In some cases, the client may be seeking certain mortgage options that are only available through certain lenders. Brokers are intimately familiar with each lenders policy regarding pre-payment privileges and payment options. In other cases, certain lenders might be offering incentives that would prove beneficial to the mortgage applicant. The broker may place the mortgage with such a company if the incentive adds value and makes sense for your own set of circumstances. A mortgage broker is generally familiar with the incentives being offered at various institutions.
Mortgage brokers act on behalf of the borrower.
They put together a package outlining your specific needs and present it to the mortgage underwriting staff of the lending institution. Their relationships with these underwriters and the sheer volume of business that they bring them enables them to mitigate certain credit and employment concerns that a lender may have when looking at a basic paper application. Strong relationships with these lenders also allow brokers to negotiate better rates, terms, and conditions for you. Copyright 1998-2001, Norm Fisher, Royal LePage Saskatoon Real Estate, all rights reserved. The information on this website is provided free of charge by Saskatoon Real Estate Agent, Norm Fisher and may be used, printed or copied for personal use only.