Mortgage broker vs going directly with the bank?

Do you need a mortgage for your new home you want to buy in Sherwood Park?

Wondering the cost or benefits of a going through a mortgage broker to get your mortgage in Edmonton?

Today we dive into this. I had Phil join and give some expert advice.

#1 = Rate

Everyone loves people who help them but when it comes to mortgages the top point people are thinking about generally rate. A mortgage broker is able to work with many banks and lending institutions. So let's say they have 30 that they work with that may be able to offer you a mortgage, in that case if rate is your biggest concern they are going through many of them to get you today's lowest rate. I also think that when they work with certain lenders the lenders may be able to give them some favourable treatment as well. Phil doesn't state that but I think that the banks also want the large amount of business they get through the mortgage brokers so if there is a hard situation they may be able to help a little more than usual.

#2 = An Expert Able to Customize and Find the Right Product for you

My personal take on this is that like any field you want to find someone that will really take a look at your situation and the options that would best fit you. I think some mortgage brokers may not do much more than the minimum and some banks may go above and beyond.  I can say personally though that my bank experience in the recent years has been a lot of someone putting my numbers into the system making me feel like the algorythm was the one that was going to make all of the decisions.  A good mortgage broker will have access to a lot more products and the chances of a better fit will be greatly increased.

#3 Time & Credit Score

It is time consuming and exhausting going to many banks, plus each bank will pull your credit score which is a tick against your credit score. A mortgage broker only pulls your credit for you once.

Plus unless they are getting into private lending the mortgage broker is paid from the bank so they don't cost anything making them a free resource of support when you need a mortgage.

On the other end, I think there are some professionals at the banks that work very hard and if you have a good relationship with them, a bank is not a horrible place to get a mortgage.

It just seems that years in the past banks did not work on algorythms and it was the community personal touch. Like your son went to school with their son and they were able to push things through as needed. Those days seem to be gone.

Please visit the following page to get Phil's details (Be sure to tell him that you found him through Derek's video)  https://dkeet.ca/guest-speakers.html

If you are looking to buy a property in Edmonton, Sherwood Park, or need advice on the current market contact Derek!

Derek is licensed for residential, commercial, and rural real estate, plus has many years of personal and business experience to be able to understand your needs.

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