In general, if you live in Calgary and decide to buy a home, you have two choices: contact a bank directly for assistance with cash or talk with a Calgary mortgage broker (not taking into account purchases when you have the entire sum of money). A brokerage company intermediates throughout this process, providing the best solutions for clients. Here are some of the benefits related to working with a mortgage broker:
1. Efficiency of the time spent. To identify the offers of 10 different banks for example, the client has to make a single trip to the brokerage company, thus benefitting from free advice. For the same client and the same good provided, the differences between the lowest and highest premium available to insurers in Calgary may vary by up to 300%. A quality broker supports the understanding of terms and conditions related to mortgage offerings so that customers can make a real comparison between them. In addition, the client does not have to remember about maturity rates and expiration policies, as the broker will remind him at the right time in regard to these issues.
2. Identifying the most appropriate solutions for client. If an insurance agent must convince the customer to buy the product the company where he is employed, specialists in mortgage provide the customer the best solution for their home loan, selecting the most advantageous offers from several different banks. The customer will have the benefit of choosing from various offers which may not be available to the general public
3. Save time. Brokers provide advice at any time, anywhere, even at home or at work.
4. Obtain free professional advice for choosing the best product (bank loan, lease, loan from non-bank financial institution – IFN), which can be one or a combination of products from one or more banks.
5. Explaining your meaning all fees, charges and lending process.
6. Brokers conduct a preliminary scoring and credit will be given options that you can access according to merit.
7. Obtain help for preparing the credit file. You will not be you who are looking for information on the Internet, standing in queues, quarrel with bank officials, etc.
8. Brokers monitor your credit file and support in the approval of the bank. You will not have to give phone every day to ask what’s happening with your loan!
9. You will pay the bank less fees and lower taxes: brokers can negotiate for you reducing certain fees or even eliminate them altogether.
10. You are offered assistance until the credit contract is signed and the money cashed. Since they receive their commission only after you become bank customers, brokers have every incentive to ensure that you are happy.
Keep in mind that a Calgary mortgage broker can truly speed up the lending process and present you with a wide array of lending options for informative purposes.