Posted: 3 Feb '17

The Top 4 Reasons To Use Mortgage Brokers

For many Albertans, entering a mortgage agreement is the final step in a long and stressful process. Signing into what is likely the largest debt you’ll incur over your lifetime is intimidating – and that is without the compounded stress of bank meetings, unforeseen obstacles, and endless paperwork muddled by fine print. At Dominion Lending Centres, we believe home buying should be exciting instead of troublesome. With that in mind, here are the top reasons to enlist the services of one of our mortgage mentors.

Mortgage Brokers Have Your Best Interests in Mind

Mortgage brokers have a personal stake in the approval of their clients by financial institutions. Operating independently from banks, brokers get paid only when an agreement is reached. Brokers generally receive payment from financial institutions; thus, there is no fee to the customer, and their commission depends on their ability to match your unique mortgage situation with a lender who is the most likely to approve you and give you the best deal based on your situation. Furthermore, mortgage brokers often rely on referrals for business and therefore are incentivized to serve you to the best of their abilities.

More Connections Often Means More Lending Options and Better Rates

Generally, traditional lenders have straightforward lending criteria; unfortunately, this has the potential to complicate things for many Albertans. For those with unconventional financial circumstances, such as self-employment, brokers are not tied to one lender and have access to alternate institutions. Access to a wider lending pool means that your mortgage broker is more likely to successfully tailor a mortgage product to your specific needs. In addition, brokers may be able to secure a mortgage at a rate less than a traditional lender through their freedom to shop around and their access to discounts and promotions.

Mortgage Brokers Simplify

When buying a home, you’re likely to interact with realtors, lawyers, and lenders. For many Albertans not versed in legal contracts and finance lingo, this can be overwhelming – especially when unforeseen complications arise. Mortgage brokers do more than finding you the perfect mortgage product: they also anticipate & respond to obstacles. Years of expert knowledge and experience allow mortgage brokers to consolidate information and help you connect the dots, and be your sounding board when you have questions about anything in the mortgage process. In addition, brokers can help handle paperwork and necessary interactions.

Your Mortgage Mentors Care

At Dominion Lending Centres, we have helped many Albertans from many different financial situations enter a mortgage agreement. Home-ownership is a big step – don’t take it alone! Contact us at Dominion Lending Centers today.

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