Mortgage Broker Winnipeg

1. What Mortgage Brokers Do and why You Need One Are you still undecided when it comes to utilizing the services of a mortgage broker or immensely skeptical with regard to what tasks mortgage brokers can carry out? Read on. Who precisely is a mortgage broker? Simply put, a mortgage broker serves as the representative for all Canadian lending institutions, including those based in Winnipeg. Their roles and responsibilities are extremely similar to that of insurance brokers. A bank representative that renders his or her services to a specific lending institution is generally employed by that bank and is required to possess in-depth knowledge of each mortgage product offered by the bank. Hence, when you approach a bank for a mortgage, the representative adequately analyzes the situation you are in and chooses the optimum product offered by the bank to meet your needs and requirements. Mortgage brokers serve as agents for all Canadian banks, Trust Companies, Finance Companies, Credit Unions, as well as individual private lenders. A mortgage broker Winnipeg is a licensed professional, regulated by the appropriate government agency. These agencies effectively monitor the business practices of mortgage brokers, with each province in Canada having an agency that offers the same service to Canadians. As a result, these specific agencies adequately certify that each citizen of Canada is offered reliable protection, a thorough understanding of mortgage products, and high standards of service to meet their individual requirements and needs. What are the Benefits offered by a Mortgage Broker? (1) Saves Precious Time: A majority of Canadians try to shop around their mortgages by visiting five to six retail banks, which can be an extremely time-consuming process. A mortgage broker Winnipeg will meet you according to your convenience, and they will effectively shop your mortgage on your behalf, thereby saving precious time. (2) Credit Score: One of the foremost considerations for Canadians while shopping around at diverse banks is their respective credit score. Each time you approach a bank to apply for a mortgage, a credit inquiry will be initiated. Too many credit inquiries will have a negative impact on your credit score. On the other hand, a mortgage broker typically requests a single credit inquiry, forwarding the same to the banks. (3) Saves Valuable Money: Many individuals falsely assume that utilizing the services of a mortgage broker is extremely expensive. In fact, a majority of brokers do not levy any charges because they are paid by the banks for the business opportunities they bring in. Thus, you receive sound advice with regard to your mortgage, completely free of charge. Presently, Canadians need not place their blind trust in banks for mortgages. Vast amounts of information are made available to consumers, especially with regard to Canadian mortgage brokers.