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The benefits of using a mortgage broker in a post-covid market

Andre Deleo of Morgix in Newmarket explains why a mortage broker is a good choice, especially now
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We all know that the housing market and mortgage rates fluctuate, but the post-covid markets have been trickier than usual to navigate. The Bank of Canada has raised interest rates eight times since March of 2022 in order to slow inflation. This means that many people have experienced some unpleasant realities when it comes to increasing mortgage payments, renewals, and buying homes.

Fortunately, mortgage brokers understand the fluctuating markets and can help you to navigate a new mortgage, refinancing, second mortgages, and debt consolidation options.

Village Media sat down with Andre Deleo, President and Principal Broker with Morgix, to learn more about how mortgage brokers help their clients to manage post-covid fluctuations in the mortgage and housing markets.

Benefits of Working with a Broker

One of the main differences between working with a mortgage broker and directly with the lender is that the broker does the leg work for you and protects your credit score while they do it.

“If you are shopping around from bank to bank on your own, your credit is being pulled multiple times by each bank you speak with which can cause your credit score to decrease,” says Andre. “When you work with a broker, your credit is pulled one time to be used with different banks.”

Brokers also have access to different rates than individuals do when they go directly to the bank. “Brokers work with multiple banks and lenders and will often get better rates and products than a branch can offer a customer. If you qualify to work with the big banks, brokerages also get paid a commission by them, so you don’t pay any fees for their services,” explains Andre.

Choosing a Mortgage Broker

When choosing the right mortgage broker for you, it is important to take some time to make sure you choose the best one. Andre suggests looking up online reviews and asking the brokerage what types of banks and lenders they work with.

“You should always do some due diligence on the brokerage, but ultimately you will win in the long run. It is always to better to work with a broker,” he says.

For more information about mortgages, refinancing, debt consolidation, and home equity loans or to schedule a consultation with Andre’s team, visit MORGIX License #13399 online, email them at [email protected], or call 1-844-466-7449. Morgix is located at 202-18075 Leslie Street in Newmarket.