Mortgage Broker Ottawa
Purchasing a house is the largest single investment that most of make in our lifetimes. And who has enough cash on hand to buy it outright? Perhaps Mr. Scrooge and a few lottery winners, but for most of us we require the bank to loan us the amount that we need to make up the difference between the down payment and the complete price of the house. This is called a mortgage.
Traditionally, banks and other lending institutions handled these financial products and you were either approved or not approved by the lending institution at the rate that they chose for you. However, markets for mortgages have become more competitive, they are understand that financial institutions compete for your business, but the bank is not going to share that information. Mortgage brokers leverage this information to find you the right deal at the right price with the right lender.
The difference between a loan officer and a mortgage broker is that the loan officer works for the bank and the mortgage broker is independent. Loan Officers have to offer you what the Bank tells them to offer and that is the only choice that you get. Some Banks aren’t even looking to invest in mortgages because they already have too many in their portfolio. In this case you can be turned down for mortgage, but never find the real reason behind the disapproval. A Mortgage Broker is free to find the most suitable Institution for your needs. They know which companies are looking for your business, what each offers and the best rates at which to secure their services. In the end, you get more choice and you have a leveraged position with lenders who are actually looking for your business.
If you are looking for a mortgage or renewals, refinances or home equity, and you want to find a lender that appreciates your business, then you need to talk to Jerry Schindelheim, Mortgage Agent in Ottawa, Ontario at 613-222-8129 or jerry.s@migroup.ca.
