Is It Better to Use a Mortgage Broker or Not?

When you’re thinking about getting a mortgage for your new home, you’ve got two main options: using a mortgage broker or doing it yourself. But when it comes to getting the best deal for your mortgage, which way should you go? Let’s break it down in simple terms.

What’s a Mortgage Broker?

A mortgage broker is like a middle-person between you and the people who lend money for mortgages. They’re experts in the mortgage world and can help you find the right mortgage from different lenders. They look at things like your credit history, how much you make, and what you want, and then give you choices that fit you.

The Good Stuff about Using a Mortgage Broker:

  1. More Lenders to Choose From: Brokers have a bunch of lenders they work with. This means you get to see more options for your mortgage, which means getting a better deal.
  2. Saves You Time and Effort: Looking for mortgages takes time and can be confusing. Brokers make it easier by showing you only the good options that match what you need.
  3. Negotiation: Brokers know how to negotiate, which is like bargaining to get better stuff. They can help you get lower interest rates and better terms on your mortgage.
  4. Custom-Made Help: Brokers treat you like an individual. They look at your personal situation and suggest mortgages that fit you perfectly.

What’s Not So Great about Using a Mortgage Broker:

  1. Money Matters: Brokers usually charge a fee for their help. You need to think about whether the fee is worth the money you might save on your mortgage. The good news is that Mark does NOT charge for his time and help, it is completely free!
  2. Maybe Some Favorites: Some brokers might like working with certain lenders more than others. This could mean they don’t show you all the options available, just the ones they like. The good news is that Mark will explain the pros and cons working with each lender, and have you make the choice!
  3. Not All Shine Bright: Not all brokers are honest and good. Some might not have your best interests at heart. You need to choose wisely. This is very true. Clients want to like and trust you!