Top 5 reasons to work with a mortgage broker

You use an app to find cheap gas, shop around to get the best deal on a new appliance, and put your savings in a high interest savings account. (#HumbleBrag) Why should your mortgage be any different? For a long time, there was a stigma that only those with poor credit worked with mortgage brokers. We’re here to tell you that is simply untrue. Whether your credit is stellar, average, or slightly bruised, you can seek the advice of a mortgage broker. According to a recent report from Mortgage Professionals Canada, 40% of Canadians are enlisting the advice of a mortgage broker. That means the other 60% are approaching one bank and settling with the first rate they are offered, or approaching bank after bank, filling out multiple applications, and having their credit pulled time after time.  Starting to sound like mortgage brokers are the financial industry’s best kept secret? Well, yes, and it's a secret we want to shout from the rooftops!

Here’s our top 5 reasons to work with a mortgage broker;

1. We’ll start with the best part – the services of a mortgage broker are free.^* Yes, really! Mortgage brokers get paid a commission from the lenders they work with.
   
   
2. Chances are you’ve Googled “best mortgage rates in Canada” (or something similar) while you’re doing your research, and for good reason. Having a low mortgage rate is an important factor to most when purchasing a home. Here’s where mortgage brokers really step up. With access to mortgages from the Big Canadian Banks, along with Credit Unions, and Alternative Lenders, it's a safe bet your mortgage broker has access to the best rates out there. What’s more, mortgage brokers have relationships with these lenders that can allow them to negotiate lower rates on your behalf. (And yes, it’s still free.)
   
   
3. If you’re in the market for a mortgage, you’re likely being vigilant about your credit score. Great news – a mortgage broker will pull your credit report only once, and approach multiple lenders on your behalf. No need to worry about your score taking a hit because of multiple credit pulls. It’s like bargain shopping without the legwork – sounds good to us!
   
   
4. There are numerous lenders out there with a myriad of mortgage options, and a mortgage broker is your key to accessing them. And what’s better, you get specialized advice to help you choose the one that works for you, whichever lender it might be.
   
   
5. Mortgage brokers live and breathe mortgages and have access to the latest industry updates to keep them sharp. Who better to give you tailored advice that suits your unique financial situation? If you have questions or need clarification, your mortgage broker has your back. Plus, brokers are independent, which means you’re getting unbiased advice. Your broker will obtain the full picture of your unique financial situation and recommend the best mortgage to fit your needs.
   
   

Free advice, great rates, and a mortgage tailored to fit you? With access to over 2,000 mortgage products across 10 lenders with the expert advice of a mortgage broker, Mortgage Marketplace is the smarter way to get a mortgage. Log in and head over to Mortgage Marketplace to get started.

^*In some rare cases, a mortgage broker may charge a broker fee, however the fee must be disclosed to the customer beforehand. Always do your due diligence and make sure you ask your mortgage broker. If you enlist the help of a broker through Mortgage Marketplace, there are no broker fees passed onto you.