Mortgage brokers - should I use one?

So you have found your dream home in exactly the location you wanted right next to the best school in the city and five minutes away from the best shopping in town and for the price you wanted – now all you have to do is find the right mortgage to make it all perfect; what do you do?

Should you engage the services of a mortgage broker or shop for the best rates by yourself?

Well, the answers to those questions depend on your personality and whether it is more advantageous to your situation to do your own legwork or not.

The pros of using a mortgage broker are straightforward - low rates that save you money and at almost no effort on your part.

Since they have access to several lending institutions they can certainly get you preferential interest rates.

Mortgages brokers are also convenient since most of them are available to meet with you in the evenings; whereas most lending institutions operate during business hours and work by appointment only in the evenings.

Mortgage brokers can also provide you with an almost immediate answer as to how much money you can borrow for your mortgage.

With so many advantages why would anyone go looking for their own mortgage?

Well, one of the biggest reasons is because you can negotiate directly with the lender and by doing so you have more control over the end product that you choose.

Also, by using a mortgage broker you are stuck having to choose a mortgage with the lending institutions that they deal with even if they are not necessarily your first choice.

Another disadvantage is that with a mortgage broker you may not have access to the number of online mortgage lenders who have extremely competitive rates and excellent terms.

In the end, whether or not to use a mortgage broker is a personal choice that must be made by each individual when the time comes.