You might be asking yourself, “Do I actually need a mortgage broker in Vaughan?”
Mortgage brokers in Vaughan aren’t mandatory when looking to take on a new mortgage. However, they can be extremely beneficial and can make the whole process of buying your dream home almost hassle-free.
It’s no secret that you can approach mortgage lenders directly without a mortgage broker in Vaughan, but every lender has its eligibility requirements and uses a pricing model.
So, if you don’t work with a professional experienced in the industry, your mortgage process can quickly become a headache.
Mortgage advisors play a crucial role in a client’s success when purchasing a home, as they can scour the market for you, looking for the right deal to suit your current financial situation.
What is a mortgage broker?
Mortgage brokers are licensed professionals who will work with you to assess your financial situation in order to find better mortgage options that suit your needs.
They will also provide you with various lenders to negotiate a mortgage that will best fit your short-term and long-term financial requirements.
The Benefits of a Professional Mortgage Broker
There are many benefits to working with a professional mortgage broker in Vaughan. However, let’s examine the two main ones:
1. They provide a network of lenders
Unless you’ve worked in the mortgage industry, you probably don’t have connections to lenders.
However, if you work with a mortgage broker who’s been in the business for years, they probably have developed a vast network of lenders in your area and know which ones might be suitable for your specific needs.
Additionally, when a broker connects you with a lender because they already have a previous professional relationship, the lender knows you are a serious client. Often, lenders only work with clients who have a broker, so having one opens up many more opportunities.
2. They save you money
You may think that brokers cost a fortune, but that couldn’t be further from the truth.
Actually, brokers don’t cost you anything. They act as your “mortgage hunters” for free because they get their cut from the lenders, who pay them a fee when they connect them with a client.
Because your success is tied to a broker’s success, brokers will do everything in their power to get you the best mortgage possible, which means more money for them. All things considered, it’s a win-win situation, and you don’t have to spend a penny more.
Why should you choose our mortgage brokers in Vaughan?
Northwood Mortgage has been in the business for over three decades, and we’re one of the GTA’s largest brokerage firms.
Our professional and experienced brokers will ensure that you get the best possible deal, and you’ll also get access to our vast network of lenders.
The whole process of taking on a mortgage can be a nightmare. Thus, your best bet would be to remove the hassle and headaches from the equation with the help of a professional broker.