Top 5 Differentiators of Homewise Vs Bank & Brokers

If you're a first-time home buyer, upgrading to a new home, or adding to your real estate investment portfolio, having a professional looking out for your best interests while navigating the abundance of mortgage options available today gives you a huge advantage by ensuring you always have the mortgage that's best suited to your individual needs and finances. But how can you pick the right mortgage lender or service provider? Banks and other lenders make a concerted effort to persuade mortgage borrowers that their branch personnel or mobile mortgage specialists can offer the same goods and services as registered mortgage brokers. In actuality, though, the two offerings are poles dissimilar.

The most significant distinction between banks and mortgage brokers is that mortgage brokers provide more options. Online mortgage approval in canada has access to a wide range of product lines from a number of lenders, including banks, credit unions, trust firms, and private funders. On the other hand, bank branches and specialists can only give you a mortgage from their one product line. Because brokers have more options, you'll be matched with the greatest product and rate for your specific financial circumstances. Brokers can also assist you if you are self-employed or have a credit history.

 

Mortgage brokers also get lenders fighting for your business at renewal or whenever you need to renegotiate your mortgage – which can save you a lot of money over time.

 

The Merits of Using a Mortgage Broker

 

Using a mortgage broker rather than a bank has various advantages. While doing your own research and locating a mortgage provider might provide some of the same benefits as dealing with a broker, a mortgage broker may have additional resources.

 

1. Prepares You - You can begin dealing with a mortgage broker rather early in the homebuying process. A mortgage broker can help you gather all of the documentation and information you'll need to apply for a mortgage, in addition to answering your questions about receiving a house loan.

 

2. Access to Various Loans - A loan officer can only present you with the bank's current home loan offerings. On the other hand, a mortgage broker can assist you in obtaining any type of home loan. Working with the best mortgage broker in Toronto can give you a shortcut straight to the relevant lenders if you're looking for a less typical sort of mortgage.

 

3. Individualized Advice - Let's say you don't think you'll qualify for a home loan, or you have special circumstances that necessitate further explanation (for example, gaps in employment or a thin credit file). In that instance, a mortgage broker may be able to assist you in locating lenders who are willing to work with you.

 

4. Convenience - Obtaining a mortgage is a lengthy procedure. Even when you've done your homework to discover the best bank for you, the application and loan closing processes are lengthy, with a lot of back-and-forth and demands for paperwork you thought you'd already submitted twice. A qualified mortgage broker will save you time and hassle by handling the paperwork and dealing with the lenders on your behalf.

 

As independent business professionals, mortgage brokers are not bound by quotas that can persuade them to favour one product over another because they have no personal investment in the outcome.

 

Mortgage brokers are experts in the field because it is what they do every day. And, unlike bank staff, they will not try to offer you a bank account, investments, or other things. Brokers specialise in mortgages and keep up to current on available mortgage products and any new products or changes to existing products or mortgage rules, so they can provide you with the best advice possible.

How Homewise Works?

1. Make Your Own Personal Profile

 

We'll create your unique profile using a few simple online questions and documents to match you with a fantastic mortgage. We'll provide you with suggestions and explanations along the route to assist you to comprehend each step.

 

2. We Bargain on Your Behalf

 

Our team of tech-savvy mortgage professionals comb through mortgages from a variety of banks, lenders, and credit unions to get you the best deals. So sit back and relax while we take care of everything - for free.

 

3. Select Your Mortgage

 

We seek to present you with options from lenders that fit your individual needs, unlike banks and traditional brokers. We also explain how they will benefit you and help you save money.

 

4. With Guidance, You Can Fund Your Home

 

Your personal Expert will work with you and your lender to finalize your mortgage and, most importantly, will assist you until you move into your new home.

 

Our objective is to get you the best mortgage rate in the simplest, most transparent, and fastest way possible. We can examine the whole market in seconds thanks to our innovative technology to discover the most suitable mortgage, while our professionals provide you with honest help throughout the process.