What does a mortgage broker do?
The main value proposition of a mortgage broker is to take your mortgage application and submit it to the mortgage lender on their network that can get you the best deal.
What does a mortgage broker literally do?
A mortgage broker...
- Provides you with mortgage related advice
- Collects your written mortgage application
- Collects your required documentation
- Submits your mortgage application to various mortgage lenders
- Facilitates any required third parties, such as appraisers and real estate lawyers.
- Ensures your mortgage transaction goes smoothly.
- Continually monitors your new mortgage for refinance opportunities that will save you money
As you can see, mortgage brokers wear quite a lot of hats during the transaction. They essentially act as your primary point of contact for all things mortgage. Even after you have your mortgage, they still remain your primary point of contact.
What does a mortgage broker do that a bank doesn't?
A mortgage broker...
- Represents your financial interests, as well as the lender's (by acting as an intermediary). Bank mortgage professionals only represent the banks interests.
- Is generally more flexible when it comes to qualifying you for a mortgage.
- Has a much larger variety of mortgage products available.
- Has access to and can submit your mortgage application to various lenders.
- Only needs to pull your credit bureau one time, even if submitting to multiple lenders.
- Will generally inform you with specifics on the reasons you did not qualify, and what to do to fix them.
- Will want to develop a strong and enduring professional relationship.
- Will continually monitor your new mortgage for refinance opportunities that will save you money
- Will generally be accessible even outside of typical 9-5 business hours.
Is Houski a mortgage broker?
Yes. However we do not operate like a typical mortgage brokerage. We specialize in technology, and our goal is to make the mortgage application process as smooth and painless as possible.
What does Houski do that a typical mortgage broker doesn't?
- We analyze your banking history to prequalify you for a mortgage - no damage to your credit rating!
- We automatically collect the documentation that is required for your mortgage, which saves you hours of time.
- We connect you to the mortgage professional in our network that has the best mortgage product, so you get a great deal.
- We make a donation on your behalf to help animals find homes too, and fight animal cruelty in Canada.