Frequently Asked Questions About Working With A Mortgage Broker
Completing a pre-approval, finding a mortgage lender, and navigating through the terms and conditions can be made easier with the help of an experienced mortgage broker. However, when it comes to securing a mortgage, clients have a ton of questions regarding the process but often find answers difficult to come by.
Consequently, Rowan Smith Mortgage Broker – City Wide Mortgage Services wants to arm you with the most accurate information available to help you understand the process. To do this, we’ve answered some of the most frequently asked questions about working with a mortgage broker.
1. Are there fees when getting a bank mortgage through a broker?
If we can place your mortgage through a bank, we are paid a commission by the lender. As a result, there are no fees that our clients have to pay us for the service.
2. How many lenders are in your network?
We regularly work with over thirty-five different lenders, and of course, we have our favorites. But, we also offer niche lenders and products that clients wouldn’t typically be able to access.
3. Do only people with bad credit use a mortgage broker?
Brokers work with people with good credit, bad credit, and everything in between, so you don’t have to worry if your credit score is not up to the mark.
4. Do mortgage brokers get better rates than the bank?
It’s a complicated answer. For example, if you were buying a hundred cars, you would receive a better deal than purchasing one. In the same way, mortgage brokers provide banks and lenders with a large volume of clients and, in return, receive cut-to-the-bone rates.
5. Does using a mortgage broker save time?
Mortgage brokers and bankers speak the same language and can quickly determine your eligibility for a mortgage. They know what paperwork to collect, questions to ask, and how to efficiently streamline a complicated process.
If you have any more questions about mortgages, get in touch with Rowan Smith Mortgage Broker – City Wide Mortgage Services. As a leading mortgage broker in Vancouver, BC, I’ve been involved in banking and brokering for the past twenty-one years, which gives me the expertise to provide straightforward home purchases.
My specialties include pre-approvals, renewals, construction mortgages, commercial mortgages, and debt restructuring while in foreclosure. I also offer private lending to my clients.
I serve clients across Vancouver, Yaletown, Burnaby, Richmond, Coquitlam, Surrey, South Surrey, White Rock, and Langley City. I also reach out to Fort Langley, Langley Township, Aldergrove, Abbotsford, Chilliwack, Hope, and the surrounding areas.