Are you looking for a mortgage loan in Toronto? Well, chances are you’re flooded with relatives and co-workers advising you to go for either a Toronto mortgage broker or specialist.
Now, you might have thought that mortgage broker or specialist is the same, they both fix up mortgages. But, they are very different and in reality, these two subjects have a plethora of differences.
Today, this blog will help you understand the difference between a mortgage broker and specialists, and which to pick for assisting you in your Toronto mortgage loan.
Mortgage Broker vs. Bank Mortgage Specialist
The Mortgage broker is the intermediary or middleman that conjoins the mortgage lenders with the borrowers. He/she accesses the borrowers’ paperwork and delivers them to the lenders for pending approvals. The mortgage fund then collected is done in the name of the lender who pays the broker an origination fee for his service.
Basically, if you hire a Toronto mortgage broker, your agent will collect information like a credit report, income, asset and employment documentation etc. and determine your ability to finance the lender. He/she will then chalk out your loan type and amount and send it to the lender for approval.
Your mortgage broker moreover, will consult several lenders and work to find you the lowest mortgage rates and secure loan programs. This will undoubtedly save you tons of money and time as the broker has contacts with various lenders. What’s more? Your Toronto mortgage broker won’t press you for payments until your loan is sanctioned and closed.
Hence, not only will your broker work on more personal grounds, he/she will ensure that if one lender cancels the loan approval he will apply to another. Hence, in this way a broker is basically his own boss and provides you with assured ROI in consideration with the mortgage loan.
Mortgage specialists are basically commercial bank loan officers that specialize in mortgage loans. These officers select the bank's mortgage offerings and help customers frame applications and walk them through the process. Based on the borrower’s financial status, these specialists select the applicable offerings of banks and present them to borrowers.
When it comes to convenience, picking a Toronto mortgage broker is more convenient rather than a specialist. While a specialist will only offer you what his/her commercial bank offers, the broker can offer you the best loan deal with a minimum mortgage payment.
As the broker deals with innumerable lenders, he knows which lender to pick for supporting your mortgage loan depending upon your financial status. Additionally, at certain times, your financial status and credit reports might be lower than expected.
Your bank specialist will only, therefore, offer loan and mortgage options that are not profitable to your plan. However, the selected Toronto mortgage broker may have lots of contacts who are agreeing to work with you despite your financial conditions.
In this way, without excess interest rates, your mortgage broker will offer you the best deal.
Also, they work on a more personal level while the specialists paid by the banks are impersonal and only consider their noted profit.
So, now that you know the point of differences between the two, find yourself a reliable mortgage broker around town today and get the lowest interest with suitable deals.