A mortgage broker is a person who will represent you at the bank or any other mortgage agency and will help you in closing the deal.  They basically act as a bridge between the lender and you, and try to make the contract beneficial to both the parties.

While you can do all that a mortgage broker on your own, there are still plenty of solid reasons to hire one.

• They are experienced

A broker is completely skilled in getting a mortgage loan approved. While you may be going through the process for the first time, the broker has been through this plenty of times and thoroughly knows the ins and outs.  This experience will help you considerably in acquiring the best possible offer.

• They know everything about mortgages

When applying for a mortgage, it is really important that you choose a type that suits your income and even your personality. Selecting the wrong type can have adverse effects later on. For instance, if monthly budgets do not worry you much, you may be better off with a variable rate. You may not be aware of this, but mortgage brokers are. Thus, brokers will only present you offers which can fit your personal situation.

• They can find the best deal for you

Generally, a mortgage broker knows all the mortgage rates in Canada. He also knows the lenders who are offering these loans. He can easily compare all the deals of different lenders in terms of many factors such as the down payment, rates and payment schedules, and can determine the best option. You may think that even you could compare four to five lenders, but that is just it. A mortgage broker can work with as many as a hundred lenders.

• They do not charge a fee

As surprising as it may seem, mortgage brokers are really free, and will not charge you a cent for their services. However, this does not mean that they are not getting paid for their work. A mortgage broker’s fee is covered by the lender when a deal is finalized. It is similar to a commission which a broker gets for bringing customers to the lenders.

• They can help you save time

Lenders can take quite a lot of time to approve mortgages. However, a broker can aid in quickening the process.