Many are going from bank to bank and lender to lender trying to get an approved mortgage. It can take forever, and it isn’t a guarantee that you will get an approved mortgage. This is where the mortgage broker Montreal comes in. They are making it easier to get loans approved. The only problem is that many people believe in the myths that are going around about these agents. Something that causes people not to use brokers at all. These are some myths that are busted and for sure not the truth.
Mortgage brokers are expensive
One thing is for sure. If you are getting a mortgage, you are going to pay high premiums for a long time. The last thing that you want is to pay the broker’s fees as well. This is a rumor that is going around. That brokers are a lot more expensive than Private mortgage lenders Montreal.
This is a myth. Yes, you are going to pay a fee for using the broker. But, with the money and time that you are saving, searching for an approved loan yourself, this is a small fee to pay. And it will surprise you about how small the fee actually is, considering all the work they are doing for you.
They only looking out for banks
A misconception about Mortgage broker Montreal is that they are only looking out for the banks. Meaning that the banks are their primary concern. That the banks are paying them to give them clients for mortgage loans.
However, this isn’t the truth at all. Brokers are working for themselves. They are sending loan applications to banks, lenders and private lenders. Finding the best deal for their client. They aren’t working for any bank.
You will get better deals with lenders than with brokers
If you need to choose between applying for a mortgage at a lender or going to a broker which one would you choose? Most people will choose the lender. This is because people believe that they will get a much better deal with a lender than with a broker.
This isn’t the case. With a lender, you are only going to get one offer. One interest rate and one installment option. With a broker, you are going to get multiple offers from different lenders, with different interest rates and different installment options. So basically, you will get a better deal with the broker than with an individual lender.
It is a waste of time and money to make use of a mortgage broker
Many believes that it is a waste of time and money to make use of a mortgage broker Montreal. In fact, this is so far from the truth. With a broker, you are filling in one application form, and seeing one person for getting a loan. When going to someone else, you need to file an application form in every time you are applying for the loan, seeing different people, taking an enormous amount of time. And then not half of it will be approved and affordable.
This is really not something that is going to be a waste of time and money. In fact, this is actually the best idea to make use of a broker that is doing all the hard work for you. Making sure that you are getting the best deal, saving money, and not worrying about seeing different lenders and banks for applying. For sure, not a waste of time and money.
One thing that we all hate is the myths and lies that are being told on the internet. Confusing us and letting us doubt certain things. One of these things is if we should make use of mortgage brokers or Private mortgage lenders Montreal when we are looking for an approved mortgage loan. With all these myths busted, you will realize that making use of a broker is a much better idea than going from the one lender to the next. These are just some of the myths busted. You need to get all the right information, before you decide that brokers aren’t for you.