Busted! Don’t Believe These Mortgage Broker Myths!
Capitalizing on the benefits of a mortgage can help you leverage your downpayment for the purchase of a suitable home. But, to find a suitable mortgage product, you’ll need the assistance of an experienced mortgage broker. They have the expertise to navigate the mortgage market, knowledge of different products and rules, and contacts with various lenders and professionals. With these unique abilities, mortgage brokers have been helping people make more informed decisions for decades.
However, even though mortgage professionals have been guiding borrowers over the years, there are still some misunderstandings that could dissuade you from taking advantage of mortgages and broker services. To enlighten you about the mortgage industry and steer you clear of the falsehoods surrounding it, Jay Meakin - Archimedes Mortgage LTD, has debunked three of the most widely believed myths about mortgage brokers.
Myth 1: Mortgage brokers are the same as mortgage specialists
Like most mortgage seekers, you may be unaware that mortgage brokers and mortgage specialists aren’t alike. Mortgage brokers are licensed and independent. They have access to dozens of lenders with unique products to suit nearly every borrower’s situation. Whereas mortgage specialists are hired by lending institutions to sell ONLY their mortgage products.
Myth 2: Reverse mortgages are a bad product
A reverse mortgage helps retirees get a lump-sum, or monthly installments, which is tax-free money and can be used without the need for a principle and Interest repayment! This can dramatically improve your cash-flow.
Myth 3: Brokers charge a fee, so it is better to go to a bank
Unlike banks, most mortgage brokers do not charge their clients for their services as they are paid directly by the lenders. Ask your prospective mortgage broker about their fee structure so that you get a better understanding of their service.
If you’re looking to steer clear of more myths like these on mortgage brokers, reach out to Jay Meakin - Archimedes Mortgage LTD. As one of the best mortgage brokers in Calgary, AB, I will help you tackle all your mortgage problems and offer impartial advice and guidance that meets your mortgage needs and requirements. I work as an independent mortgage consultant With the Mortgage Group Inc.
I have access to a wide range of lenders and mortgage products. My services are available to clients across Calgary, Crossfield, Airdrie, Cochrane, Strathmore, Carseland, Okotoks, Black Diamond, High River, Blackie, Dead Man’s Flats, and Canmore, Alberta.