Advantages of using a Mortgage Broker

Benefits of a Mortgage Broker

Mortgage Brokers are your personal shopper when it comes to mortgages. Brokers will have access to many lenders, each of them servicing a certain type of borrower. Brokers can present your application to the right lender, knowing which one will be a great fit. Using established relationships with lenders and presenting the file to them can save time. Timing is everything in a purchase situation; brokers will present the deal to the right lender to get an approval. Many of the lenders brokers use are only accessible through the broker channel.
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Online mortgage lending

online mortgage lendingMagnifying glass

Whether you're looking to purchase a property or refinance a current mortgage, there's no shortage of options when it comes to obtaining home loans. While most Canadians may associate taking out a mortgage with a visit to their local financial institution, the rise of computers has made it easier than ever for individuals to obtain financing, oftentimes from the comfort of their homes.

Online lending
Online lenders are typically broken up into three types. The first type technically isn't a lender, but a website that aggregates products from many different lenders, offering interested parties a chance to browse what's currently on offer, including mortgage rates.

The second type is the online counterpart to a financial institution borrowers can visit in real life. These include websites for banks and credit unions where borrowers can fill out forms and find out their chances of getting approved for a home loan. Continue reading