Kofsky Mortgage

Is It A Good Idea To Use A Mortgage Broker??

A: Yes!

Your mortgage is a big decision and often the largest loan of your life up to this point and as such you will want what is best for you and your lifestyle. A mortgage broker’s role is to provide you with expert, professional advice and the best mortgage options that will work well for your lifestyle. We expedite the process and make things easier for you.

Nearly every realtor that you will work with will recommend a mortgage broker. Why??

Many of your friends, your family, and many of your colleagues have chosen to use an independent mortgage broker instead of going directly to the bank/credit union. Why??

Well, think of it this way… Would you go into a courtroom and represent yourself? Not likely. Would you let the opposition lawyer act on your behalf? No, of course not!

Ultimately, if you choose to go directly to the bank or credit union without a mortgage broker you will be doing just that. Does that sound like a good idea to you? NO!

Here are 5 great reasons to use a mortgage broker

  1. We can save you time and money: When you use a mortgage broker like me, you can save time and money. Instead of applying at the lenders yourself and potentially lowering your credit score, your mortgage broker should do all the heavy lifting and all the legwork. Not only can this save you time, but it can also save you money. Many of the lenders will advertise rates but if you meet with the lender on your own, you may not qualify for them AND worse yet you may get pushed into a mortgage with sky-high penalties and no flexibility. If your broker can find you a mortgage with a lower rate, better options and more flexibility that could mean thousands of dollars in savings over the life of your mortgage.
    • Just FYI an independent mortgage broker can go directly to the lender of your choice (like the bank/credit union) anyway. We just act as an intermediary and work on your behalf to provide you with the best possible options that help you the most!
  2. There is no cost to you (most of the time): Your mortgage broker is compensated directly by the lender, so most of the time there’s no cost to you as the mortgagor. The only time you may have to pay a fee is when working with a private lender or a lender who refuses to pay the broker fees (which is very rare), but the broker should tell you in advance of those potential extra costs.
    • Many times I hear from potential clients “if the lender is compensating you (the broker) they will just apply those costs directly to me”. That is a good point BUT the lender will likely charge you that dollar amount anyway (THEY ARE A BUSINESS AFTERALL) and the compensation that goes to the broker is small enough that over the course of your mortgage term you will likely be saving more money anyway and therefore is still worth it.
  3. An Independent mortgage broker offers you unbiased advice and greater choice: Your mortgage broker is an independent agent that works directly for you personally. Brokers typically work with dozens of lenders. Client referrals and great google reviews are what we need to survive. It is in our best interest to ensure you are fully satisfied with your unbiased advice. The best brokers should choose lenders and mortgage products because they’re best suited for you, not because of any finder’s fee. Here is the thing, the mortgage advisor/officer at the bank/credit union is paid a salary and is compensated for hitting their own sales targets. You are just another sale to them and as such, you may not be getting the best loan for you and your lifestyle.
  4. Lower mortgage rates for you: A mortgage broker may do a lot of business with some specific lenders, which gives us volume bonuses, we can pass those savings on to you. Your broker acts will act as your official negotiator. This means that we can likely get a better mortgage rate for you than you otherwise would be able to if you went directly to the lender yourself. Therefore if we get you a lower rate it means you have lower payments!
  5. You can protect your credit score: If you do all the legwork, all the heavy lifting and apply at dozens of lenders yourself, not only is it time-consuming, it can lead to a lower credit score for you. Here is the thing; did you know that each time you apply at a lender, they have to check your credit score to ensure you can afford their products. If you do too many credit checks within a short period of time, it can lower your credit score. With an independent broker, typically we only have to pull your credit score once, helping protect your credit score.

The bottom line is I WORK FOR YOU NOT THE LENDER. Please remember that every mortgage is unique just like every thumbprint is unique. Ultimately, if you decide to work directly with your lender, they will sell you on one of their own ‘one size fits all’ products. If you decide to work with me, I am your personal mortgage expert and I will provide you with simple mortgage solutions that fit and work best for you.

Call me anytime at 604-202-9913 OR Email me at [email protected]