Mortgage Shopping: What Does A Mortgage Broker Do?

Mortgage Shopping – In what has been an unprecedented year for buying and selling, Brampton Real Estate has remained hot, while mortgage rates have remained low.

While purchasing a home and obtaining a mortgage is a significant financial decision, the process of obtaining a loan leaves even the most experienced buyers with a slew of questions. Naturally, you’ll want a team of trusted professionals on your side to guide you through the options that are best suited to your specific situation. Allowing yourself enough time to properly shop around and do your research on what mortgage products and features are available is critical.

Fortunately, this is where the knowledge of a mortgage broker can help. Instead of wasting time researching and scheduling multiple appointments, an experienced broker can use their tools to find you great mortgages to compare and choose from, streamlining the process to find what suits you and your family’s needs.


What’s Best for You

Traditionally, mortgage inquiries were handled primarily at the bank. While this is still an option, big banks can be intimidating and leave you with fewer options when it comes to refinancing, getting a new mortgage, or accessing the equity in your home. As a result, many buyers are seeking the assistance of mortgage brokers instead.

Lenders have become more competitive in recent years, resulting in an increase in demand for mortgage brokers. A broker will be able to provide unbiased options with the goal of locating a lender with rates and terms that are suitable for you.

Rather than going from bank to bank and undergoing hard credit checks, which can have a negative impact on your credit score, brokers will only run your credit once or twice when shopping for different mortgage products, which will have a less negative impact. Furthermore, the mortgage broker is compensated by the lenders rather than the clients, making this a great option for buyers to find the best rates and products available at any time.


Also Read: What Does Buying A Home In Brampton, Canada Look Like?


Ask The Right Questions

To get the most out of comparison shopping, you must first determine which options are most important to you. Arrive prepared, knowing what you can afford and how much of a down payment you have. You should also have a list of questions prepared for the broker.

  • What type of mortgage is best for my needs?
    • a fixed, variable, or adjustable-rate mortgage
    • an open, closed, or convertible mortgage
  • What mortgage features and options are best for my needs? 
    • a short or long mortgage term/ amortization period
    • frequency of mortgage payments
    • regular or accelerated payments
    • the ability to make prepayments or lump sum payments 
    • the option to transfer my mortgage to another home if I sell my home
  • What are my options if I cannot make a payment?
  • What penalty charges may apply if I want to break my mortgage
    contract or renegotiate a new one?
  • Will I have to pay an additional fee if a payment is late?
  • How can I change the size of my mortgage payments?
  • What fees are involved in setting up, discharging, or renewing my mortgage?
  • How can I save on interest charges?


With so many different brokers available today, make sure your potential broker is licensed with Ontario’s Financial Services Commission, or ask your family, friends, and us for recommendations. In the end, no two mortgages are the same. Make certain that you have considered all options, including potential cashback, payments, and penalties, and select the one that feels most right for you in your future Brampton Real Estate journey.



Thinking about BUYING or SELLING a Home,
Richi Khanna can help you and if you have any questions in regards to real estate, then you must call Me today! at
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Mortgage Shopping

Richi Khanna

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