Your Mortgage broker Mississauga should be someone you trust as well as someone that has a proven track record. Be sure to ask them questions and see if they answer in a way that you understand. Before seeking a Mortgage broker Mississauga, you should do some research online and see what their reputation online is. An online reputation is what people have to say about them and their experiences. This can be found in reviews. There are many places people can leave reviews, so be sure that you read them. This will give you an idea of what to expect.
Also, you can go to social media and ask others who they have used in the past or would recommend. Many times your friends and family will offer up some suggestions of a solid Mortgage broker Mississauga. This is helpful as you have some advice from people you know about their particular service. Taking a minute to do your due diligence can save you headaches in the end.
Many people that have a straight shot in getting the very best interest rate through a bank due to their perfect credit and income, might want to skip a broker and go directly to a bank. However, this is not advisable for most people. Most people have some challenges either on their credit or maybe a lack of a down payment. In those cases, you would want to work with a Mortgage broker Mississauga.
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Direct Lenders vs Mortgage Brokers
When working with a bank directly, they are called a direct lender. These direct lenders can be banks, mortgage companies that just do home loans, or credit unions. They typically will lend money out at a certain interest rate. These rates are often published so you have an idea in advance.
A Mortgage broker Mississauga is a person that works with various lenders to get you the very best deal. They are great for those that have less than perfect credit scores, small or no down payment, or a less than perfect debt to income ratio. They work with lenders on a wholesale level, which means that they give lenders a lot of business. Because of this, the lenders will, at times, give them a better rate than anything published. They also build a reputation with lenders and if they bring them really good clients, they will be rewarded. Some lenders only work with brokers and do not offer direct lending as an option. This helps them streamline the process and not have to have so much overhead and staff as the mortgage brokers do the leg work for them.
There are pros and cons to going with both a direct lender or a bank. Because of this, you need to find what you are comfortable with. Its always helpful to take a look at some of these pros and cons.