So you’ve made the decision to enter the real estate market – maybe it’s your first home or it’s time to move up to make room for a growing family. Either way, you’ll need a mortgage, but with so many variables – and innumerable questions – how do you know you’re getting the best product for you?
Increasingly, Canadians are turning to mortgage brokers, appreciating the value and convenience of their services, and the wealth of knowledge they possess.
“Your mortgage is likely the biggest financial commitment you’ll make in a lifetime, so it’s critical that your broker is knowledgeable, can answer your questions, and has access to a full range of lenders so you get the best mortgage for your needs,” says Vernon’s Dawn Stephanishin, a mortgage broker with Invis, Canada’s Mortgage Experts.“I have more than 40 years of experience in Financial Services, spending a good part of that time with Canada’s largest bank, a credit union and now 15 years as a successful mortgage broker, so I have the knowledge and experience to find the mortgage that is right for you.”
Here’s a look at 5 reasons why a mortgage broker may be the best bet for your next home purchase or re-finance:
1. Many more options to choose from: “One of the most compelling reasons to work with a mortgage broker is that we have access to a wide range of lending sources, making it significantly easier to match borrowers with the mortgage product that best suits them,” Stephanishin explains. “When you’re dealing directly with one financial institution, you just don’t know if you’re getting the best deal because they’ve only got their own menu of products to offer you.”
2. Better bargaining power: A brokerage often has clout with lenders to negotiate discounts that lead to lower rates and greater product choice. Plus, brokers are generally paid by the lender rather than the borrower, making it a logical choice to always consult with a mortgage broker, Stephanishin says. “We’re shopping the market for the best rates, doing all the work, and there’s no cost to you!”
3. Help with all those details: Whether you’re buying your first home or your fifth, your mortgage broker is there to help with the innumerable details. “Just think about everything you need to arrange – home appraisal, lawyer or notary services, securing mortgage life insurance and keeping tabs on the entire closing process. And that’s just during the mortgage transaction!” Stephanishin says. “Your broker can help with all of it, in addition to staying up-to-date with new mortgage offers and rate fluctuations, and advising when to lock in a variable-rate mortgage.”
4. Trusted advisor: Ultimately, the role of your mortgage broker is that of a trusted advisor and it’s a relationship that can last a lifetime. “Many of our clients come to us by word of mouth, and are even second-generation client families.”
5. A wealth of knowledge: Whether you’re taking on your first mortgage or it’s time to refinance, consolidate debt or leverage equity toward a new property, a mortgage broker is a go-to source of information. Ask about downpayment requirements, mitigating credit history issues, mortgage payment and prepayment options, interest-saving strategies, purchasing vacation, investment and commercial properties, qualifying with supplemental rental income and mortgage options for new immigrants.
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Dawn Stephanishin is an award-winning mortgage broker working in the Vernon area to help you realize your real esate goals. Learn more at dawnstephanishin.com