Why
should I use a mortgage broker?
Mortgage brokers are impartial and work for both the lender and the
consumer. We have access to dozens of lending institutions that provide
loans exclusively through mortgage brokers.
Through relationships we have
developed with over 30 different lenders, the WeMortgage team
can save you time, effort and money by negotiating
terms and products that are customized to your needs.
How much does it cost to use
a mortgage broker?
Mortgage brokers are paid a fee by the lending institutions
that bring them clients. There is no cost to you.
Should I go directly to my own
bank or current mortgage holder?
Many consumers mistakenly believe their existing relationship
with a lender will ensure them the best mortgage rate.
This is not the case. Because brokers handle much of
the upfront work lenders would otherwise be forced to
do themselves, banks offer discounted, wholesale rates
to brokers and, in turn, their customers.
I’m a first-time buyer,
what can I expect when I work with a broker?
Most realtors will wisely require clients to have a mortgage pre-approval in
hand before shopping for properties. After your initial application is submitted
by phone, fax or online, we’ll
contact lenders about your borrowing needs. Within a
couple of days, we’ll bring you different financing
solutions for your consideration. Once you have made
a selection, signed the commitment and supplied required
documentation to meet the lender’s conditions you’ll
be ready to start house hunting.
My mortgage is due for renewal,
can I use a broker?
Absolutely! While 70 per cent of homeowners renew with
their current lender, any mortgage renewal or refinancing
should be treated like a new mortgage application. The
WeMortgage team will assist you in shopping for the right
deal.
I’m concerned about my credit,
can you help?
Because we work with a variety of lenders, we can often
secure attractive mortgages for people with less then perfect
credit through non traditional lenders. Additionally, when
you use a broker, your credit records are accessed only
one time (rather than by each lender your apply with).
Minimizing the number of time your credit reports are accessed
helps you to maintain strong standing as a borrower. |
