Don’t Be Fooled By These 4 Common Mortgage Broker Myths

1
Dont Be Fooled By These 4 Common Mortgage Broker
Myths
2

• For those who have never chosen to seek help from
  a mortgage broker, it may be because youve heard
  a few things about them that just arent true.
• Mortgage brokers can be immensely helpful when
  searching for a great deal on a loan, and many of
  their clients are able to make significant
  savings that they simply wouldnt have been able
  to, had they gone through the mortgage
  application process alone. Because theyre
  independent and arent affiliated to any one
  lender, they can search through all of the deals
  to find the one thats the best fit for you and
  your specific circumstances. Not only that, but
  some lenders offer brokers exclusive deals that
  arent made available to consumers searching for
  a loan without professional guidance. However,
  with a number of myths surrounding mortgage
  brokers and the work they do, some consumers hang
  onto the mistaken belief that seeking their help,
  simply isnt worth it.

3

• Check out these common myths surrounding mortgage
  brokers, and if its possible that any of them
  are responsible for clouding your judgement,
  maybe now is the time to recognize the truth and
  put a little faith in your local mortgage broker
• Myth Number One
• Mortgage brokers are really expensive
• Because mortgage brokers are compensated by the
  lender once your mortgage has closed, this means
  that you dont have to pay a fee for their
  service at all.

4

• Myth Number Two
• All mortgage brokers are employed by banks
• This is completely and utterly false! Mortgage
  brokers are totally independent, and are not
  affiliated with, or employed by, any one lending
  institution. The role of a mortgage broker is to
  discuss your financial circumstances with you to
  get a clear understanding of what you can afford,
  and then to search for a mortgage that is the
  best match for you. The best match will include
  the best rate, the best prepayment privileges,
  and the best terms should you need to break the
  mortgage during the term.

5

• Myth Number Three
• Mortgage brokers will only work for those who
  have issues with credit
• If you do have credit concerns, a mortgage broker
  is often in a great position to help you, but
  typically, you would work with one so that they
  can find a legitimate lender to offer you the
  best mortgage for your needs note that this is
  usually better than any mortgage a retail bank
  branch would be able to offer you.
• Myth Number Four

6

• Mortgage brokers are bank representatives
• Again, totally and utterly false! A bank
  representative may wear a number of different
  hats and be referred to by any of the following
  titles specialist, account adviser, consultant,
  but they are not mortgage brokers and will never
  refer to themselves as such. The role of a bank
  representative is to sell the products of their
  bank they certainly dont have the ability, or
  the permission, to broker mortgage deals from
  competitors. Not only that, but bank
  representatives do not possess the licensing and
  educational requirements of a mortgage broker.
• Now that you understand fully what a local
  mortgage broker is and how engaging with one can
  help you, isnt it time you got yourself a great
  mortgage deal?

7

• Mortgage-broker-Calgary is your best resource for
  finding a mortgage for your property. Luke Wile,
  is the best mortage broker in Calgary and is
  proud to serve clients from across Canada, while
  being centered in Calgary, Alberta. Luke is proud
  to serve his clients with a personalized approach
  to finding his clients the best and lowest
  Canadian interest rates and terms offered by the
  major banks and private lending institutions. If
  you are looking for best mortgage rates in
  Calgary, with Luke Wile you can get fast and
  personal expertise for your mortgage. Contact us
  today!