Quick Answer: Why You Should Not Use A Mortgage Broker?

Is it better to go through a mortgage broker?

For certain borrowers, traditional banks could offer loans that are more advantageous than what a mortgage broker could offer.

Mortgage brokers may have less control over your loan file because it’s not underwritten in-house like with a mortgage banker.

Is it safe to use a mortgage broker?

“It’s higher among first-time buyers. Finding a deal, or the desire to get the best rate, is the key reason people use a broker.” Because mortgage brokers work with many lenders, including major banks, small lenders, insurance and trust companies, and private funds, they often have access to a better rate.

Why should you use a mortgage broker?

By using a mortgage broker, you will have access to more mortgages than available directly to you as a consumer. This is because there are mortgage lenders who only lend through mortgage brokers and many lenders who create exclusive mortgages only available through a mortgage broker.

Can a mortgage broker get you more money?

They will probably save you money. Mortgage brokers either have access to thousands of lenders and they can find you deals, or they are tied to specific lenders and they may be able to get you an exclusive deal. Ultimately, you are probably more likely to get better rates with a mortgage broker than without.