May 11, 2023

The Benefits of Using a Mortgage Broker in the Post-COVID Real Estate Market

The Benefits of Using a Mortgage Broker in the Post-COVID Real Estate Market

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Navigating the choppy waters of the Canadian post-COVID real estate market? Why a Mortgage Broker is a Good Choice, Especially Now!

As the Canadian housing market continues to experience fluctuations in mortgage rates and inflation, the value of mortgage brokers in helping homebuyers and homeowners navigate the market is increasingly apparent. With their expertise and knowledge of the industry, mortgage brokers can provide valuable assistance in securing a mortgage, refinancing, or debt consolidation.

In a post-COVID real estate market in Canada, the role of mortgage brokers has become even more critical. With the Bank of Canada raising interest rates eight times since March 2022, many people have been faced with increasing mortgage payments and renewals. In this environment, having a mortgage broker who can navigate the changing markets and offer personalized guidance is an invaluable asset.

One of the key benefits of working with a mortgage broker is that they do the legwork for their clients and protect their credit score. Rather than having to shop around from bank to bank, a broker can pull their clients’ credit score once and use it to compare rates and products from different lenders. This not only saves time and effort but also ensures that the client’s credit score is not negatively impacted by multiple credit inquiries.

In addition to their ability to protect their clients’ credit score, mortgage brokers also have access to rates and products that individuals may not have access to when they go directly to the bank. By working with multiple banks and lenders, brokers can secure better rates and products for their clients, ultimately saving them money in the long run. Furthermore, because brokerages are paid a commission by the banks they work with, clients do not have to pay any fees for their services.

When choosing a mortgage broker, it is essential to do some due diligence to ensure that you are working with the best one for your needs. Looking up online reviews and asking the brokerage about the types of banks and lenders they work with can help you make an informed decision. Ultimately, working with a mortgage broker can provide significant benefits, including personalized guidance, access to better rates and products, and protection of your credit score. In a post-COVID real estate market in Canada, having a mortgage broker on your side can make all the difference.

At Everything Mortgages we are a team of licensed experts who are ready to help find the mortgage solution that’s right for you. What drives our motivation to succeed is not the loan we secure but the difference we make. Whether it’s helping the first-time home buyer purchase their first home, the small business owner looking for a better solution or the hardworking professional break free from high-interest debt, we work hard to help you become mortgage-free sooner and build wealth creation faster. 

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