One of the many benefits to working with a mortgage broker is having a specialized consultant partner with your existing bank representative. Mortgage brokerages in Canada have worked hard to successfully establish relationships with many of Canada’s big banks and BC’s smaller credit unions.
In addition to offering a suite of mortgage companies and alternate lenders, many mortgage brokers work along side your financial institution to ensure you get a haggle-free rate. Beyond this, your broker does the majority of the leg-work to help you build a stronger business relationship with your financial institution.
A few key benefits to this partnership include:
1) After Hour Meetings At Your Home – Let’s face it, discussing something as important and complex as your mortgage takes focus. For many, having a professional meet you at your home after regular business hours takes less time from your schedule and is typically more convenient. In addition, focusing on the details of your mortgage in the comfort of your home, on your schedule ensures all details are addressed.
2) Identifying Other Financial Needs You May Have – Completing a mortgage application requires you to discuss your entire financial situation with an experienced professional. Often, additional needs including insurance, investment advice and other credit facilities are uncovered. Because you mortgage broker has an understanding of many of these financial solutions, he or she can advise your branch accordingly. This allows you to complete a more comprehensive financial review of your current situation while finance is top-of-mind.
3) Ensuring All Details Are In Order Prior To Your Lawyer Meeting – Knowing you have a financial expert at the receiving end once your mortgage is complete provides peace of mind. A mortgage broker consults with your local branch to ensure all your I’s are dotted and T’s are crossed before you meet with your lawyer to close on your mortgage. In addition, knowing who your contact person is at your local branch provides additional comfort. This service is particularly convenient when a change in staffing has occurred since your last visit to your financial institution.
Although there are benefits to establishing relationships with mortgage companies such as First National or MCAP, having your broker review your mortgage needs with your current financial institution in advance, makes good sense.