The mortgage industry has become a more than $1.5 trillion dollar industry in Canada. As the industry grows so do the options Canadians can choose for a mortgage. Banks, credit unions, mortgage investment corporations, and mortgage brokers now offer everything from quick online pre-approval to personalized services.
With all these options, how do you decide who to choose to arrange your mortgage? Check out our article on choosing a lender vs. a bank.
Local mortgage brokers are all different and it’s best to choose the one that’s right for you. Use online reviews and ask friends and family for a referral to help you get to the right place. Once you have found a mortgage broker meet with them and make sure you feel they are listening to you before making your decision.
Here are 5 reasons why you should choose a local mortgage broker.
They are part of the local community, they know the Langley area. They are friends with local business owners and donate their time and money to the local community. There is a comfort knowing where they are located and who they are connected to.
When using a rate comparison site you may be dealing with a call center and often the “best rate” available is restricted to a specific area. The rate available to you may be quite different. A mortgage is a large investment for your family and it’s important to be able to contact the person you have chosen to manage your mortgage when you need to. If you fall on hard times or wish to pay it off sooner you must be able to rely on the fact that you can contact your mortgage broker.
As a local mortgage broker reputation matters. Mortgage brokers live on word of mouth referrals as the main form of new business. As a local mortgage broker, they will do everything they can to ensure you have a good experience and want to refer your friends and family their way.
Online brokers and banks rely on branding and marketing efforts to get new clients. Because of the volume of people they see, it is easier for them to create a one size fits all system that helps most people in the same way. If your situation changes or becomes difficult in any way, will you be left wondering what to do?
Local mortgage brokers are not trying to scale their lending systems to reach thousands of clients a day. Because of that they can offer you online, phone, and in-person options for service. Being able to reach your broker in a manner that is comfortable for you will help you feel more comfortable with the process of getting a mortgage.
Your local mortgage broker will help you understand how the interest rate market fluctuates. This helps you decide whether a fixed or variable rate is better for you. Often institutions will push a 5-year fixed rate because it is the most profitable product. For them!
An independent broker will present options to you based on what is important to you, not the lender.
If you are interested in learning the difference between fixed and variable rates check out our article that covers how to understand a fixed vs. variable rate.
Support the locals and help your neighborhood grow. It is now increasingly important as the world becomes global to support local businesses. Mortgage brokers are small business owners like any other local business. Many local brokers support local charities making your dollars go even further for your community.
Every mortgage broker is different and it’s important to find the broker that makes you feel comfortable by explaining how your mortgage works and outlining the best options for you. If you have any questions feel free to give us a call (604) 763 – 4647 or fill out our contact form (whichever is more comfortable for you!).