When it comes to a mortgage, most people turn to traditional banks but it is important to know that this is not your only option. Banks have strict criteria and not everyone will be approved for a mortgage, so there is a chance that your mortgage application can be declined. If you want to explore another option, you can consider using a mortgage broker because they can provide you with a number of options.
Mortgage brokers offer competitive rates, so you can benefit tremendously from this aspect. Banks often have non-negotiable rates, so you will be restricting yourself by looking only at that option and may end up paying a higher rate than if you had considered a broker. Mortgage brokers will shop around for the best rates for you. Even if you have bad credit, low credit score or income issues, a broker will work with you despite your circumstances, whereas a bank would not.
A mortgage broker works for you and not the bank or a financial institution and will focus solely on representing you. Their goal is to get you the best rate possible so that you continue to do business with them. Mortgage brokers will provide you with the best rates they obtain from different lenders and will help you choose a mortgage that is suitable for your financial situation. They will approach credit companies, banks, and trust companies to provide you with a variety, so you will not be limited and will be able to compare rates from different institutions.
The access that mortgage brokers have to different lenders is a very big advantage and they will present you with every option and will help you understand the offers. They will explain the qualifications that come with each option and will take the time to understand your financial circumstances. They can approach banks and ask for the best offers, which they will receive and this is not something you will be given when you approach a bank on your own.
You will also save a lot of time when you apply for a mortgage through a broker and the process is often a lot simpler. Brokers will not turn you away if you have a poor credit rating or if you’ve lost your job but a bank may deny your application in these cases.
Benevolent Bancorp can help you with all of your mortgage needs. Whether you need a residential mortgage, a home equity line of credit, a 2nd mortgage, pre-approved mortgages, or a mortgage for those who are self-employed, we can help. Our private mortgage brokers will offer you the best rates, so if you are in Surrey and have been searching for brokers near me, give us a call today!