The real estate project always requires to be very attentive in order to obtain the best financing. In this respect, borrowers have the choice: to approach their banker or to call on a mortgage broker to find a solution. It is obvious that a banker presents only his offer while a broker can present many offers of the partner organizations.
Use a broker: what are the benefits?
In fact, the broker is an intermediary between banks and borrowers who accompanies them in their choice of a mortgage. You can opt for large networks or for independent brokers. First, the broker helps you build your case by highlighting strengths. It analyzes your financial situation and your needs. Finally, he conducts the search for bank offers that can meet your requirements and sends your file to banks.
This saves you a lot of time when your knowledge and expertise help you get your real estate project up and running as quickly as possible. In addition, the banks rely on the brokers they work with. It is the broker who is often more likely to negotiate rates and conditions and defend your case. Keep in mind that if your borrower profile is complex, the broker can find a suitable solution for you through his network of partners. In this sense, banks are limited to their own offers. Finally, if you use a broker you can save money.
Indeed, the negotiation of the loan and insurance rate can be very interesting even taking into account the fees of your broker. Broker fees may vary from broker to broker. However, be aware that the accompaniment of a broker is cheap.
It is not uncommon for brokers to be paid by banks, which means you can apply for them for free.
Otherwise, some brokers charge a brokerage fee of 1% to 2% on average of the borrowed capital. Note that the amount of these fees can be equivalent to the file fees usually requested by the banks. Of course, it’s up to you to compare the offers offered by your broker. You do not have to accept their offers and you do not pay any fees before signing a mortgage.