When starting the buying process for a home, finding the right mortgage is one of the first challenges. Rather than having to handle the mortgage process alone, you might find the process easier if you work with a mortgage broker.
While getting a mortgage through a broker is different from a bank, mortgage brokers will work to help you find and negotiate for better mortgage rates. They’ll handle all the necessary paperwork for you. Since mortgage agents can source mortgages from multiple lenders across Canada, you might also be able to benefit from special discounts when working with a mortgage broker. The best part is that services from your mortgage broker will come free of charge. It’s the mortgage loan provider that’ll pay the mortgage broker a finder’s fee.
If you’re looking to get a mortgage in Ontario or Alberta, one mortgage broker you can contact is Butler Mortgage. By operating entirely online, Butler Mortgage is able to offer some of the lowest rates in the Canadian mortgage market. Clients of Butler Mortgage are also able to gain unique benefits that Butler Mortgage is able to offer by being an online-based service. Ron Butler, the founder of Butler Mortgage Inc., has been in the mortgage business for more than 19 years. Here’s our interview with Ron Butler:
Q. What’s the market you serve and what makes it unique?
A. Our process is to provide mortgages entirely through online services. We have no storefronts and no face-to-face meetings. We work with clients who are comfortable to proceed 100% online and on the phone, but not in person. Although many brokers claim to have the lowest rates, we combine a low rate with free appraisals and subsidized legal fees. Nine times out of 10, Butler Mortgage has the lowest cost options for our clients’ mortgages.
Q. What’s the most common problem clients come to you with?
A. The most common problem is the high price of properties in today’s market—and the complexity of mortgage underwriting reached in the last four years—means that each client interaction needs a lot more knowledge and care. We are here to provide those services.
Q. What should people look for when choosing a mortgage broker?
Clients have to know their comfort zones. Those who prefer face-to-face meetings may need to stick with a traditional bank or traditional broker options. But those who want the best value from online mortgage providers will adapt to the fast pace and greater value that exists in the digital world.
Q. Mortgage rules have been changing a lot lately. What do people who are saving to buy their first home need to keep in mind?
A. Get pre-approved, know what is possible, and also what is not possible. Don’t get caught up in a marketplace that constantly pushes you to spend more than what is within your budget.