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Everybody dreams of one day owning their own home or property. The question is, where do you start on this journey and who is the best person to ask for help? Below are the 3 major differences between working with a bank and working with a mortgage broker so that you can make an educated decision.

Mortgage Brokers Are Cheaper in the Long Term

When you get a mortgage directly from the bank, you are restricted to their rates and systems with very little room to negotiate. When you choose to go through a mortgage broker, though, you have a proven negotiator who can get you a lower rate that will save you money.

Better yet, because mortgage brokers have such good relationships with banks and credit unions, they can often convince these institutions to offer loans to people who would normally not be considered due to poor credit history or self-employment.

Mortgage Brokers Understand the Entire Market

Your bank’s tellers and mortgage specialists may be very friendly when you come in for a mortgage, but their knowledge is limited to the products and services that their specific bank offers.

By going to a trusted mortgage broker, your broker will take a look at all of the financial institutions in your area and search for the best long-term deal that can work for your circumstances.

Mortgage Brokers are Personable and Work for You

At the end of the day, banks and other financial institutions have one goal: to generate as much revenue from their services as possible. Even if you have been a loyal member for a long period of time, their ultimate goal is to make a maximum profit from your mortgage.

Mortgage brokers are first and foremost negotiators and they do their best to negotiate what’s in the best interests of you, the client. If there is a deal that may look too good to be true, your broker will alert you to any risks involved and help you chart the best course to owning your own home.

Whether you’re looking to purchase a property for your business or a new home to start a family, hiring an experienced mortgage broker is the best way to save you money and peace of mind. Give me a call today at 306-220-0425 to hear how I can help you get your journey to becoming a homeowner off on the right foot.