Embarking on your homeownership journey is exciting, but the road can be frustratingly bumpy if you have a unique financial situation such as being self-employed or having a bruised credit score from an unfortunate life event.

Fortunately, working with a skilled and experienced mortgage broker can help you reach your homeownership goal even if you do not qualify for a loan from your bank.

“The worst feeling is getting a refusal from your own bank and thinking you could never buy your dream home!” says Anna Sandy Wahnoun, a mortgage broker at Orbis Mortgage Group in Montreal. “A broker can help a home buyer find a solution in a more timely and simpler manner.”

What is a mortgage broker?

Mortgage brokers are licensed professionals who have relationships with different lenders, allowing them to offer the best mortgage solution for you. Good brokers are also very familiar with the housing market and can act as trusted advisors when you have questions about buying your home.

Figures from Mortgage Professionals Canada (MPC), the national association which represents Canada’s mortgage industry, show that 40% of buyers of “owner-occupied” dwellings in 2020 have worked with a mortgage broker. Additionally, MPC’s study shows that broker customers “remain significantly more likely than bank customers to work with the same mortgage professional again for their next mortgage.”

With this in mind, we look at the key benefits of working with a mortgage broker as you prepare for your homeownership journey.

1. A mortgage broker can help you understand your best options.

Mortgage brokers are consummate professionals who are well-acquainted with the details of the application process, so they will be able to break down the complexities in a way that is easy to understand.

“I make sure to clearly explain and guide clients in what issues can impact their approval, and we establish a plan together,” says Wahnoun. “I also make sure to explain that there are other complexities such as penalty calculation, transferability and so many other important characteristics that need to be taken into consideration.”

2. A mortgage broker finds solutions around your unique financial story.

A skilled mortgage broker understands that your background may not fit a bank’s qualification requirements, so will work with you to find out exactly what you need to reach your goal.

“As a broker, my role is to determine the strengths and weaknesses of the file after my initial conversation with my clients,” says Wahnoun. “I am then able to automatically seize their needs and know which lenders I would recommend to ensure they will obtain approval for their home financing request.”

3. A mortgage broker has close relationships with several lenders.

While a bank’s mortgage specialist will only be able to offer their own products, an experienced mortgage broker works closely with different lenders, including alternative lenders such as Home Trust, to find the best solution for your needs.

“A bank is not necessarily the best fit for a home buyer’s mortgage needs, especially if they do not meet the criteria of their bank,” says Wahnoun. “A mortgage broker has access to all the different lenders in the market, which allows us to really work with a client’s home financing needs and find the best product to meet those needs. So, working with a mortgage broker is dealing with many institutions all at once – a ‘one-stop shop!’”

Saying “yes” to working with a skilled mortgage broker is an important first step in your homeownership journey. And at Home Trust, we only work with broker partners who know the importance of trust and work hard to understand your needs. Learn more about what else is possible when you say “yes” with our interactive road map.

The information, materials and opinions contained in this Blog are provided for our information only. This Blog does not constitute legal, financial or other professional advice and you should not rely on it as an alternative to specific advice based on your particular circumstance. This Blog contains links to third party websites. These links are provided for information and convenience; Home Trust does not endorse the content of any third party website, and it makes no representation or warranty as to the information on such third party sites. By clicking on any link to a third party site, you leave Home Trust’s website and do so at your own risk. Home Trust disclaims all liability for any damage or loss that results from your access to or reliance on information contained in this Blog or any third party site.