Posted: 1 Sep '19

How Important is a Mortgage Broker When Buying Your First Home in Edmonton?

First Time Home Buyer

A mortgage broker is helpful because they are your liaison between you and the banks. Using a mortgage broker to buy your first home in Edmonton may give you an advantage over going down to your bank and seeing what they have to offer. Mortgage brokers are experts in the real estate transaction process, and have access to many different banks and lenders.

When searching, be sure to look up reviews about those you are considering hiring before you make any type of move. Getting a mortgage requires a lot of trust and expertise.

What are the Advantages?

The most significant advantage of working with a mortgage broker is your access to multiple banks and alternative lenders. They will have access to mortgages and private lending firms that they have set up business relationships with. This saves you the time of having to go from bank to bank looking for a mortgage that fits your parameters.

A mortgage broker is likely to have more options and will walk you through the process. The loan officer at a bank can only offer you that bank’s products. Because brokers work with a multitude of banks and lenders, their knowledge in the field is often more comprehensive.

Credit Troubles?

If your credit is less than perfect going with a mortgage broker will most likely be of great benefit to you. There are many lenders that have more tolerance for less than perfect credit profiles. An expert mortgage broker will know which of these lenders will be available to you.

Dominion Lending Centers Mortgage Mentors has expert mortgage brokers that can help you regardless of what type of mortgage you are interested in Contact us today!

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