What is a Mortgage?
Most people, when purchasing a home, don’t have enough cash sitting around to buy the property outright – especially when purchasing a more expensive home. That’s where a mortgage comes in. A mortgage is a loan secured against the property you are purchasing and is paid back to the mortgage lender over an established period of time known as the amortization period.

A mortgage and its features are renegotiated at the end of the mortgage’s term, unlike many other loans whose term is the amortization period. A mortgage is generally a long-term loan and it’s important to ensure that you are getting the best rates and features for your mortgage upon renewal.

Finding a good rate and terms for your mortgage isn’t always easy and requires a lot of research. Banks will often try to avoid offering you their best rate available. That’s where a mortgage broker comes in.

What is a Mortgage Broker?
A mortgage broker is a trained professional whose job is to know everything mortgage-related: products, rates and lenders. They will help you arrange a mortgage that best suits your needs. Mortgage brokers act as transaction facilitators in getting you a mortgage to purchase your home (or refinance, if that’s what you need).

A mortgage broker is able to source a wide range of mortgage products and lenders, and will choose the best one for your particular situation. While a mortgage broker may not always be able to get you the best interest rate on the market due to people’s differing circumstances, they will always get you the best rate for your particular situation.

All you have to do to get started on the mortgage process with a mortgage broker is to give them a call, have a quick chat with them about your mortgage needs and fill out an application.