A mortgage is likely the biggest burden you'll ever carry. Clearly, the goal is to find the most competitive interest rate and service in your mortgage, but not everyone knows how to go about it. According to stats by the Canada Mortgage and Housing Corporation, more than fifty percent of Canadian homebuyers accept the first rate their bank offers. Not only does that mean most of them are settling for the first quote, but that the majority is not using a mortgage broker.
A mortgage broker is a certified professional who seeks the best mortgage terms for you by accessing a network of lenders that includes major banks, trust companies, credit unions and finance companies. (Brokers may also draw on local lenders that aren't part of a network.)
This stable of lenders provides brokers with interest rates on a near-daily basis. While a mortgage broker has relationships with the country's biggest lenders, a mortgage broker is not beholden to any of them. A broker is working in your best interest, the client. They will sift through rates and services to find the best one suited to you. The best rate is not necessarily the best option in some cases.
Mortgage expertise can save you money.