Reason #1: Getting the deal approved

Great deals get snatched up very quickly in real estate.  Unless you are buying the property with cash, you probably want to be assured that you can get the financing without a doubt in your mind.  Since a mortgage broker works with many different lenders and many different lending criteria, the broker will have a much better chance of getting you approved than the big banks.  For example, some lenders allow up to 10 rental properties while others only allow up to 4.

Reason #2: Better rate

A mortgage broker can find very quickly the most competitive rates for you and tailor the financing package to your individual needs since a broker knows the best rates from each lender on the various products that they provide.

Reason #3: More options

A mortgage broker not only can get financing from traditional lenders but also from private lenders such as mortgage investment corporation (MIC), investment holding companies and individuals with money to lend.

Reason #4: Save time and effort

You can save time and effort by submitting just one mortgage application and the broker will do the leg work of finding the mortgage that will work specifically for you.  You don’t have to shop around to many different financial institutions and still get the best financing solution.

Reason #5: Getting the benefit of expert advice on how to finance the property

Since mortgage brokers are experts in the field of getting financing, you can pick their brains on the best way to finance a property.  For example, if you are buying a property in an appreciating market and the property value is high and the rent is low relative to the property value, you might want to get a mortgage that allows for longer amortization.  Why?  Ask a mortgage expert: to keep the monthly payment as down as possible so that it still cash flows and you can still enjoy that extra vacation you’ve been planning for!

If you are looking for a great mortgage broker to work with in Ontario, please contact us and we can refer our in-house mortgage broker to you.  I’m sure you’ll find his service to be very valuable.