A Vancouver mortgage broker acts as an intermediary between mortgage seekers and banks or other direct lenders. Typically a mortgage broker will have several sources to present to potential customers. The idea of having several alternatives make sense to consumers and offers the opportunity for comparison of values and specifics.
Offers Alternatives For Your Mortgage
As opposed to seeking a mortgage loan from a bank where there is probably limited options as far as terms and mortgage packages, the mortgage broker in Vancouver can offer so many more alternatives it just makes sense from a business model.
The mortgage broker forms a very close relationship with the client and actually works for the client in seeking the best package for the needs of the client. During the process of loan origination, the mortgage broker will secure all of the necessary information that will need to be submitted to the various lenders. Whereas the loan officer at the bank works directly for the lender, perhaps on a salary, the mortgage broker works as an agent for the various direct lender and earns a commission for his or her efforts.
The Broker Takes Care of The Total Process
Once all of the necessary information is gathered by the broker, it is submitted to the lender and the broker will then monitor the process step-by-step all the way through. There will be instances where more information will be needed by an underwriter of one company, and then other information demanded by another.
As the loan application progresses through the process, the broker will be able to keep the potential borrower informed, and will have a great influence on which lender the borrower will go with.
Today mortgage brokers have access to the wholesale markets that were unavailable to them, and only to bankers in the 1970s. Brokers can obtain approval from some of the largest wholesale houses as well as intermediate sized lenders.
Can Deal With a Multitude Of Lenders
From the standpoint of the client, whether they get their loan from the banker or the broker is somewhat problematic, as the client just wants the best deal. The broker has the image of having the advantage due to their apparent longer and wider reach, but banks have their advantages too, such as special perks at the bank, if a mortgage is processed there.
The mortgage market is beginning to come back after the crash in 2008, and there is promise as the housing market slowly recovers and, of course, the mortgage brokers in Vancouver BC like Community Lending Centre is here to stay.