Things to ask:
- Is using your local branch worth paying more interest than using a mortgage broker? A mortgage broker offers multiple lending options for you. For example, I have had a client call me and say I went into my branch and they gave me X.XX% what do you have. To which I respond with laughter and say through that same bank and through me I can get you .50% less. Banks take advantage of that relationship and up sell their rate to make more money, because you allow them.
- How do I know that my mortgage broker is doing the best for me? Ask your broker questions... how long have you been in the business? How much volume do you do? Have you won an awards? Any established broker will tell you a proud number. I for one have been in the top 15% of the company last year and have won two awards in my three years in the business. I have an approval rating for mortgages I have pre-approved and then sent to a lender for approval of 97%.
- If I was declined for a mortgage what do I do? Sometimes banks turn down deals because they don't fit their niches. Each bank has different things they like to do or see. Chances are a Saskatoon Mortgage Broker can approve these deals with the multiple options we can provide.