- What makes mortgage brokers better than banks?Banks set their benchmarks based on the regulations, and mortgage brokers base their success on the customer satisfaction and requirements they receive. Mortgage brokers know the mortgage regulations and their way inside out of the social network that helps they get the best mortgage deal.
- Is it cheaper to work with a mortgage broker?Mortgage brokers are known to provide complimentary initial consultation to understand your financials and the options you have to suit your needs. Working with a mortgage broker comes with the mortgage as well as the knowledge of how mortgages work. Are they expensive? No, they are budget friendly.
- What are the advantages of a mortgage broker over a bank?Because mortgage brokers are only service providers, they have an easier time navigating social networks than banks with their large number of private lenders. A bank conducts itself like a routine where a broker is dedicated solely to your unique mortgage circumstance.
- What are the pros and cons of a mortgage broker?The pros of mortgage broker include the vast sea of knowledge they have, the extended social network, the grip on mortgage regulations. The cons may include you being scammed by an unskilled mortgage broker who is not well versed in with the Canadian mortgage regulations and may charge you more than you must be.
- What is the typical timeline for applying for a mortgage through a broker?It should take ideally 2 to 4 weeks for a mortgage to get approved through an experienced broker. A broker will help you gather all of your documents together to avoid the process being delayed unnecessarily. A mortgage broker may as well send you to specific lenders to get your mortgage approved in a speedy manner.