My bank won’t give me the best rate to renew my mortgage, but there are costs with going through a broker. Any good / bad experiences people can share?
You don’t pay a fee to a mortgage broker any more than you would by going to a bank. That is a common misconception. Also a broker will have access to many different programs and lenders while your options with your bank are limited.
What is the (dis)advantages of going with a mortgage broker?
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save your money and pay cash.
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usually they can get u lower rates but u will pay fees to use the broker
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In Canada if your credit is good you won’t be paying fees out of pocket to a broker, the broker would get paid by the bank or lending institution they take you to. Brokers get paid a finders fee.
Through the network of lenders we use we get lenders wanting our business and competing, thus they pass on the best rate they can and then we can therefore pass it on to the customer.
If your credit is not that great then in some cases there are lenders that do not pay a fee and therefore brokers have to charge a fee. In this case brokers are obligated to tell you what the fees would be.
If your credit is good you should be able to get a 5 year rate around 4%, in some cases a little less.
If you do not ask for a better rate then the bank won’t give you the better rate.
For more info visit our site.
Good luck,
Victor
References :
http://www.CanadaMortgageTeam.com
http://www.CMTL.ca
A mortgage broker deals with many lenders and can probably get you a better rate than what your bank is offering you. You would pay a fee to the broker, but in the long run, your interest rate would more than cover it in lower payments quickly.
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Son is a mortgage broker.
You don’t pay a fee to a mortgage broker any more than you would by going to a bank. That is a common misconception. Also a broker will have access to many different programs and lenders while your options with your bank are limited.
References :
http://www.mortgage411center.com