A Mortgage Broker

A mortgage broker should be a trained professional with a wealth of knowledge and experience to find the mortgage that best suits your needs, at the best rate available, from a large selection of lenders that include most major banks, trust companies, credit unions. A mortgage broker works for you, not for the lender. Many financial institutions pay finders fees to mortgage brokers who refer business to them making it possible for you to get the best mortgage product at no cost to you.

Broker or banker? Basically a broker can sell a variety of products from multiple sources. A banker does what they do and sells their own product. Therefore, they will not tell you there might be something better out there for you. Brokers on the other hand can sell a variety of products, from multiple sources, and can be objective in their recommendations. The compensation provided from one lender is equal to that from another lender, so they are can find you the best product without losing or making more money.

What does this mean? Do your research. Find out who others have used whether a mortgage broker or bank. There are many options that you need to choose from so you need to read up on types of mortgages, interest rates, etc. Taking out a mortgage is no small matter.

Sharon