Online mortgage rate comparison tools and the ability to request an initial mortgage quote from your bank through their app or website does make it easier to shop for a mortgage. However, there are a number of benefits that only a Grande Prairie mortgage broker brings to the table.
They Have Access to the Entire Market
If you apply for a mortgage with your bank, you will only be able to select from the few loans they consider you qualified for. If you work with a mortgage broker, you’ll gain access to every loan product you qualify for with each lender in the mortgage broker’s network. The mortgage broker may work with banks, credit unions and other institutions, including a few you may not have considered before now. This is incredibly useful when you’re in a less than ideal situation.
A mortgage broker can refer your case to lenders who won’t charge you a fortune for spotty credit or classify you as high risk because you’re a small business owner. They will be able to find mortgage lenders who will loan you money at a reasonable rate for a trailer, a home in dire need of repair or homes that don’t fit the suburban cookie cutter model.
They Take Care of the Paperwork
Are you unsure of what documentation you need to line up to qualify for a mortgage? A mortgage broker can explain what documents you need from paycheck stubs to bank statements. Are you confused by the mortgage application process? A mortgage broker is here to help you at every step of the process. If your mortgage application is rejected, they can resubmit all the paperwork for you to the next lender. And they can field questions from the mortgage lender and resubmit forms so you don’t have to.
They Work for You
A mortgage broker is by definition focused on the client, not the bank’s bottom line. They won’t push you to accept the loan with the most profitable terms. They don’t sell you products and services you don’t need. A mortgage broker can save you a fair bit of money by handling the negotiation for you, as well, fighting for a lower interest rate or lower fees. They’re also available evenings and weekends to answer questions or move your mortgage through the approval process, something you’ll appreciate if you want to close as soon as possible.
If you’re looking for a Grande Prairie mortgage broker, contact Whalen mortgages today. We’re here to serve you.