Using a Mortgage Professional
When purchasing a home or refinancing in Canada, one key decision is whether to go directly to a bank or work with a licensed mortgage professional.
Bank vs. Mortgage Professional:
- Banks: A bank only offers mortgage products from its own institution, limiting your options.
- Licensed Mortgage Professionals: These professionals work with a broad network of financial institutions, including Canada’s largest banks, credit unions, trust companies, and other lenders. This gives them access to a wider variety of mortgage products, providing you with more choices and the potential for better rates and terms.
Why Use a Mortgage Professional?
- Choice: Mortgage professionals have access to hundreds of mortgage products from various financial institutions, allowing you to compare different options.
- Better Terms: They shop around for you, helping to find the best rates and mortgage terms. This can result in significant savings over the life of your loan.
- Unbiased Advice: Licensed mortgage professionals offer objective, professional advice, ensuring you make an informed decision that’s best for your financial situation.
- Don’t Just Renew Automatically: Many homeowners simply accept their mortgage renewal offer without shopping around. A mortgage professional can help you explore all available options, ensuring you’re getting the best deal.
Working with a mortgage professional ensures you get personalized, expert guidance tailored to your specific needs, whether you’re buying a home, refinancing, or renewing your mortgage.
