Ask an Expert: 8 Reasons Why a Mortgage Broker May Be a Great Option

At Avi Urban, we work with the experts to help you make the best decisions when buying your new townhome or apartment with us. One of these experts is Ayashah Kothawala, a mortgage advisor with Jencor Mortgage Corporation. She’s currently working with some of our homeowners at Prospect Rise Kincora to find the best mortgage for them.

There are many different routes when searching for a mortgage, and Ayashah answers eight common questions about mortgage brokers:

1.       What’s a mortgage broker? They’re independent, trained professionals licensed to represent and provide you with the best advice for your mortgage needs.

2.       Why deal with a mortgage broker? There is a wide assortment of options and features available to homebuyers. Mortgage brokers represent you, the customer, not the lender. They’re not limited in the product they can offer you, so brokers can seek out the best lender package to suit your specific situation.

3.       Other than rates, why should I use a mortgage broker? Because mortgage-based financing is the broker’s primary business, he or she has developed expertise in what type of mortgage financing each lender prefers to pursue.

4.       How do mortgage brokers find superior rates? Rates and preferences for types of mortgages can change daily. Your mortgage broker keeps current and knows which lender to approach first. As a result, mortgage rates obtained by brokers are among the best available at the time of placement.

5.       Why should I go to a mortgage broker first? Often the success of obtaining a mortgage approval depends on the way a proposal is presented and to whom it is sent. Your broker is trained to present your mortgage proposal where and how it will get the most immediate, positive result.

6.       Do brokers only do residential mortgages? Brokers can place all types of loans, provided they are backed by mortgage collateral. This includes small loans backed by a residential property to million dollar commercial loans.

7.       How do brokers get better deals than many banks? The lenders who work with mortgage brokers include traditional sources, like chartered banks, trust companies, as well as corporate and private pension funds. Plus, brokers often develop professional relationships with private sources of funds, termed private lenders, who provide various mortgage products  not available at conventional sources.

8.       Can I still go through my bank with a broker? Yes, letting a mortgage broker represent you to your own financial institution can often result in a better rate than you could get on your own.

At Avi Urban, we know there are tons of options when choosing a mortgage, from working with your bank directly to choosing to use a mortgage broker. Talk to our sales associates for more information on the best route for you. To connect with Ayasha, you can reach her at ayashah@jencormortgage.com.

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