Shopping for a mortgage can be stressful and time consuming.  There’s no cost to using a mortgage broker and we can often get better rates.  Yet many home buyers choose to the Do-it-Yourself (DIY) approach as opposed to using a mortgage broker.

However, here are some other reasons why you should work with a mortgage broker as opposed to going doing it yourself:

• We just don’t look at the interest rate but also the terms of the mortgage. There’s quite a bit of ‘fine print’ in any mortgage document.  Having a great interest rate is one thing but if it leads to higher costs or restrictions, you need to weigh this in your decision.  It is our job to advise you of this.
• We take the stress of the home buying process. Part of our job is to lead the players in your transaction.  We coordinate with the lender, the lawyer, the appraiser and your realtor so you don’t have to.
• We provide more options.  When you go into a bank, that person is there to sell you their product.  All lenders have different lending policies. The bank lending officer will advise you on how you fit into their guidelines.  Mortgage brokers will advise you which bank or lender fits best within your guidelines.
• Most importantly, we always provide ongoing support.  You will always have questions or issues with your mortgage after your mortgage closes. Think of us as your “tech” support.  We are always welcome to answer any of your questions or resolve any issues that come along after you take a mortgage.   Here are a few examples: Whether you should lock-in on your mortgage; whether you should break your current mortgage and transfer to a lower rate mortgage; How do you port your mortgage? What is the cost to refinancing your mortgage?   Isn’t it better to have a professional do this work for you?

The DIY approach can save you money -  sometimes.  Perhaps, if you’re doing a  home renovation project and you have the expertise, you can cut some costs.   However, you’ll usually see a much better result if you have a professional do your project.    A professional does this on a daily basis and there’s just no way that you’ll be able to do a good a job as someone who does this for a living.

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