substantial figure in real terms...billions of dollars, it is small in comparison to the 65% share held by Mortgage Brokers in the USA.

In the past, Mortgage Brokers were used by people who were unable to get funding through their banks. Mortgage Brokers would arrange hard to qualify mortgages, usually for a fee.  Today this is not the case.  Today the number of Mortgage Brokers that work on hard to qualify mortgages is very small by comparison. 

Today Mortgage Brokers search out the best mortgages for their clients.  They not only shop and review rates but also terms, conditions, pre-payment options, minimize penalties...they work to getting the best "FIT" for every client.

The Mortgage Business is a BIG Business  There are over 100 Lenders in Canada and you can be sure every one of them wants your business.  With all those Lenders available to you and all the products that they have to offer, it becomes obvious why a Mortgage Broker might be the best choice.  A Mortgage Broker's job is to search the market and find the best fit for you.  There are products out there for "A" clients, "B" clients, the Self-employed, those with prior bad luck and history...everyone. When you go to a Bank you get what the Bank offers.  When you go to a Broker you get what works for you.  A Mortgage Broker can offer you a level of variety and choice far beyond what a Bank can.

How does a Mortgage Broker get these great rates?  A Mortgage Brokerage has access to volume discounts which they can pass on to future clients.  When a Brokerage does significant volume with them they offer incentives on future business to continue to keep the relationship strong.  The Lender does not have to gather the paperwork, pay salaries, maintain a branch office. They simply have to pay commission to the Mortgage Broker for the deals submitted and approved.  It is a true WIN_WIN situation for all involved.

It doesn't matter what type of property you have...detached, semi, townhouse, freehold or condominium or where it is Georgetown, Acton, Erin, Halton Hills, Ballinafad, Hillsburg, Rockwood,  Guleph or anywhere...a good mortgage is the key.

To get information from a reliable & knowledgeable Mortgage Agent Click Here.

    Deborah Gilmore...Your Trusted Source For Anything Real Estate!