Tip: When shopping for a mortgage you should look for the best mortgage rate and terms possible.
An online mortgage broker will shop for the best mortgage rate and terms for you with just one initial application and no credit checks. Usually a 5 minute initial application.
Online financial rate comparison sites are growing fast. There are rate comparison sites for car loans and personal loans. And now, shopping for a mortgage can also be done in the comfort of your home. These sites work by partnering with mortgage lenders and electronically submit an applicant’s basic information and pass it on several mortgage providers. Basically the same as traditional mortgage brokers have done for decades.
Let’s say you want to get a mortgage to buy a house. You go to an online mortgage broker’s website and fill in a basic form with your information and the online mortgage broker will submit it to their mortgage lenders. In minutes, the lender will return a list of pre-approved mortgage lenders with rates. Now you can pick the best rate, or the lender you wish to deal with. From there, the selected mortgage lender will require a full applications and approve your mortgage. This can take a few days of course, and most likely require submission of proof of employment and so forth.
The big advantage is simply that it is a one-stop process to see what dozens of lenders can offer you. The online mortgage broker will match you with a reputable mortgage expert who basically will negotiate your home mortgage on your behalf.
Will the pre-approval step affect my credit rating? No. The mortgage pre-approval rely on the information you provided. Once you submit your full application to the mortgage lender of your choice you will authorize the lender to access your credit report. Which leads to another benefit of using an online rate comparison site – if you shop around yourself and submit several applications they will all access a credit report and that will affect it.
Which online mortgage broker is the best? It is, after some research our opinion that Breezeful.com is one of the best digital mortgage brokers in Canada. It lets you compare rates from over 30 well-known national mortgage providers with just one initial basic application. Their modern technology is powered by mortgage experts, providing the best mortgage experience possible. From getting you the lowest rates to providing unique mortgage solutions to alternative pathways to home ownership, they service a wide range of customer requirements.
Why check out Breezeful.com Online Mortgage Broker?
- 30+ lenders: Shop 30+ lenders to find the most competitive rates
- 1 credit check: Avoid multiple credit checks when shopping on your own. Only 1 credit check is needed to shop around with multiple lenders
- Dedicated mortgage expert: A mortgage expert will walk you through the process step-by-step and close the best mortgage on your behalf
- Instant rate quotes: Get personalized rates in minutes
- Dedicated text line: Direct access to an advisor anytime, anywhere with a dedicated text line
- Faster response times than banks: get responses in minutes, not days
Bottom line: You can check out several mortgage brokers, online or not before deciding which one you want to work with. Make Breezeful one of them.
“The rates and loan amount provided by Breezeful are estimates based on the information provided and subject to change upon document, appraisal, and lender review. This pre-qualification should not be considered as a pre-approval and is subject to change.”