Home buyers benefit in many ways by using an independent mortgage broker who is not tied to any one financial institution. The major benefit is that an independent mortgage broker works only in the best interests of the client. Meeting the buyers needs is the absolute measure of a success business such as Welbanks Group? And using the services of a mortgage broker costs nothing in the vast majority of cases because lending institutions pay for the mortgage broker’s services.
There are over 40 major lending institutions in Canada — Canadian banks, credit unions, trust companies, finance companies and individual private lenders — who benefit this way. More independent brokers mean less inside mortgage sales representatives at the lending institutions. The resulting savings are passed down through the independent brokers to their customers. These institutions bid on the business opportunities Lee brings them, resulting in the lowest available mortgage rate at the time of closing.