MorBridge Financial Corp

The Real Question is Why Use A Bank?

Why Use a Broker?

With the fluctuation in interest rates of late, homeowners have become more aggressive in seeking out the best possible terms from a lender. The appeal of a mortgage broker lies in the opportunity to effectively search a large segment of the mortgage industry for the optimum terms, rather than negotiate personally with only one or a few lenders. As a result, the popularity of independent mortgage brokers is growing.

October 27th Mortgage Broker News article refers to a new Deloitte report, entitled ‘Winning strategies in the mortgage marketplace’ and points out some of its findings. It views “Canadian mortgage broker industry strong for the future” and confirms that in 2009,  38% of all mortgage transactions were originated and underwritten through the mortgage broker channel.   

 Deloitte found that “mortgage brokers have evolved from ‘lenders of last resort’ to a legitimate option, and is shaping a more positive mortgage landscape for Canadian homebuyers.”

The Mortgage Broker News quotes Todd Roberts, consulting partner at the Corporate Strategy Practice, who concludes that “In the face of significant industry developments, such as the recent credit crisis, industry consolidation and price competition, many banks and non-bank lenders are starting to seriously evaluate the economics involved in pursuing the mortgage broker channel” and “as more of these lenders enter this business, Canadian mortgage consumers will ultimately benefit in the form of increased choice of products, value-added advice and more convenient services.”

Independent Source Of Information

A mortgage broker can also be a source of information and provide unbiased help in wading through the myriad of options available in the mortgage industry today. Wondering about the advantages of refinancing? Want more information on the Home Buyers Plan? How about advice on adjustable rate mortgages? Having problems getting a mortgage because you’re self-employed? Or perhaps you need assistance with arranging financing for an investment property. These are the kinds of issues a mortgage broker can help with, and usually at no cost to the buyer. 

Looking For The Best Deal?

A mortgage broker is an independent agent, or intermediary between you the consumer and the mortgage lender. The mortgage broker will shop the available lenders to find the mortgage product that offers the best combination of features, options and rates to suit your individual circumstances.

Saving You Money

A good investment advisor can make you thousands of dollars. But a good Mortgage Broker WILL SAVE you thousands of dollars. Whether you are buying a home, refinancing or renewing a mortgage, consider making a MorBridge Mortgage Consultant part of your financial plan this year.

The best part - depending on your credit picture - there is no charge to the consumer for the service! The mortgage consultant’s fee is normally paid by the lender.