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  • Writer's pictureBalraj Maan

10 Reasons To Use A Mortgage Broker

Updated: Jan 14, 2019

One of the most common questions that I get asked is why someone would choose to work with a mortgage broker when considering home financing options. The main ones I refer to are a wider array of choice and the fact that we represent our clients best interest rather than that of the lending institution. We work specifically for you and you get access to our lending network which can include dozens of options. Below you'll find ten great reasons to use a mortgage broker.

1. Independent Advice On Your Financial Options

As independent mortgage brokers and mortgage agents, we’re not tied to any one lender or range of products. Our goal is to help you successfully finance your home or property. We’ll start by getting to know you and your home ownership goals. We’ll make a recommendation, drawing from available mortgage products that match your needs, and we will decide together on what’s right for you.

2. Save Time With One-Stop Shopping

It could take weeks for you to organize appointments with competing mortgage lenders — and we know you’d probably rather spend your time house-hunting! We work directly with dozens of lenders including banks, credit unions, and other national lenders, and can quickly narrow down a list of those that suit you best. It makes comparison-shopping fast, easy, and convenient.

3. We Negotiate On Your Behalf

Many people are uncertain or uncomfortable negotiating mortgages directly with their bank.

4. More Choice Means More Competitive Rates

We have access to a network of major lenders in Canada, so your options are extensive. In addition to traditional lenders, we also know what’s being offered by credit unions, trust companies, and other sources. And we can help you take care of other requirements before your closing date, such as sourcing mortgage default insurance if your down payment is less than 20% of the purchase price.

5. Ensure You Are Getting The Best Rate And Terms

Even if you’ve already been pre-approved for a mortgage by your bank or another financial institution, you’re not obliged to stop shopping! Let us investigate to see if there is an alternative to better suit your needs.

6. Get Access To Special Deals And Add-Ons

Many financial institutions would love to have you as a client, which is why they often offer incentives to attract creditworthy customers. These can include retail points programs, discounts on appliances, shopping clubs, and more. We do the math on which offers might be worth your attention when it comes to financing or mortgage insurance — so you get the perks you deserve.

7. Things Move Quickly

Our job isn’t done until your mortgage closes. We’ll help ensure your mortgage transaction takes place on time and to your satisfaction.

8. Get Expert Advice

When it comes to mortgages, rates, and the housing market, we’ll speak to you in plain language. We can explain the various mortgage terms and conditions so you can choose confidently.

9. No Cost To You

There’s absolutely no charge for our services on typical residential mortgage transactions. How can we afford to do that? Like many other professional services, such as insurance, mortgage brokers are generally paid a finder’s fee when we introduce trustworthy, dependable customers to a financial institution. These fees are quite standard and nearly industry-wide so that the focus remains on you, the customer.

10. Ongoing Support And Consultation

Even once your mortgage is signed and paperwork is complete, we are here if you need any advice on closing details or even future referral needs. We are happy to be of assistance when you need it.

If you are looking for mortgage advice in Nanaimo or anywhere else on Vancouver Island, please do not hesitate to reach out to Balraj Maan, licensed mortgage broker, either at or call 1.250.626.7934.

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