If you’re in the market for a mortgage broker, but don’t know precisely how you can expect to be helped by one, this short guide was written for you. First of all, a mortgage broker is an agent or broker who acts on your behalf, as an intermediary between you and the banks and credit unions offering mortgage products. They have intimate knowledge of their field, both in terms of knowing mortgage products and the institutions that offer them.

The primary way a mortgage broker can help you is by pairing you with the mortgage that fits you best, and enabling you to get it. There are three other ways a mortgage broker can help, and I’ve listed them below.

#1 – Considering a mortgage broker’s exhaustive knowledge of their field, they are often able to make highly accurate recommendations as to which mortgage best fits you. A mortgage broker, after taking in the details of your personal financial situation, can pair their knowledge of the mortgage market and your unique considerations, to create a list of recommendations that suit you.

#2 – Licensed mortgage brokers in Canada are given access to a large electronic market containing almost all lending institutions that offer mortgage products. After you have a shortlist of mortgages that interest you, the mortgage broker can use that network to locate which institutions are offering that type of mortgage. The more specific the mortgage product, the better the chance a mortgage broker can help, by finding the bank that offers just that mortgage.

#3 – Once you’ve found the mortgage you want, and the bank that’s offering it, a mortgage broker is able to draft up and submit your loan application for you, in such a way that almost guarantees acceptance. What can be an infinitely complicated procedure to attempt on your own with a mortgage broker becomes easy. Furthermore, trying to submit loan applications on your own is risky. The banks might run a credit check on you more than once, and denial of a mortgage damages your chances with a different bank. A mortgage broker can handle all of this for you, so that you only a single credit check is performed, and your loan application is almost always accepted.

The final advantage of a mortgage broker is that you don’t have to pay them. They’re paid by the banks on commission, though they aren’t affiliated with any one bank. A mortgage broker is a great help when you need a mortgage.

Trying to find a mortgage broker Calgary? We’re a company of professional mortgage brokers. Address: 320 Centre St. Calgary, AB T2G 2B8. Phone: 1-403-774-1422