If you are planning on applying for a mortgage, you can benefit from working with an independent Guelph mortgage broker. Independent brokers give you the benefit of choice, as opposed to working with a single financial institution when you apply for a mortgage.
With various mortgage rules implemented recently, and even more rules following soon, it will be in your best interest to weigh out all your options before you apply for a mortgage. It’s important to get a mortgage that suits your needs, and with an independent Guelph mortgage broker, he will have a variety of mortgage products to choose from.
When you work with an independent mortgage broker, you will have access to various mortgage products from different lenders, some may even be completely new to you. These lenders’ requirements may differ, and so will their offers, which is why there may be additional risk involved with different mortgage products. An independent broker can help you to find the product that will suit your needs best.
Why are independent brokers good to work with?
One benefit of working with independent lenders is that instead of spending all their money on expensive marketing campaigns, they compare a variety of mortgage products to help you find the best product for your individual needs.
If you work with only one bank or financial institution, you will very likely be forced to choose one of their own products, which won’t give you a lot of options. This can lead to a higher interest rate mortgage, without an independent view on the different options you have. This is one reason why more and more Canadians are opting to work with an independent broker when it comes to applying for a mortgage.
Your contract is guaranteed
You may wonder what will happen if your independent broker gets purchased by another lender at some point during your mortgage term. Should this happen, nothing will change for you as the terms of your mortgage stay intact when your mortgage contract gets sold. In the event that your chosen lender should go bankrupt, your contract will continue as usual, until the end of your term.
Independent Guelph mortgage brokers have a lot of products to offer, as they compare the most suitable mortgage products from various lenders and financial institutions. This gives you a lot of choices, as well as the option of choosing a product that fits in perfectly with your current financial position.
If you are looking for an independent Guelph mortgage broker, look no further than Mortgage Guys. We are independent brokers that can help you find the best mortgage product for your individual needs.