Using a Mortgage Broker
At Oriana Financial we are often questioned as to why people should use a Mortgage Broker instead of going to their banking institution. Mortgage Brokers do not work for any specific lending institution and typically do not lend money but rather put you in touch with those who do. We are aware of private lenders that you may not be able to find on your own. It’s our role to find the lender with the terms and rates that best suit your needs.
Sometimes it’s easier to determine if a Mortgage Broker is right for you by comparing services offered from a Financial Institution versus the services available when you work with a Broker.
Broker |
Major Bank Personnel |
|
Access to numerous lenders and products |
No access – limited access to products outside their own |
|
Exclusive Broker Products Available |
No Access to Broker Products |
|
We work with your best interests in mind |
Works on behalf of the Bank |
|
Work 7 days a week with extended hours |
Limited Bank / Branch hours |
|
Instant Access to new programs |
New programs may not be available |
|
Even though you will have access to many lenders, your credit report will only be requested once |
If you are looking at various financial institutions for the best mortgage, your credit report will be requested each time, which may have a negative effect on your credit rating |
|
You get the best rate you qualify for! You don’t have to ask for it. |
You have to ask for the best rate and even then it might not be the best or lowest |
|
If rates drop before closing, you get the new lower rate without requesting it |
If rates drop before closing you already signed the contract so are entitled to the new rate |
|
Brokers build long term relationships with clients and lenders |
|
|
Options! We find a lender to fit your unique needs |
|
|
Brokers know that mortgages are more then just rates |
|
|
We can travel to you |
In summary there are a lot of great reasons to consider meeting with a Mortgage Broker to discuss your options. Contact an Oriana Financial Broker to set up a meeting to discuss your options today.
CURRENT RATES
| Term | Our Rate | Bank Rate |
| 2 YEAR | 5.89% | 7.35% |
| 3 YEAR | 5.19% | 7.14% |
| 4 YEAR | 5.09% | 6.99% |
| 5 YEAR | 4.89%* | 7.04% |
| 5 YEAR variable | 6.20%* | 7.20% |
|
|
