It’s a tough but necessary question for anyone looking to purchase a house or secure a big loan: should I go with a bank or an independent mortgage broker? The question is daunting because huge amounts of money are at stake, and it’s vital that you find a source of financing that is fair, trustworthy, and reliable. But in reality, the process shouldn’t have to be stressful or intimidating.
Under these circumstances, lots of people will choose a big retail bank as the safer and more familiar option. It’s worth asking though: when it comes to getting a competitive rate for your loan, will the big banks be looking out for your best interests or theirs? And wouldn’t it be better to go with a smaller company that takes the time to really understand your distinct financial situation? The choice seems pretty straightforward.
Once you decide to settle on an independent brokerage firm, your next challenge is to find an agent. That may not be quite as easy as it seems. The internet is full of flashy ads for independent mortgage brokers. But for such a major decision, there are a number of important variables you need to take into account.
Licensed, Personal Attention, And Quality Service
You might be surprised to learn that some bank specialists actually lack licenses and formal training. But the team here at Rala Investments are all licensed, professionals. That should be reassuring because, whatever province you live in, when you work with Rala, you’re working with an agent that knows Canadian mortgage financing rules and regulations inside out.
Our agents can bring you up to speed with all the latest financial products and services, and their knowledge will make the entire process of applying for a loan stress-free. A Rala team member can help you with all aspects of the mortgage application process, from how much you can afford to borrow to the best mortgage product. And, unlike the big banks, we offer a personalized, licensed service with flexible hours.
There are tons of different financial products and services on the market just now. For the average Canadian, that can be pretty intimidating. However, because Rala agents are fully licensed professionals, they will shop around for you in order to find the best products at the most competitive terms and rates. Moreover, while Rala has access to a huge number of Canadian home loan products, a bank or credit union only has access to their own institutional products, which they will try to sell you even if it doesn’t suit your needs.
Peace Of Mind
There is also a vast number of brokerage firms to sift through – and yet, no matter how many agents you contact, you’ll find that Rala offers the best deals and service.
But you’ll still want to make sure that the agent you’re dealing with really know their stuff. So remember to ask yourself some questions during your first meeting: how knowledgeable do they seem about the industry? Does she or he behave in a professional manner? Are they using high-pressure sales tactics? Here’s the golden rule: never agree to a loan you do not understand. If you’re feeling pressured to buy a product, walk away.
At Rala, we want to make securing a mortgage as stress-free as possible. Your Rala agent will negotiate on your behalf and fight to get you the best mortgage rate possible. They will also help you find the best way to pay off your loan quickly and reduce interest payments. If you want a mortgage broker that embodies the principles, integrity, and ethics of his or her craft, then look no further than a Rala.