Why should I use a broker?  - Mortgage Brokers have access to 40+ major lenders, and know the lowest rates being offered by each.

Could I get the same rates without using a broker?  - Many leading lenders begin by quoting their posted rates, and then will discount the rate based on the additional business obtained (RSP, credit card, bank account etc). After negotiating with lender "A" you would need to proceed to lender "B" and "C" , etc. A Mortgage Broker deals with 40+ institutions and can narrow the search to the best suited lender, for the type of mortgage you are seeking. If you make multiple applications, each lender will pull your credit bureau file (your credit score is reduced with each credit inquiry). This could lower your rating and the rate that you would qualify for. A broker pulls one credit report and then shares it with the lender. If the broker had to submit the application to multiple lenders, they would all share the same file and not pull additional credit reports. Keeping your credit rating high.

What does it cost to use a broker? - In the majority of situations the broker is paid a referral fee by the lender.

What is the advantage to using a broker? - A mortgage broker is a professional who stays current with the fast paced mortgage market. A broker will find you the best mortgage to suit your specific needs, and save you time, stress, and money.

Do I need a 20% down payment?  - NO. Regular home buyers can still purchase with 5% down. The 20% down payment requirement is for non-owner occupied properties.