As 2024 unfolds, Canadian homeowners find themselves at a crucial point in their mortgage – renewal time! In this article, I will explore the current dynamics of the Canadian mortgage market, what to expect when renewing your mortgage, and considerations to ensure a seamless process. If there’s a topic that homeowners are discussing in 2024…Read Article
Is it easier to get a mortgage through a broker?
If you’re considering making one of the biggest purchases of your life — a home — using a mortgage broker is one of the best plans of action you can have. In this article, I will discuss the benefits of using a mortgage broker and whether or not it’s easier to get a mortgage through a broker.
What does a mortgage broker do?
You can call a mortgage broker a sort of matchmaker of sorts. As a mortgage broker, I match up the client who is purchasing a home to a lender who will provide the loan for the mortgage.
When you use a broker, like myself, I am able to look around at different rates and lenders for you. Compared to if you go to your local bank, the mortgage specialist there will only be offering their rates and options to you.
As a mortgage broker, I essentially work for you. I am working to get you the best possible rate and terms for your mortgage.
What can a broker do that a bank cannot?
One of the best things about working with a mortgage broker is the amount of time you get and the connection you can build. When a hopeful client calls me looking for a mortgage, I spend time talking to them on the phone. I get to know them, their situation and what they’re looking to do.
I can consider all of their options and reach out to the necessary lenders to make their dreams of owning a home come true. I am able to offer different mortgage solutions and programs that are available through a number of different lenders.
For me, I have many different programs that may work for your situation. We can also go down the route of B lenders or private lenders if your situation proves to be harder through being declined elsewhere.
Just because you’ve been declined at one bank, does not mean you can never get a mortgage. You can reach out to me and I can show you all of the different options available to help get you a mortgage approval.
The third possible thing about working with a mortgage broker is that I’m flexible. I have an office in Kelowna, BC, but I can do mortgages across Canada. I’ve done mortgages in many provinces and even all the way out east in Nova Scotia.
If you’re not local to Kelowna, do not let that stop you from working with me. I can do everything we need to do online. We can chat on the phone, email back and forth and I can get a mortgage for you wherever you’re located. And if you have strict office hours and can’t get away from work during normal business hours, we can arrange times to meet or chat that work for you.
The final thing is the connection that we can build together. There are many clients that I’ve worked with for years on different purchases, refinancing, switching from private to A lenders eventually, etc. Once you work with me, you will understand how I work and that I truly want what’s best for you. This is something that clients love and remember and feel connected to. So, in the future, when you need another mortgage or to refinance, you can think of me and we can pick up again where we left off!
Do brokers help with refinancing?
Speaking of refinancing…
A lot of people think that when it’s time to refinance, that you simply reach out to your lender/bank and go with the rate that they offer you. While you can do that, you can also reach out to me and we can shop around for different rate options.
If you’re looking to refinance your mortgage to consolidate your high-interest debt or to pay for renovations, we can look into those options for you as well. If we worked together for your first mortgage, I will be familiar with your circumstances, which will help in the refinancing process.
If we haven’t worked together before, give me a call and we can still work together for your refinancing. We can discuss your situation, your hopes for a refinance and figure out together your best option.
Work with a mortgage broker today.
I hope that this article has helped you understand why you may want to work with a mortgage broker on your mortgage process. There are so many things a broker, like myself, can offer you! Because of this, I truly believe it’s easier to get a mortgage through a broker.
If you’ve been declined elsewhere or are simply ready to continue the process, give me a call today at 250-826-3111. You can also fill out my approval application and I will reach out to you soon.