One of the easiest ways to save money and lower your stress level when shopping for a home loan is available free of charge. It prevents you from having to gather and compare rates from several Vancouver lenders on your own, and it can save you thousands of dollars in interest over the life of your loan. Better yet, it’s paid for by the lender, not by you. It’s hiring a mortgage broker. Vancouver mortgage broker, Chris Landry VERICO Paragon Mortgage Group, talks about how a mortgage broker can work for you in this brief article.
How a VERICO Paragon Mortgage Broker Can Work For You by Chris Landry
Chris Landry of VERICO Paragon Mortgage Group in Vancouver is a mortgage broker, meaning that he represents potential homeowners who are looking for the right mortgage to meet their needs. Brokers like Landry collect mortgage options from many different lenders, and present only the most competitive plans. In a way, they serve as a personal shopper to find the best mortgage for you.
Mortgage brokers in Vancouver are experienced in working with many different banks and specialty lenders. They are trained to navigate the home loan marketplace, helping you decide which type of loan is best for you and haggling for lower interest rates on your behalf. Once you decide on a loan, the lender will pay the broker from their profits. This means you don’t pay a single dollar out of your pocket for the services of the broker.
Mortgage brokers are especially helpful if you are unfamiliar or not up-to-date with the financial aspects of owning a home. They can explain the terminology, help you determine your needs and guide you through evaluating the loans available in the marketplace.
Using a broker not only makes gathering information on multiple loan possibilities easier on you, it also protects your credit ranking. When your credit is checked, it lowers your credit score slightly. If you are contacting multiple lenders, this can happen several times as each runs your report. With a mortgage broker, your report will only be run once.
It is important to find a broker that is not employed by a specific bank. Many banks will have their own agents that act as brokers, but only offer that lender’s products. An independent mortgage broker will compare rates from many different lenders and help you get the best rate possible.
If you are looking for a deal on a mortgage in Vancouver, broker Chris Landry can help find the loan that meets your needs. Contact Chris Landry VERICO Paragon Mortgage Group for more information today.