There was a time when those shopping for a mortgage made an appointment with a Brampton mortgage broker  to apply for a mortgage. Times have changed and it’s now possible to do some research and find the best rates possible for what is usually the largest purchase most people make in their lifetime. And having this option you may be surprised to discover than only about half of those looking for a mortgage explore other options. Comparison shopping can save you a lot of money especially when you’re talking about hundreds of thousands of dollars. Which makes some time spent shopping around well worth it.

Rate Comparison Sites

A good place to begin is having a look at rate comparison sites, even if you’re not inclined to do it yourself this will give you a clear picture of what’s available. Be sure to check out more than one site as all lenders are not available and deals may not be on all rate comparison sites. Be aware that the lowest rates advertised can come with strict conditions while some rates are only featured through Mortgage Brokers that advertise them. Rate comparison sites are a good fit for those with a good credit score and easily verifiable income.

Mortgage Brokers

For those with a less than perfect credit score, those working on commision or the self employed a mortgage broker can be a better option. Mortgage Brokers act as a kind of middleman between you and potential lenders. Their experience allows them to find the best rates given your personal financial situation and the relationships they have with many lenders. They take the time to walk you through every step of the process and can answer any concerns you may have. The good news about using a mortgage is usually the lender pays the commission. Often a mortgage  broker will throw in a home appraisal or sacrifice some of their commision to secure a better rate for clients, especially in high volume firms.

Why use a Mortgage Broker?

Banks are often slow to pass on rate decreases to their customers due to the nature of the Corporation additionally banks do not have access to the variety of lenders Mortgage Brokers have. In the 1990’s banks bought out many trust companies which allowed them to have a monopoly on the mortgage market. All mortgage brokers are not created equal so ask friends and family for referrals.