Mortgage brokers are a buyer’s advocate

If you’re in the market for a loan, consider the services of an Alberta mortgage broker before heading straight to the bank. A partner and supporter for your lending needs can only serve to benefit you and your mortgage, and this is where a broker comes in. Because they do not work for any bank, they have access to a wide selection of rates and the expertise to match a buyer with the best one.

Mortgage insurance has crossed your mind if you are going to buy a house. Mortgage insurance helps protect the broker again your loan going default.

Most if not all home owners do not plan on their mortgage defaulting. It is understood the probability of that happening are slim. Mortgage insurance can help lower your mortgage down payment or interest rate.

For those wanting to purchase a property, the Canadian housing finance system has made it possible to do so without paying all the down payment. You are able to get a mortgage with a 5% down payment on your home, but will be able to get a 20% interest rate. How is this possible? You are able to get such a great deal because they require the purchase of mortgage insurance for the amount borrowed. Risk of the loan defaulting is reduced for the broker and the buyer is able to buy a home without making the entire down payment.