Well, to state it simply, using a mortgage broker when purchasing a Toronto condo just makes sense. A lot of Canadians are now using a broker instead of looking for their own lender and here's why.
A mortgage broker is an independent third party
A broker works by keeping your best interests in mind. He is an intermediary between you and the lenders and his main role is to find you the best mortgage possible. He is able to shop around for mortgages that you aren't even aware of and compare the rates, types of mortgages and any kinds of fringe benefits that may go along with each one. He will then present you with the best lenders to work with according to your specific circumstances.
Keeping track of the rates
You have applied for a mortgage and are awaiting the ultimate decision - will you be approved for it or not? In the meantime, what happens if the interest rates go down while you are awaiting the final word? What if they drop while you are waiting for the home to close? If you are watching the rates yourself you'll notice the change but if you aren't then you might lose out on the savings. When you work with a mortgage broker he will advise you of any changes that do occur. Don't expect the same type of service from a bank though!
It doesn't cost you a penny
Keep your money in your pocket. You don't need to pull it out if you're working with a Toronto condo mortgage broker since he will get paid from the lender. It's called a finder's fee so you end up getting his services for free. He'll get paid by the lender and it's to his advantage to find you the best deal. After all, he'll be looking for word-of-mouth advertising from all of his clients and the best way to do this is to secure the best mortgage available and provide top notch customer service.
When you're looking for a condo in Toronto you're much better off working through a mortgage broker than you are by pounding the streets trying to find a lender on your own. In most cases you'll end up saving money by using a broker and sometimes the amount can add up to thousands of dollars over the term of the mortgage.