Reason #1. Unbiased Advice
Mortgage Brokers are industry professionals that provide free, independent financial advice. It doesn’t cost you a cent to call us for professional advice or a second opinion. In most cases, purchasing a home is the largest investment you will make, and it is critical that you understand the details of the financial options available to you before you sign away. Mortgage Brokers are licensed to specifically deal in mortgages, and we are regulated by provincial and national government bodies. Your mortgage is our specialty. We don’t need to sell you a chequing account, or a car loan, and we won’t be transferred to a new department in 6 months. We do mortgage planning, and we do it at no cost at all to you, in most cases, as we are paid by the lender that we match you with.
Shawn Stillman said it well in a Home In Focus magazine interview:
“In no other industry can investors get financial advice for which they don’t have to pay. In the mortgage industry, the lender pays for it. It doesn’t cost the investors anything to get a second opinion. Brokers get paid by the lender, so it doesn’t cost the client anything to use a broker’s services. From start to finish, investors get impartial advice with multiple options and it’s free, so why would you not go ahead and do that?
If you look at most of the mistakes that investors make, they occur because the investor didn’t have enough information. Especially when you’re investing, it’s critical to know everything before making the final call; that means looking at the little details that help point investors in the right direction.” Home In Focus: Canadian Mortgage Environment, March 30th 2017.
As always, let me know if you have any questions or concerns.