Why Are Mortgage Brokers Beneficial?

On Lending for your future Home Purchase

Potential, existing and repeat clients often ask us "should I just go to the bank and get pre-approved?" Typically we say "NO!"

There is a huge difference in going into your local branch for your mortgage and hiring an actual mortgage specialist or mortgage broker. I always have the conversation with people "you need surgery on your heart, would you let a dentist operate?"

Most obvious answer to that question is "NO!" and a confused look on my clients face.

I then reply with "Well they are both Doctors right?" at that point they understand that just because someone works in a bank does not mean the specialize in mortgages specifically. Now, why wouldn't you want a specialist handling the financing for what is typically the largest investment of ones life?

Whether it is a mortgage specialist through a major bank or a mortgage broker those are the people you want in your corner to help ensure success in your real estate transaction!

Karen and her partner Cara are 2 excellent and hard working gals that our team has had the pleasure of dealing with on multiple occasions with clients coming from all different financial situations. We asked them for their Top 5 reasons why mortgage brokers are beneficial to you in real estate transactions?

1. Have your paperwork ready in one folder and make sure your name is on it. Seriously - people send JPEG's of their computer screens all the time! Being prepared is half the battle.

2. Go Variable! - a good mortgage broker can walk you through a strategy to ensure it makes sense and shelter a client from penalties.

3. Don’t take the mortgage protection plan insurance through the lender. Go to a financial planner and get your insurance instead (but have insurance!)

4. Rate is not the most Important piece of the mortgage. It is important but not the most important! If you are hit with a $15,000 penalty because you are with a lender who gouges on a prepayment penalty versus a mono line lender where it would be $4800 instead - then they didn’t save anything really.

5. If you are shopping new builds and going to the show homes, your realtor can still represent you!

Thanks to Karen for some great advice and we hope that we can help give you the best tips in the industry from the best in the industry.

Want to connect with Karen and Cara, or get more information check out their website www.klmortgages.com or find them on IG

- From the Primeau & Co Team

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