A mortgage broker in Ottawa & Ontario is an independently trained specialist who is licensed to represent you and provide you with the best advice to meet your mortgage needs.
The primary expertise of a mortgage broker is locating funds for mortgage financing. At KeyRate Mortgage, our brokers know where to find the lowest interest rates. In addition, they possess the knowledge in finance and real estate needed to present the mortgage proposal to lenders in the best possible way to obtain the mortgage financing.
A Mortgage Broker in Ottawa & Ontario VS Banks:
What’s the Difference?
The main difference between a mortgage broker and a bank mortgage officer is that the bank presents exclusively the products offered at their institution. At the same time, a mortgage broker works with multiple lenders and receives a referral fee from them.
All the mortgage brokers in Ontario require a licence and are regulated by the Financial Services Commission. Because mortgage brokers work with a variety of lenders, they often have access to better interest rates, and, therefore, lower mortgage payments.
A Mortgage Agent Works for You, not the Banks!
Mortgage brokers are not constrained in the product they are able to offer you. Brokers search for the best lender package to work for your specific situation, whether the package is provided by a Trust, Chartered Bank, Private Funds, or an Insurance Company.
Today, there exists a wide variety of features and options available to homebuyers. Shopping around on your own takes a lot of effort and time, and the mortgage process in today’s competitive marketplace can seem intimidating to many Canadian homebuyers. Luckily, when you work with a mortgage broker in Ottawa & Ontario, a lot of stress is taken off your shoulders, while you can rest assured to get the mortgage that is best suited for your needs.
Choosing the wrong mortgage option can cost you thousands of dollars extra. Mortgage brokers at KeyRate Mortgage are trained professionals who are here to help you save your mortgage money!
10 Reasons Why Use a Mortgage Broker
- You get access to various banks, lenders, trust companies, financial institutions, and investors.
- You receive quick loan and credit pre-approvals at no obligation or cost. (Some conditions apply)
- A mortgage broker in Ontario is the real expert in matching you with the mortgage that suits your needs.
- You can receive mortgage rates at wholesale, which are guaranteed for up to 120 days.
- A mortgage broker in Ottawa & Ontario works for YOU, and not the bank!
- Mortgage brokers only specialize in mortgages and stay in tune with current trends.
- They are always up-to-date on all the mortgage terms, interest rates, and repayment options on the market.
- Brokers keep the rates low by increasing competition in the marketplace.
- They save you money and time!
- Mortgage brokers rely on repeat business and referrals, and are, therefore, interested in satisfying your needs to the best of their abilities.
Apart from Mortgage Rates, How Can a Mortgage Broker Help Me?
Mortgage-based financing is the primary business of any mortgage broker in Ottawa & Ontario. As such, he or she develops expertise in whichever type of mortgage financing the lender chooses to pursue. This sort of specific knowledge not only produces the lowest mortgage rates for each project, but often determines whether the project is funded at all!
How Do Mortgage Brokers Find the Best Rates?
There is no doubt that interest rates are the major concern to borrowers. Brokers remain in daily contact with lenders and, therefore, are knowledgeable of which home or project will attract a favourable rate from one institution, but a greater rate at another one. In fact, certain institutions accept mortgage submissions exclusively from mortgage brokers!
These preferences for mortgage types, alongside with interest rates, can fluctuate daily as a result of economic conditions. The preferences are also based on the size of the institution’s portfolio in a specific mortgage type, such as fixed rate or variable rate mortgage, first time home buyer or rental property mortgage, and more. Your broker stays up-to-date with all the changes and knows exactly which lender to approach first. As such, interest rates obtained by a mortgage broker will be among the lowest ones available at the placement time.
Why Should I go to a Mortgage Broker First?
A professional presentation by a mortgage broker to a lender on the first application tends to get the most favourable response and save you some money and time. Secondary applications after previous inquiries to the credit bureau tend to be more costly.
Most of the times, a success or failure in obtaining the mortgage approval is determined by the presentation of the proposal and to whom it is sent. Your mortgage broker in Ottawa & Ontario is trained and experienced in presenting your mortgage proposal exactly how and where it will get the fastest, positive response.
You don’t directly call an insurance company for insurance. Instead, you use an insurance broker for their product knowledge, expertise, and rates. Similarly, remember to call your mortgage broker right away!
How do Brokers Receive Better Deals than Many Big Banks?
The lenders that mortgage brokers work with include all the conventional resources, such as trust companies, chartered banks, as well as private and corporate pension funds.
In addition to these, mortgage brokers develop professional relationships with private funding sources, called “private lenders”. These private lenders provide a variety of mortgage products that are not available from traditional sources.
Contact KeyRate Mortgage for the Best Mortgage Deals
We are an experienced mortgage broker in Ottawa & Ontario, dedicated to delivering the best service and care to each and every customer. Whether you are refinancing or purchasing the vacation home of your dreams or thinking about debt consolidation or mortgage renewal, we are here to serve all your mortgage needs.
Our business is based on referrals from happy customers, and we are determined to provide you with a positive mortgage experience, whether you are purchasing, refinancing, taking out a home equity, consolidating your debt, and more!