For the inexpensive method of working through an independent mortgage broker, lenders allow brokers access to wholesale lending rates for the market. Putting mortgages out through their branches is an expensive way for banks to get the business. Paying only for good mortgages successfully brought into the bank/lender is a cheaper and more effective way to build their mortgage portfolio.
When you shop Financial Institutions directly by yourself, your credit bureau is pulled each time and this will, in itself, reduce your credit rating each time. If your mortgage application, for whatever reason, is declined you will have to begin the process all over with another Lender. When you deal with a Mortgage Logic broker only one credit bureau is pulled and shopped to the appropriate Lender, or lenders, for review and approval.
Contact Us to proceed with getting the best mortgage at the best rate on the market.
Most lenders will allow a rate lock-in for switching to them for 60-90 days. They will guarantee that you will get that rate, or lower if rates drop by the time your current mortgage matures. Let us start shopping around, don'tÂ leave it until the end because you may miss a very low rate window of specials that may come on the market. If you are doing a straight switch of your mortgage and not increasing the amount (re-financing), your new mortgage company may cover the costs of the switch.
Renewal notices sent out by most lenders will offer to their borrowers their posted rates. These rates are usually not their best rates. We will investigate a lower rate in the market and secure that for you. Making a simple phone call (204) 885-3438 or Email Us is all it takes to get you the lowest rate on the market and save thousands of dollars!
Mortgage clients typically do not pay a fee for the services of a Mortgage Consultant/Broker. Financial institutions pay a finder’s fee to Mortgage Brokers and at the same time offer them their best discounted rates and fast approvals in order to gain their business. This helps financial institutions gain a larger share of the market. A Mortgage Broker can shop among many financial institutions for the best rate and mortgage product for the needs of the client.
A fee may be necessary for clients who have difficult credit and cannot be placed with a traditional lender. This cost must always be disclosed to the client up front and must be authorized in writing by the client before it can be charged.