Wednesday, 20 February 2013

The Benefits Of Working With a Mortgage Broker


Working With a Mortgage Broker: The Benefits

Article Summary It is always a good idea to re-evaluate your finances as mortgage rates continue to rise. Regardless of whether you purchase a new home or want to repair your credit, you may want to consider working with a mortgage broker.
Author: Wayne Ryan
It is always a good idea to re-evaluate your finances as mortgage rates continue to rise. Regardless of whether you purchase a new home or want to repair your credit, you may want to consider working with a mortgage broker. After all, your home is the single largest investment you will ever make, so you will also want to take every renovation and refinancing decision just as seriously.

Getting financing in Canada typically either requires going to a major lender to negotiate for the best deal or heading to a broker who can do the shopping in your stead, which includes finding a form of financing that you might otherwise find difficult to obtain by yourself. By having access to a large number of lenders that provide various different kinds of loans, brokers can help obtain a rate that would otherwise be next to impossible by yourself.

Many different brokers work out of Canada, but the right one in the market is the one who is very skilled in the art of negotiation and who also cares about his clients. The negotiation is especially important since the rate at which you repay your mortgage can make a very significant difference in how much you pay over the lifetime of your loan, so refinancing the loan can help quickly build credit and save thousands overall.

In 2010, mortgage brokers helped obtain over 30 percent of new mortgages according to the Canadian Association of Accredited Mortgage Professionals. Considering this value is out of 5 million homes, this is clearly a huge number of prospective homeowners seeking out the professionalism that a broker can offer.

The best brokers consider your budget and can come up with a plan that works best in your favor. Other considerations to factor in include outstanding debt from lines of credit, credit card or loans. The solution aims to help you with your home situation while repairing your credit history, reduce debt repayment costs and credit card costs all while allowing you to breathe and relax again. It helps to have someone on your side fighting for you who has expert knowledge in loans, refinancing, credit rating and all other forms of financing to help you achieve the freedom you deserve.

Because brokers are independent workers, they do not need to answer to someone who is trying to make an extra dollar like the big banks, instead placing their focus on your personal interests. With a broker, you have a professional ready to work for you and nobody else.

More and more people looking for a home in Canada are looking to work with a broker so that they can not only find the loan for the rate that they want while also getting help to meet the particular financial goals that you have in life. Just a simple phone call and application process can quickly show you whether a particular broker is the right one for you, and that is the only thing separating you from much cheaper rates.
Article Source: http://www.articlesbase.com/mortgage-articles/working-with-a-mortgage-broker-the-benefits-6464288.html
About the Author
The Mortgage Emporium Corporation1400 Bayly St Pickering, ON L1W 3R2‎ (416) 833-5750 offers a variety of services including home purchas programs, debt consolidation and commercial mortgage programs. Visit their website today to learn more,  http://mortgageemporium.ca/