My Bank has told me that I cannot get a new Mortgage with them on the House we would like to buy, is there any point in seeing if a Mortgage Broker can help?
October 23, 2015 | Posted by: Dawn Stephanishin
Yes- you should use a Mortgage Broker to see what other Lender Options there are available for you! Each Lender has their own internal guidelines for lending mortgage funds and this decision may not even have anything to do with you as the Borrower.
There are many reasons to seek a professional Mortgage Brokerbut it may be a lack of knowledge by the person you are dealing with at your Bank Lender, or it may be a Policy specific to that Lender that they restrict the type of property you wish to buy, or even something as simple as not being able to choose to use a program from one of the other Mortgage Insurer companies in Canada. There are a number of reasons to use one lender over another, and it can be difficult for you to understand all of the details, this is a service that we provide as Mortgage Brokers.We see a lot of differences from one Mortgage Lender to anotherand will know what the best option will be for you. In the last fewyears, the Bank of Canada has introduced tighter Mortgage rulesand sometimes Lenders interpret the rules differently than other Lenders. We will also give you an alternative Lender option if you are repairing your credit history, Brokers work with all levels of client requests.
It is always in your best interest to use a Local Mortgage Broker,their knowledge and Experience will help to move you into your new home and save you time trying to figure it out!