FIRST TIME HOME BUYERS SERIES | WEEK SEVEN | BANK OR BROKER?

According to Mortgage Professionals Canada’s 2023 mid-year consumer data, working with a mortgage broker is gaining market share with 42% of first time home buyers choosing this route over banks. Why might that be?.

Mortgage brokers work with a variety of lenders, including banks, credit unions, and alternative lenders. This diversity allows us to tailor mortgage solutions based on your unique financial situation and goals.  Banks only offer their mortgage products, limiting your options to what they provide.

Brokers handle the legwork associated with finding the best mortgage and this saves you time AND effort, dealing directly with a bank can be time-consuming and often involves multiple appointments usually during banking hours only.

There are no fees to working with a broker and we are compensated by the lender you choose and are paid on the mortgage amount and not the rate.

Beyond finding the right mortgage, brokers are here to offer guidance throughout the entire home buying process. From pre-approval to closing, we act as your advocate and provide valuable insights and referrals to trusted partners. And while banks may offer guidance, their focus is often limited to their specific mortgage products.

Becoming a homeowner is a huge financial commitment and choosing the right mortgage professional is key while you explore your options, and make informed choices.

If you’d like to learn more about what working with a mortgage professional looks like, please call,text or email me. I'll be back next week where we’ll talk about programs available for First Time Buyers.