Going directly to the Bank vs. Guelph Mortgage Brokers

So you have scouted your target market and finally found the perfect home in Guelph. The chances are that you are pondering what to choose between using a mortgage broker and going directly to a bank for a home loan. You are not alone; most homebuyers searching for the best mortgage find themselves in this spot.

Let’s clear the confusion for you, and explain why opting for mortgage brokers in Guelph is the best way forward.

First Things First: What is a Mortgage Broker?

A mortgage broker is essentially a freelance professional who acts as a go-between you and the lender. He or she doesn’t work directly for a lender but has access to the mortgage lending market. What’s more, mortgage brokers in Guelph do almost all the work for the mortgage process. They find and survey potential lenders and monitor all the transactions in-between until the loan is closed.

Traditionally, your chosen mortgage brokers in Guelph are responsible for the following tasks:

  • Handling all required paperwork
  • Surveying all possible lenders
  • Examining your credit profile – credit history and credit score
  • Collaborates with various agents – insurances brokers, realtors, loan officers, etc.
  • Giving you financial advice
  • Helping you with anything every step of the way

Loan Officers vs. Mortgage Brokers Guelph

While both professionals might help you secure a mortgage, the stand out difference between them is that loan officers work directly for the bank or lender while mortgage brokers in Guelph are independent and act as connectors between the mortgage lender and you (the borrower). Mortgage brokers in Guelph are impartial and often partner with many lenders to help you garner the very best mortgage rate and terms. A loan officer, on the other hand, is usually loyal to the lender and might not hold your best interests at heart.

Who Opt for Mortgage Brokers in Guelph?

In the past decade or so, more and more homebuyers have been switching to mortgage brokers in Guelph for their home loan needs. And for good reason. Besides being unbiased, they know the ins and out of Guelph mortgage market. As such, they have unfettered access to more favorable lending conditions and better mortgage rates.

Mortgage brokers in Guelph like Rob Campbell leverage their connections with lenders and decades of experience to make the entire mortgage process hassle-free and fast. Unlike banks, the best mortgage brokers in Guelph can help you navigate the murky mortgage world especially if you have a less than stellar credit history.