By Riki Unrau

We have all heard of them but most of us have little to no idea what they do.

A common misconception is that mortgage brokers are only for those with bad or no credit. While we do delight in being able to help those who are down on their luck it is certainly not all we do.

The main role of a mortgage broker is to find you the best mortgage package at the best rate the first time. Unlike the banks, we do not play games with you regarding rate. We work for you and no one else and serving your best interest is our only goal. We assess your lifestyle and help you to determine what you can afford while preparing you for future rate rises.

Speaking for myself, I am not interested in saddling you with the biggest mortgage just because you qualified for it. I am in the business of looking out for you so that you will be financially healthy for the rest of your life even if that means giving you a reality check on your expectations.

You might ask what makes a broker different from a bank’s mortgage specialist? In one word… options. Your bank can only offer you its products and nothing else. Brokers have access to dozens of different lenders each vying for your business with competitive offers. Your broker will qualify them to find the best one individually suited for you and your lifestyle. Sure beats you having to pound the pavement going from bank to bank trying to find the best offer.

Also, only mortgage brokers are required by the Federal government to be licensed. In order to obtain this we need to complete school and then upgrade our training constantly to keep abreast of the changing economy and what that means for you.

Now let’s talk about how mortgage brokers get paid.

In most cases, you do not pay a fee to your broker. Instead, she/he gets paid from the lender in a commission structure. In the instance that you do not qualify to be financed through a traditional lender and we need to seek private funds, then a fee may be incurred. However, this fee is minimal compared to the time and effort that your broker will dedicate to you in the mad pursuit of making your dreams a reality.

Once you put it all together and really look at how a mortgage broker will serve you and your family far more than any bank will you will realize what an asset she is.

Kind of makes you wonder why you haven’t used a broker before huh?

– Riki Unrau is a Mortgage Broker with CENTUM Homeward Mortgage Group Ltd.

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