Canada is far behind our U.S. counterparts when it comes to homeowners using a mortgage broker to get them financing for the home they want. But slowly we’re starting to catch up as more and more Canadians begin to realize all the many benefits of working with a mortgage broker. The biggest question homebuyers usually have, especially if they’re first-time buyers, is: do I have a better chance of getting a mortgage from a mortgage broker? Here are just a few reasons why the answer is a resounding “yes!”
Choices. That’s really what it all comes down to with mortgage brokers. You simply have far more choices and, even for homeowners who have bad credit, a mortgage broker is definitely the way to go. Instead of going from bank to bank, submitting different applications, and face the good chance that you’ll be denied, a broker will do all that work for you. But more importantly than taking care of the legwork, they’ll also have lenders specific to your situation. Brokers don’t just work with the major lenders – those you’d be going to if you were to do it alone. No, they work with second and third tier lenders, and even private lenders who can give homeowners who are really in trouble private mortgages. These choices are the biggest reason why you greatly increase your chances of getting a mortgage once you start working with a broker.
Another big reason why you increase your chances of getting a mortgage when you use a broker is because they help preserve your credit rating. Credit agencies don’t look kindly upon you requesting your credit score information time and time again. It makes them think you’re applying for lots of loans and taking on far too much debt. When you try to get your mortgage through several different lenders on your own, they’ll each request a copy of your credit report and, your chances will dwindle each time they do. Work with a broker though, and they’ll only pull that information once. This means that your credit rating won’t go down just because you’re looking for a mortgage.
Mortgage brokers are extremely helpful in so many ways; and they’re definitely the ones to help give you a better chance of obtaining a mortgage. Whether you’re a first-time homebuyer with great credit and an appropriate down payment, or you’re a homeowner with lots of equity and no cash, give us a call at CMI today. We can help get you the mortgage you need – and it will be quick and easy, too!