Mortgage Brokers - Overview, Duties, Advantages in Canada
What Does a Mortgage Do?
A mortgage broker often works with many clients at a time. The best mortgage broker serves as your advocate, finding personalized options that work in your favor, negotiating with lenders on behalf of borrowers, and seeking out the best fit in terms of the borrower’s financial condition and ability to pay interest. An experienced broker will appraise your needs by providing you with the best deal.
Duties of Mortgage Brokers: –
- The foremost duty of a mortgage broker is to find its potential customers – lenders and borrowers.
- Establishing relationships between the borrowers and lending institutions.
- Analyzing and ensuring different options available for home mortgages as per the requirements of their clients.
- Negotiating with the banks and other financial institutions, which are responsible for analyzing and providing optimum mortgage solutions for clients.
- Ensuring timely payments of the interest by the borrowers at a predetermined rate.
- Assist clients in understanding and completing the required paperwork and educating them in fulfilling all the legal formalities.
- Compare the best mortgage rates.
- Offer lower interest rates to their clients for making mortgage deals more appealing.
- The brokers’ main concern is to educate you on various available alternatives and to suggest you the best option.
- Understanding the terms and conditions of each lender makes the a mortgage approval process simpler and easier for you as a first time home buyer.
The general responsibility of a mortgage broker includes establishing professional relationships with mortgage lenders and communicating prospective offers to clients. Gathering documents, comparing rates of different lenders, completing loan paperwork, etc. are the routine tasks of the mortgage brokers.
In addition to this, a mortgage broker’s approach must be flexible to tackle any sort of uncertainty.
Advantages of Mortgage Brokers:
Getting a mortgage from a mortgage broker nowadays is not stressful or time-consuming. Consider the pros of a mortgage broker and you will be amazed to know how your new mortgage or refinancing becomes much easier than you thought.
Hiring the best mortgage broker can be the most tedious task as you have to find one of the top mortgage brokers in bc. The basic advantage of the mortgage brokers is their ability to negotiate with multiple lenders for:-
– Best interest rates
– Mortgage plans
– Volume discounts
- PERSONAL LOAN CONCIERGE
A mortgage broker acts as your loan advisor. You build your house once in your lifetime and it is likely to be your biggest financial investment. A bank is not necessarily the best fit for you as first time home buyer. They do not offer plenty of products to such clients. On behalf of a borrower, the broker applies for a loan with different lenders. A mortgage broker makes sure that you have the best possible mortgage, which means you have the lowest possible interest rates by offering you the most suitable lender.
- BROKER – A BETTER ACCESS
For taking a loan you may go to a bank or a particular lender. But these brokers enlarge your field and facilitate more comprehensive choice criteria that meet your requirements. They have vast industry knowledge as they are not restricted to the products of a single lender.
Alpha Mortgage House Corp, a leading mortgage broker in BC negotiates on your behalf and provides you with volume discounts proves to be your perfect guide and financial advisor.
- CREDIT REPORT
Mortgage brokers have the competency to compare different mortgage rates without having your credit report pulled many times,
Without a mortgage broker, your credit report would be pulled once by each of the lenders you go to. Every different lender is going to lend you a different sum of money based on your financial strength. However, too many inquiries can weaken your credit worthiness, possibly affecting the rates and terms of your mortgage.
With the best brokers, BC – ONE INQUIRY, MULTIPLE OPTIONS.
- MANAGE YOUR MORTGAGE EXPENSES
While taking a new mortgage, or working with a new lender, there are several types of fees involved. Brokers can convince lenders to waive some or the full amount of the fees. This is helpful for their clients to reduce their expenses.
- MORTGAGE BROKER COMMISSION
Mortgage brokers work on a commission basis which implies that there is no prior need to pay the brokers until the deal is finalized with a particular lender or you get the mortgage.
If you are hiring a surrey mortgage broker, in that case you aren’t required to pay them as they get paid through a referral fee from the lender that is finalized for offering you a mortgage. Mortgage brokers inform you about fees upfront before signing the agreement.
- We are also there for you if you need any advice even after your mortgage is signed and paperwork is completed.
- We provide you with plenty of services like home mortgages, mortgage refinancing, commercial mortgages, and construction mortgages.
- BOOK
YOUR APPOINTMENT with us.
Gurinder Toor +1 604 417 2700
Sukh Bhatty +1 604 765 4023
Our basic agenda is to satisfy you by providing the lowest mortgage rates in Surrey BC. Unlike banks, we are tied with multiple lenders. Our goal is to successfully finance your home and property.
MORE CHOICE – BETTER RESULTS
Alpha Mortgage House Corporation is a Mortgage Broker in Surrey, BC. We provide mortgages for Home Purchases, Project financing, Second mortgages, Commercial mortgages, Mortgages for first-time home buyers and more. Alpha Mortgage is a one-stop solution for all your mortgage needs. Our team works with top lenders to provide you with the best financial options.