Three Reasons to Use a Mortgage Broker in Vancouver
For Arthur Dubreuil, the recent purchase of his new house will sound like a similar story for many homebuyers. Looking to upsize to meet the needs of his growing family, the Toronto area resident looked east outside of the city for a more affordable option. What he found was a perfect and affordable 2,000 square-foot home on an acre of land in the community of Cobourg, Ontario.
“The price point and what you get for the value moving out of the city… we couldn’t have something like that in the city,” Dubreuil said. So when it was time to get financing, he turned to a trusted source, a Dominion Lending Centres mortgage professional he used in the past.
With the help of a mortgage broker, Dubreuil was able to move into his new home at the beginning of the year. And with a three-year-old son getting ready to start school soon, he figures his family will be in their new home for many years to come.
Q: Why did you choose a mortgage broker?
A: I got pre-approved at the bank before I did anything. The interest rates were higher with the bank then by choosing my mortgage broker. I used my broker prior with my last home when I got my first mortgage. It seems like things are a lot clearer using a broker rather than using a bank. They’re [the banks] not very forthcoming. When I went to the bank they were telling me all these different things, basically, the mortgage and rate was not negotiable. My broker found me the cheapest rate he could find. He actually got me a better rate.
Q: How was your experience working with a mortgage broker?
A: It was good. I had no issues, everything was professional. He was very straightforward with me, especially when it came to details about buying a house. Especially with these new rules and regulations put in place. He talked me through what my options were, and it worked out well.
Q: What advice would you give someone in your situation?
A: I just gave my buddy some advice, he’s doing the exact same thing but buying his first home. I told him everything you need to do. Clear away any debts and speak to everybody before you actually make a choice of what you want to do and get a mortgage. Go through your options rather than not. A lot of people just stick with the banks because they’re big and they’re trusted.
Originally posted on the Dominion Lending Centers blog by Jeremy Deutsch.