A mortgage broker should never compare yourself to your local financial institution. The purpose and function of each is very different. A commercial mortgage broker is this independent, which means they have no association with any lender. That means it is their job to provide you with unbiased advice.
Basically, they are trained and licensed experts in the mortgage financing business. Their main role is to work for you, not for the lender! They search the mortgage market for the best rate, term, and product for the consumer, but they also offer more than this, providing debt consolidation solutions and credit recovery strategies.
Best of all, a mortgage through a broker works the same way as the one you would get through your local financial institution. Online banking, accelerated payments and prepaid options are available. It is easy and uncomplicated.
Why should you use an independent mortgage broker?
It pays to work with a broker who represents your interests and makes sure that the mortgage you get is the one that best suits your needs. Mortgage brokers have direct access to all major Canadian lenders. Whether it's a licensed bank, trust or insurance company, or private lender, each offers different rates and product features. The most important thing to know is that many of these lenders are only accessible through a mortgage broker. You want to make sure you get the one that is right for you.
Once you've decided where to apply, obtaining mortgage approval often depends on how your application is submitted and to whom it is sent. A mortgage broker is trained to apply for an immediate positive result. The turnaround time for a broker to get a response from a lender and secure financing can be as little as 1 to 3 days, depending on the lender's workload.