Mortgage Brokers Mortgage Broker And Second Mortgage in Toronto | Page 5

SOME DRAWB ACKS OF NOT
SECURING A LOAN THROUGH A
MORTGAGE BROKER
• Not having a mortgage broker can cost you a lot because they have their
own resources and contacts that enable them to find the best deals in
the marketplace. You may not be able to attain the same deals on your
own because so many such deals are accessible only to experienced
mortgage brokers. You have to understand that mortgage market is
constantly changing and shifting and only an experienced broker can
foresee and identify the best deals for you to secure a home loan at the
most reasonable interest rates. Unless you have a personal relationship
with a lender, you will never be able to negotiate the best rate. Even if
the rate looks reasonably good it will be difficult to match the mortgage
broker can help you get.
• If you have some experience negotiating with lenders, you may, by all
means, go ahead and look for a loan on your own. However, someone
with little to no experience should never underestimate the importance
of working with a mortgage broker. No matter how proactive you are,
you will not be able to deal with the intricacies of the marketplace, and
that is where a broker comes in handy. It may cost you some money –
though some may be willing to offer their service free of charge – it is
certainly worth the hard work.