Mortgage Brokers First Second Third Mortgage | Page 3

What Exactly is a Mortgage Broker
and Why Should I Use One?
• Save time: With the help of a mortgage broker looking out for the best mortgage deals for
you, it saves you the time and stress that is involved in visiting major Canadian retail banks.
Once you hire their services the mortgage broker will arrange for a meeting in a place that's
convenient for you. While at this meeting you are expected to discuss your mortgage needs
and he/she will thereafter handle the shopping for you. You don’t have to go through the
stress of shopping for the best mortgage deal. Mortgage brokers know what’s right for you
• Credit Score: In Canada, the fact still remains that credit scores are a major setback in
getting mortgages. This is because applying for a mortgage usually comes with a credit
inquiry from the banks you are dealing with. And it's important to note that for multiple
applications it means multiple credit inquiry which will ultimately bring about a negative
effect on your credit score. Having a mortgage broker shop for you will involve making just
one credit inquiry which will be sent to the bank that they dealing with.
• Save Money: The popular misconception out there is that hiring a mortgage broker for your
mortgage advice and shopping comes at an exorbitant cost. Whereas on the contrary, it's
even cheaper and most times even free. This is because Canadian banks ensure that
mortgage brokers are paid a certain commission for bringing in customers.