What is a Mortgage Broker, and do I need one?
A mortgage broker’s client is the borrower (you) – not the bank. They do not have a vested interest in any particular lending institution. The broker’s goal is to help you get the best deal for your situation. The broker will assist with selection of the best loan and help with the loan application, as well as provide continued support until settlement.
The great thing about having your own loan broker is the amount of time and energy you save – they do all the research and leg work for you! No bank will tell you that another bank has cheaper interest rates, or less red tape, or lower fees. But your broker will. All banks will ask you loads questions to see whether you qualify for their home loan or not. Your broker will ask loads of questions to make sure that the borrower applies for the best loan for their situation – and then qualifies for it.
