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The decision to use a mortgage broker or to borrow from your own bank when buying a home depends on your personal preferences and financial situation. Considering the sky high prices of housing in the Metro Vancouver and Fraser Valley housing markets, choosing the right lender can make a big impact on your mortgage costs. The mortgages being taken out in Metro Vancouver cities are often substantial and finding savings on your mortgage can really make a big difference over time, with respect to interest costs.
Here are some things to consider:
Advantages of using a mortgage broker:
Advantages of borrowing from your own bank:
Ultimately, the decision to use a mortgage broker or to borrow from your own bank is up to you. It can be helpful to shop around and compare rates and terms from multiple lenders, including your own bank and brokers, to ensure that you get the best deal possible. Again, a mortgage is generally the largest financial obligation that homebuyers take on in Metro Vancouver and the Fraser Valley. That's why it can pay to spend time exploring your options and to find what fits your affordability level.