May 8, 2020
A professional mortgage broker originates, negotiates, and processes residential and commercial mortgage loans on behalf of the client.
I have used various mortgage brokers throughout my real estate investing career and let me tell you that some are really good to work with and some are not.
Why I am saying this?
Because we get a lot of CMHC Financing and some mortgage brokers do not understand CMHC financing. CMHC is a government insurance program that allows us to get longer amortization at a really good interest rates which is important for long term buy and hold type of investments.
So choosing a mortgage broker really depends on your need.
A mortgage broker offers a wide range of mortgage loans from a number of different lenders. The greater the broker's experience and network, the better your opportunity to obtain the loan product and the interest rate that best suits your needs.
A mortgage broker also help you find the most advantageous deal for you as they verify the numbers for you. With access to a wide range of mortgage products, a broker is able to offer you the greatest value in terms of interest rate, repayment amounts, and loan products. Mortgage brokers will interview you to identify your needs and your short and long term goals.
A good mortgage broker also has flexibility and expertise to meet your needs. A mortgage broker navigates the client through any situation, handling the process and smoothing any bumps in the road along the way.
For example, if borrowers have credit issues, the broker will know which lenders offer the best products to meet their needs. Borrowers who find they need larger loans than their bank will approve also benefit from a broker's knowledge and ability to successfully obtain financing.
A mortgage broker should be part of your power team as (s)he can refer to deals as well per your interests. While a mortgage broker has set up relationships with different lenders he can compare the best interest rates per your needs and offers you best available options which saves you a lot of time.
By now you will have a very good understanding of how a good mortgage broker is a vital part of your real estate investments.
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