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 Find the Best Rates for Your Mortgage in Canada

 

While mortgage rate is not the only factor you should look at when selecting the right mortgage product it is important one. As with any other product competition always works in customer favour. When lenders are competing to offer you their mortgage product you can only win.

Most people think that mortgage broker or mortgage agent is someone that only people with bad credit would deal with. This theory is fundamentally wrong and not true.

The advantage of dealing with mortgage agent or mortgage broker is the variety of products he or she has available to suit individual needs. While banks have one mortgage product they will try to sell you mortgage professional deals with many lending institutions providing wide variety of mortgage products to the table. Mortgage agent will have products for both A+ customers and others with credit rating that is not as great. Everyone will be accommodated according to their situation and need which is almost never true at your bank.

Variety has direct link to better mortgage rates and better mortgage terms. By using mortgage agent you can be matched with many lenders with only one single credit score. If you decided to do it on your own going from bank to bank and to credit unions every single institution you apply at will check your credit report and credit score. This means that your credit score will most likely be lowered due to high number of inquiries. Low credit score in turn means that you will not qualify for the best mortgage products on the market, reserved only for the best customers.

Another reason to choose mortgage agent is the ability to access financial institutions which deal mortgages through mortgage professionals only. While we tend to think about banks and credit unions when it comes to obtaining mortgage for our property there is many more institutions offering mortgage products. Specialized mortgage trusts, insurance companies, out of province lenders and private lenders are just a small sample of mortgage lenders which can be accessed through mortgage agent. This variety creates competition which provides grounds for better deal.

As additional benefit of mortgage agent working with many institutions is his or hers unbiased approach. The mortgage agent works for you and you only choosing the best mortgage product for you. Bank employee works for the bank and his or hers loyalty is with the employer. It is the profit of the employer driving the decision making process of bank employee.

So again while mortgage interest rate is not the only factor which should be looked at when selecting the right mortgage for your personal situation dealing with mortgage agent will provide you with ample choice when it comes to select the right mortgage rate and mortgage terms.

If you require more information or have other questions about your mortgage needs please do not hesitate to contact me for no obligation mortgage advise.

 

 

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Walter Pawlowski Ontario Mortgage Agent M11002486