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What is a mortgage broker?

– moneysense.ca

Mortgage brokers are a highly regulated specialized alternative to Canada’s big banks. But what is a mortgage broker exactly? And, When it comes to the purchase of your home, why would you choose a broker over a mortgage specialist at your bank? 

Get the mortgage rate that works for you.Find the best rate for you in under 2 minutes at ratehub.ca. Let’s get started.I’m buying a homeI’m renewing/refinancingYou will be leaving MoneySense. Just close the tab to return.

First, let’s tackle the question: What is a mortgage broker?

Similar to your real estate agent and real estate lawyer, a mortgage broker is an expert in the home-buying industry. While a bank offers its own suite of products and services, a mortgage broker can tap into a network of lenders, ensuring the best mortgage and rate for your personalized needs. For a bank, that practice would be akin to going to its competition to get a better deal. It just wouldn’t happen. 

“People think you go to a mortgage broker when you have bad credit or the bank won’t give you a mortgage,” says Paula Scott, a licensed mortgage broker and founder of Best Rate Financial, a brokerage that sits under The Mortgage Centre, an established mortgage brokerage network…

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