To get the benefits of hiring a mortgage broker in Vancouver BC, potential home buyers must understand the complete truth about working with one. Listed below are some common myths busted regarding mortgage brokers.
Myth 1: Mortgage Brokers Always Favour One Particular Bank or Lender
Mortgage brokers align themselves with more than one lender. They have access to a number of banks or private lenders and recommend services based on the needs of the individual client. With their strong network of well-acquainted lenders they focus towards achieving the best mortgage rates in Vancouver for their clients. They never and have no reason to recommend one lender over the other.
Myth 2: The Mortgage Pre-Approval Process is the same with All Brokers
The experience and expertise makes a clear difference throughout the process while working with different mortgage brokers. Clients must ensure that the mortgage broker is well experienced, licensed and trustworthy to ensure a smooth working relationship.
Myth 3: Mortgage Brokers Are Needed Only While Clients Are Bankrupt
To receive a mortgage from one of the big banks one typically needs good credit and proof of income. These are not the only reasons why individuals look to a mortgage broker. In general, mortgage brokers can offer better rates and terms because they have strong connections with many smaller discount mortgage lenders. Additionally in cases where there is renovation budget overruns or while funding your start up business, you may need the assistance of mortgage brokers.