These are great questions!
Personally speaking, while I have a relationship with my Bank, I would always shop around to look for a great interest rate! It just makes sense. To paraphrase the singer, Donna Summers, “[I] work hard for the money” and I know you work hard too.
So who pays the Broker? The great news is buyers who are shopping for a “standard residential mortgage, pay no fees to the Broker” (DL Newsletter, May 2019). The bank who lends the money, actually pays the Broker. The upside to using a Mortgage Broker is “[he] has access to every lender on the market and can sell you almost everything” (DL Newsletter, May 2019). The Broker can shop around to find that perfect interest rate possible!
Remember, Mortgage Brokers are licensed. Provincial governing bodies oversee them. The Broker’s goal is to watch out for you, the consumer, best interests.
So the bottom line…Should you use a Mortgage Broker? Absolutely!
Just give me a call, or drop me a text to 604 308 1455 and I’ll send along some excellent Mortgage Broker names to you. I am here to help.
Email-Newsletter (May 2019), Dominion Lending.