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The Role of a Mortgage Broker
July 5, 2021 | Posted by: Marc Crossman
The Role of a Mortgage Broker
Across Canada the housing market has continued to expand, despite the pandemic. This has been attributed to a lack of inventory and the low cost of debt have combined to create the large price increases that are being seen in markets from coast to coast.
An important step any future homebuyer should take is contacting a mortgage broker.
Mortgage brokers represent a variety of banks and lenders. They assess homebuyers' needs and can carefully weigh important mortgage product decisions to provide the best options for their clients.
A broker can provide tailored solutions based on an individual’s financial situation. Plus, clients are not paying out of pocket for this information as a broker is generally paid a referral fee by the lender.
Mortgage brokers are able to explain important information and conditions set out by the lender. They also are a guide for any steps that are required to close a mortgage transaction.
Due to the relationships that mortgage brokers build, lending institutions typically provide their best interest rates to brokers. This ensures the homebuyer doesn't have to negotiate to get the best rate.
Since many Canadians are spending more time at home due to the pandemic, they are more aware of frustrations with their current living arrangements. If this sounds all too familiar, or you’re house hunting for any other reason, contact us to explore your options! Call 780 701 3888 or email marc@albertamortgagepros.ca
