Buying a home: Banks or Mortgage Brokers? - Mortgage Guys
  • Proudly Canadian PROUDLY CANADIAN

Oakville Homebuyer Options: Banks or Mortgage Brokers in Oakville?

Is there a broker advantage?

For many home buyers, the question can arise regarding how mortgage brokers in Oakville finance mortgages and what is the advantage of them conducting their business with a broker instead of the traditional banking institutions! The basic function of a mortgage broker is to look after your interests as their client and to assist you in a mortgage application process.

This procedure can extend from obtaining pre-approval from a lender to a home appraisal. However, it’s important to keep in mind that your Oakville mortgage broker provides an origination service, whereas a financial institution, such as a bank, will provide the mortgage and service it. The institution or lender will collect the payments with customer service, but, the opportunity remains for you to seek help from your mortgage broker in Oakville during the life of your mortgage.

A mortgage broker and bank comparison

If we make a limited comparison between your mortgage broker and a bank there are a variety of factors to consider when deciding on the merits between the two. Despite a bank having the capacity to offer some form of discounting for consolidating your services with them, there are significant advantages to you from utilizing the personal services of your Oakville mortgage broker of which many Canadians are not aware.

A primary benefit to employing the professional services of an Oakville mortgage broker is that they have knowledge of and can access the entire mortgage market. Your highly qualified broker can advise you as to which lenders will consider your application and those, because of your individual circumstances, will not! This is an especially valuable factor for those with poor credit ratings.

Independent negotiating

Your mortgage broker in Oakville has an established line of contact with lenders specializing in servicing applicants with adverse credit records, as well as leverage relationships with the main banks. They are able to negotiate exclusive agreements which may not be generally available on the open marketplace. Your broker could also negotiate a preferred interest rate or lower application fees in certain instances, from a lender.

Apart from the banking institutions, your Oakville mortgage broker has access to various other financial institutions; for example, trust companies and credit unions as well that service mortgages. Independence and freedom of negotiation and products are arguably amongst the preferences offered by your mortgage broker, all designed for a stress-free and economically-friendly home buying experience!