How a Mississauga & GTA, Ontario Mortgage Broker Can Save You Money
While it is possible to get a mortgage or other mortgage product without using a mortgage broker, the fact is that it is not advise. When you use a mortgage broker in Mississauga & GTA, Ontario you can actually end up saving a lot of money.
Some people are under the impression that you have to pay a mortgage broker. Not true – mortgage brokers are paid the same way other financial experts are paid – by the companies whose products they sell. But the big difference between a mortgage broker and your bank representative is, that your bank representative can only sell the banks products, whereas mortgage brokers can offer products from a number of institutions – including all of Canada’s major banks.
So how can a mortgage broker in Mississauga & GTA, Ontario mortgage save you money? There are several ways!
1. They can shop the rates of various lenders for you.
Because mortgage brokers work with dozens of lenders, they can shop around to help you get the best rates and terms for your situation. Even if you want to keep your business with your own bank, just the fact that you are working with a mortgage broker means that you might be able to negotiate a better rate with your financial institution than the one they have posted.
2. They can help you avoid expensive pitfalls.
Unfortunately, there are some unscrupulous lenders out there that may try to sneak unfavorable terms into a mortgage contract. Experienced mortgage brokers have knowledge of which lenders are reputable and which are not. They will also help you understand all the terms of your mortgage contract so that you won’t have to spend a lot of money in legal fees trying to get out of a bad mortgage.
3. They can help you save money on debt interest.
Your Mississauga & GTA mortgage broker can help you even when you aren’t buying a home. If you already own a home but you have high interest debt from student loans, credit cards, and so forth, your mortgage broker can help you with strategies to consolidate your debt and potentially save you thousands of dollars in interest payments. Strategies for debt consolidation include mortgage tools such as refinances, second mortgages, and home equity lines of credit. Your broker can help you determine which option makes the most sense for you.
If you would like to save money on a mortgage or through debt consolidation, we can help. Contact our Mississauga & GTA mortgage broker office today.