Myths about Mortgage Brokers

Time for a New Mortgage or a New Home Purchase? Maybe a Refinance? Take a few moments to talk to a mortgage Broker. Take a look at the following misconceptions about Mortgage brokers and then read on to find out how they simply save you time and money!

“Mortgage Brokers cost too much” – It costs you nothing as a consumer to use a mortgage broker. They will search for the best mortgage for you, and their payment comes from the lending companies that eventually set up mortgages for you.

“I am already dealing with a bank” – Whether you have visited your bank or not, you owe it to yourself to visit a mortgage broker to see if they can save you money every month. Wouldn’t you rather have it in your pocket?

“Mortgage brokers don’t do Refinancing” – Wrong. They do, and they can save you money here too!

“I Don’t have a Down Payment/good enough credit/enough money to buy a house” – There are a number of options for home buyers today, including No down payment options, help with closing costs from certain mortgages, 35 year mortgages to lower monthly payments, and if you have bad credit, a good mortgage broker will work with you to reestablish good enough credit to get your mortgage and get into a new home”.

“I can’t get a mortgage because I am self-employed/commission salesperson etc” – Mortgage Brokers can help you more than anyone! With dozens of lenders available, you are not limited to just the big 5 banks when you deal through a mortgage broker.

Above all, a mortgage broker is there to help you find the best rate, and terms, for your mortgage. They will consider your situation and make recommendations to you on different mortgage options that you can consider.