mortgage broker Kelowna vs lender

What Is The Difference Between A Mortgage Broker And A Mortgage Lender?

Taking out a mortgage can help you own your dream home when you can’t pay for it outright. A mortgage broker helps you find a lender that suits your mortgage needs. Lazare Mortgage Group is a mortgage broker Kelowna that can help you get a mortgage at lower rates and costs. Here’s an overview of the differences between us and mortgage lenders: 

Who Is a Mortgage Broker?

A mortgage broker is a professional who acts as an intermediary between homebuyers and lenders. They educate you about the different mortgage products available and help you choose the best solution depending on your needs. Mortgage brokers don’t typically lend you money or approve your home-buying loan. They assess your financial situation, understand your goals and plans and connect you with the best-fitting lender.

Lazare Mortgage Group is a reputable brokerage firm that will find a suitable mortgage for your situation. We take time to learn our clients’ financial circumstances and goals and to understand their needs. This helps us to develop a list of mortgage recommendations for our clients to compare and choose from. 

We manage the borrowing process for you by helping you complete the application, collecting the required documents, negotiating mortgage terms on your behalf, and maintaining communication with your chosen lender. 

Who Is a Mortgage Lender?

A mortgage lender is a financial or private lending institution that provides the actual loan for a mortgage. To acquire a mortgage, you’ll need to provide documentation showing your financial situation and loan repayment capabilities, fill out an application, and wait for the lender to approve and settle your loan. A mortgage broker can negotiate with your ideal lender to get you a loan at better interest rates to help you save money.

Lazare Mortgage Group has established access to multiple lenders as the team invests in cultivating strong relationships with them. These relationships can help you acquire mortgages at discounted rates and lower fees. 

Key Differences Between Mortgage Brokers and Lenders 

Mortgage brokers and lenders play varying roles in the mortgage industry. A mortgage lender provides the money you need to finance your home, while a mortgage broker connects you to the lender. 

The parties’ goals are different. Lenders aim to generate as much revenue as possible from a mortgage, and brokers work to negotiate for better mortgage rates and terms. Our professional mortgage broker assesses mortgage rates from different banks and lenders to find options that can save you money. 

Clients’ levels of involvement in the mortgage process differ when working with the two parties. With mortgage lenders, you do all the mortgage paperwork, negotiate loan terms, and follow up on the application process alone. Mortgage brokers can make your work easier by handling a mortgage application’s paperwork and negotiation. You can focus on other things as your broker secures a suitable mortgage for you. 

Hire a Mortgage Broker Kelowna 

A mortgage broker Kelowna can introduce you to lenders with favorable mortgage terms, helping you to save money. The broker can offer expert financial advice and help you with paperwork during your application.  

Lazare Mortgage Group is one of the best mortgage brokerage firms in Kelowna. Our broker, Ric Lazare, can help you secure your dream home at a low cost by getting you the best mortgage. Contact us to start your path to home ownership. 

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