Mortgage Blog

Mortgage Broker Myths Set Straight

May 18, 2017 | Posted by: Holly Cochrane

Myth: The client pays a premium to use a mortgage broker.

Truth: Typically, we are paid a finder’s fee by the lender whom we choose to take your file. Therefore, a mortgage broker could be described as your own “personal shopper.” We are in your corner throughout the entire process. There are very few, complex situations in which a fee is charged. For example, we are required to use a private lender and are unable to use a major financial institution.

Myth: A mortgage broker cannot offer you as much as a bank.

Truth: We can offer you MORE! A mortgage broker has access to over 50 lenders and their mortgage products. This means that we have access to the absolute lowest, most competitive interest rates available at any certain time.

Myth: A mortgage broker is less educated in the mortgage process than a bank.

Truth: With over 20 years of industry experience, numerous industry awards, and a confident team working for you, we offer the very best service and quality experience. We know what we are doing when it comes to the mortgage process.

Myth: Mortgage brokers do not have face-to-face meetings with clients.

Truth: We PREFER face-to-face meetings with our clients. This allows us to get a full grasp on exactly what your needs are as a client. However, if you prefer to go through the process over the phone or through email – we can easily accommodate this.

Myth: Clients only need to use a mortgage broker when they have credit issues.

Truth: Generally, a mortgage broker can offer their clients the best rates and terms due to their relationships with the lenders.  As in, the volume of business that we bring to a financial institution grants us special rates and offers.

 A mortgage broker is like having your own personal shopper. We do all the hard work and leave you feeling confident and set up for the future!

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