Mortgage Brokers are professionals who are paid a fee (commonly paid by the lender) to bring together lenders and borrowers. They usually work with dozens or even hundreds of lenders, not as employees, but as freelance agents. Think of mortgage brokers as scouts. They find and evaluate home buyers, analyzing each person’s credit situation to determine which lender is the best fit for that person’s needs. The broker submits the home buyers application to one or more lenders in order to sell it and works with the chosen lender until the loan closes. A good mortgage broker can find a lender for just about any type of credit – if you are looking for a Calgary Mortgage Broker, you are in luck, because we are such specialists.
As a Calgary mortgage broker, we do not loan money. Instead, we work with borrowers, assisting them in finding appropriately matched mortgage loans. Typically, a mortgage broker will learn the needs of the borrower and do the work of shopping for the best loan deal from lenders offering that particular type of loan. Brokers usually work with numerous lenders, attempting to match the right lender with each individual client. Because they have so many lenders from which to choose, brokers are more likely to find loans for borrowers with special needs, like problem credit, than individual lenders.
Some experts say mortgage brokers are helpful because they have access to mortgage programs from more than one originator. Other experts say mortgage brokers just add another layer of fees to the process, and their commissions can provide incentives to steer borrowers toward loans that are less than optimal. However, regarding the issue of fees, it is important to point out brokers often do much of the work involved in processing an application, so their fees do not necessarily increase the total cost of originating the loan. Especially because as a consumer you do not pay those fees to a mortgage broker in Calgary, the final loan provider will take care of all the fees involved from services received by a broker.
While our Calgary mortgage brokers have relationships with the country’s biggest lenders, a mortgage broker is not beholden to any of them. A broker is beholden only to you, the client. A mortgage broker will sift through posted rates to find you the best one. If you are interested in getting absolutely the best rates you can simply click on Get Me The Best Rate button and complete an easy e-form, we will deliver the very best rate to you and there are no commitments required.