Mortgage brokers are professionals in the home loan industry. They work with you to determine your borrowing needs and how much you can borrow. Brokers help ensure you don’t take out a loan that is too big for you.
Professional mortgage brokers only focus on loans. This means a broker is an expert in loans and when you engage a mortgage broker, you are engaging a loan specialist.
If you have a toothache, you go to the dentist, not a florist. If your car is broken you take it to a mechanic, not a librarian. You go to someone trained to help you with your specific
needs. It’s the same when you need a loan. The decision that makes the most sense is to go to someone trained in your specific needs; a mortgage broker.
Mortgage brokers have access to a wide variety of loans.
At your local bank, the banker can only offer you loans that his /her bank finances and originates.
A mortgage broker has access to loans from many different banks and lending institutions. This means your broker can find a loan that is just right for you.
A mortgage broker has relationships with lenders who are looking for quality business and they can often get a better rate than if you went in and tried to negotiate yourself. In fact, there are some lenders that can only be accessed via a mortgage broker as that is the way they get business as they do not have branches or staff.
A fully accredited and professional mortgage broker is just as “safe” as going to your local bank.