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The Pros & Cons of Mortgage Brokers that Every Home Buyer Should Know About

Mortgage brokers play a crucial role in clarifying and assisting the client in the successful completion of the mortgage pre-approval and the mortgage application process. There are pros and cons of using mortgage brokers that are clearly explained in this presentation.

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The Pros & Cons of Mortgage Brokers that Every Home Buyer Should Know About

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  1. The Pros & Cons of Mortgage Brokers that Every Home Buyer Should Know About

  2. What is a mortgage broker? One-stop-shop for mortgages Licensed by a provincial authority Have access to a large network of mortgage lenders A mortgage broker refers to a middleman who manages the mortgage loan process for businesses or people.

  3. Types of mortgage lenders They are responsible:- • Direct Lenders • Originate • Process • Fund the loans themselves • Work with multiple wholesale mortgage companies • Act as a single point person • Help you compare multiple loan options Direct Lenders Mortgage Brokers

  4. Pros and Cons of Using a Mortgage Broker in Canada Free: You can use their services for free because they are compensated by the lender. No access to some lenders: Not all lenders work with brokers. Pros Cons

  5. Pros and Cons of Using a Mortgage Broker in Canada Better rates: Most mortgage brokers receive volume discounts from their top lenders, which causes lower mortgage rates. Expensive Fees: Because they get more complex loans, and HUD says that complexity does drive up lender costs. Pros Cons

  6. Pros and Cons of Using a Mortgage Broker in Canada Profit Margins: Brokers can set their own profit margins and may be easier to negotiate with. Long loan closing time: Brokered loans can take longer to close & it can create problem if you have a tight deadline for home buying. Pros Cons

  7. Contact Us Alpha Mortgage is the best mortgage broker in Surrey, which offers various types of mortgage services to the customers like Second Mortgages, Commercial Mortgages, and more. Address: 12830 80 Ave #202, Surrey, BC V3W 3A8, Canada City:Surrey State:British Columbia Country:Canada Zip Code (Pin no.):V3W 3A8

  8. Thanks

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