...Why not choose both?
Online mortgage searches and options are becoming more popular than ever. So the question that sometimes comes up is, should I work with a good mortgage broker or go it alone myself with online options.
We think the right answer is a combination of both.
Most of our customers want a mortgage at the lowest rate possible, and we agree; the best rate is always desirable. The exception is when the best rate might not be available, or when it comes with terms that might end up costing you a lot more than a mortgage with a slightly higher rate but more favourable terms for your particular situation.
That’s one of the real differences between simply finding a low rate online, and both finding and qualifying for a mortgage that will work hardest for you. You’d seriously be surprised what can happen with a great rate, but with less than great terms.
In today’s world, all of our potential customers do homework, and we all know that there’s no better place to start than on the web. That said, finding the right deal online is sometimes like getting diet or fitness advice from someone. It can be great advice provided both you and I are identical, but if I have any health or physical limitations, that one-size-fits-all approach is going to be pretty useless for you. The same logic applies when it comes to getting you the best mortgage and financial plan for your goals.
If you have pristine credit and perfect debt load, the world is your oyster. If you don’t, just watch how fast things change once you try to navigate less than perfect financial waters on your own. Lenders make pretty quick decisions, and if you don’t create a few changes in your life or get some proven guidance before you try to get approved for a mortgage, you might not like where it takes you.
As well, everyone is unique, and you need to choose a path that is not only right for your particular financial goals, but your personal comfort levels in life. Some people are really comfortable digging in on their own and finding the time to reach out to individual lenders on their way to getting a mortgage. Others are time starved, and not remotely interested in finding the time to travel this path. They prefer that someone experienced, skilled and transparent take on that heavy lifting for them,
The route you choose should be determined by what’s going to produce the best results for you based on your needs and your comfort levels. Anything else will probably cost you money.
At the end of the day, a great mortgage is usually the right combination of rate, terms and a custom-built eye on the financial path that’s perfect for you and your personal situation. Whether you choose to work with a mortgage broker is your decision, but if you don’t have perfect credit and the right debt load, a great mortgage broker could be worth their weight in gold to you. Here’s the best part: in almost every case, it won’t cost you anything to find out what a broker can do for you.