Your Credit and the Advantages of Using a Mortgage Broker
Every bank has its own preferences for what type of client they are looking want. They all have different programs and lending policies. If you go shopping from one bank to another, each bank will do a credit bureau report. When bankers see that you have been to several lenders, they will assume that you are having difficulty in getting a mortgage. This can create problems for you.
On the other hand, a mortgage broker will run one credit bureau in the computer and send the same credit bureau electronically to as many lenders as you want. This way only one inquiry shows up on the bureau.
Protect your credit history. Use a Mortgage Broker to do your shopping. You'll save your reputation, your time and there is no charge for the service because the bank will pay a finder's fee to the broker. In fact, the broker may even know of a lender, that you haven't thought of, who will give you the best mortgage rate in Canada.
The best rates are not normally listed on bank sites. For the lowest mortgage rates in Canada click here. Remember, rates can vary greatly depending on the applicant, the property or the area. For details on how to position your application to your best advantage go to mortgage calculators, credit bureau and the appropriate link for the type of home type of home you are buying.
