Busted! Don’t Believe These Mortgage Broker Myths!

Most people aren’t fortunate enough to purchase a home without the need to apply for a mortgage. However, that shouldn’t prevent anyone from ditching the idea of becoming a homeowner. As one of the most widely used financing tools, mortgages have and will continue to help people fulfill their dreams.

While contemplating a home purchase, many people end up falling for the number of misconceptions and myths about mortgage brokers, causing them to question the need to hire a broker for assistance. These false facts have percolated through every stratum of society and come to be believed as the truth, which prevents people from making maximum use of the services available to them.

To help you steer clear of these misconceptions and get the best mortgage products, Dan Balch has debunked three of the most widely believed myths about mortgage brokers.

Myth 1: You have to pay for our services.

Many years ago that was true, but about twenty-three years ago, they changed the system so that the mortgage company pays us a finders fee to do the business. We work hard for the client, but the lender pays us. It’s only in a small percentage of deals that we charge a fee as we are not being paid by the lender, which in most cases happens in private deals

Myth 2: My bank is looking after my best interest.

Contrary to popular belief, the person sitting on the other side of the desk is working for the bank and of course, they have to look after the bank’s best interest or they would lose their job. As a mortgage broker, my job is to get you the best mortgage product and look after your interests. I can deal with many lenders so that I get you the best mortgage for your situation.

Myth 3: Banks give the best options.

The mortgage business is very complicated as there are constant government changes, product changes, and continuous rate changes. If you go to your bank, they will give you one option, whereas if you approach a mortgage broker, you can get a number of options including different mortgage types and rates.

If you’re planning to apply for a mortgage, it’s essential to get it right the first time. Offering the best mortgage solutions across London, Woodstock, ON, Dan Balch is here to help you do just that. I provide affordable mortgage deals and have been helping people achieve their goals of homeownership for the past twenty-one years. I will treat you with the utmost care and respect, giving you a wealth of information and honesty in everything I do.

For a complete list of my services, please click here. If you have any questions about Dan Balch or mortgages, I’d love to hear from you. Please contact me here.