There are many mortgage brokers in Toronto but only a handful have the knowledge and experience you need. It is important to work with someone who has had years of experience working with different lenders and using multiple types of lending products. From straight forward deals known as “cookie cutter” to the more complex and difficult mortgages , a good broker will have knowledge of both sides of the business. Different types of clients over the years gives a mortgage broker the experience to handle both sides of the client spectrum.
Find a mortgage broker that has good reviews as well, preferably posted on trusted sites. A good review is important in finding a quality mortgage broker who is professional and cares about their clients. A home purchase , mortgage refinance or mortgage renewal is an important transaction and you need the experience of the best mortgage broker in Toronto . Also keep in mind that experience brings trusted contacts for other professionals you may need such as a real estate lawyer, financial planner, accountant , real estate agent , etc. You can typically get good referrals from someone who has been in business for at least 10 years or so.
A mortgage broker will have many more product options and choices of mortgage products than a bank branch employee. When you visit your bank, they only have that bank’s line of products and rates to serve you with. This limits your choices and is not an effective way to shop for your mortgage. A broker has many options available not just with mortgage rates , but with products, terms , features and benefits. A mortgage should be tailored to your needs and not to the banks. Think about shopping for a mortgage like shopping for a TV. Do you only want to be able to choose from one TV manufacturer? Or do you want a wide selection of products to compare ? Using a mortgage broker gives you this advantage versus dealing with your own bank and only one set of mortgage options.
Mortgage consumers in Toronto and Canada are using mortgage brokers at an increased rate. They see the value of having the choice of multiple lenders and products. As well, the services offered are free of charge in almost all cases. Mortgage lenders will compensate the brokerage for sending them a new client. So you don’t pay for the services a broker provides you.
The best option in Toronto and the GTA is using a mortgage broker. Contact me today for more information and how I can help you .