How a mortgage broker can help you and why you may want to involve one;
A mortgage broker works for you and is paid by the lender. A mortgage broker will canvass many potential lenders to obtain a borrower the preferred terms, or simply just the best interest rate if that is the goal. Borrowers can work with their financial institution but often a mortgage broker is able to locate a better rate at a financial institution that may be more aggressive in obtaining new clients. Mortgage brokers also have access to lesser known lenders which are often based out of Ontario. These “B” lenders will often consider loaning funds to borrowers that may not have perfect credit, or who may need more flexibility than an “A” financial institution can provide.