Why You Should Consider Financing Your Home Renovations Using A Mortgage Broker

home renovation financing otions

Are you thinking of exploring your financing options for renovating your home? While there are numerous various types of loans to choose from, one of the first things you need to determine is whether you want to work with a bank/financial institution or with a mortgage broker. In this post, we shall be taking a look at some of the reasons why you should use a mortgage broker for home renovations financing.

You Will Be Able To Choose From A Wide Array Of Institutions

When you visit a bank to ask for a mortgage loan, the bank specialist only represents one financial institution. But when you work with a broker, he or she will collaborate with an array of various institutions. As such, you will have a wider range of loan options to choose from which not only helps you to get the best rates in the market, but it ideally increases your chances of getting approved, even if you have poor credit.

Professional Mortgage Brokers are Highly Trained

While bank specialists may not need any formal training or even license, this is not true for brokers. As a matter of fact, most states require mortgage brokers to met a set of requirements and must be authorized to conduct this kind of work. Ideally, they must complete continuing education courses for them to remain licensed in most states. As such, you can be assured that the broker you work with is current on the latest mortgage financing rules.

Professional Advice

Mortgage brokers are professionals who can advise you on your financing options when it comes to home renovations. When you directly work with the lenders, you limit yourself to the options they offer. However, there are ways in which you can get the best financing deals, and the role of the broker is to steer you towards these deals. However, it’s important that you look for a reliable and trustworthy mortgage dealer to work with, as some can pressure you into deals with their selfish goals in mind.

Reduce Credit Report Inquiries

Every time a lending institution pulls out your credit report, your score might take a hot. However, when you work with a mortgage broker, your report only needs to be removed once so as to recommend the ideal options. However, if you go to multiple lending institutions, your credit report will be pulled every time you ask for a loan.

The Broker Works For You

The fact that they work for you is perhaps the greatest advantage of working with a mortgage broker instead of working directly with a lending institution. When you visit a bank to ask for a mortgage loan, the bank specialist is only concerned with the interest of their institution. On the other hand, the mortgage broker will be looking out for your best interest as they will search for the institution and loan that is ideal for you.

So, the next time you are looking into your financing options for your home renovations, you might want to consider working with a mortgage broker, given the benefits mentioned above.

Advantages Of Hiring A Good Mortgage Broker

mortgage broker for financing home renovations

You will hear property owners talk about how they got their mortgage, and most of them are going to points towards getting a mortgage broker and what that has done for them moving forward. Let’s see why they want to go down this route and what makes them sign up with mortgage brokers over the other options that are out there for them.


They are going to be licensed, and that is critical when you are looking to trust a pro that is going to do the work for you. If you are going to get an amateur wouldn’t it make sense just to do it on your own? You would want a licensed pro who knows what to look for because they will help you a lot.

Quick To Find Good Rates

Matthew Chan, a Burnaby mortgage broker says “If you are not going to get good rates, why would you even get a broker?  Their purpose is to get you a good deal that is laced with great features in the contract that you will be able to enjoy the value that is being brought in.”

You will be able to enjoy the rates that are being brought to you by the broker that has been selected because that is key.

Built Connections

The connections they will have are going to help you a lot because you will be able to rely on what they have already done. When you are starting new looking to get a mortgage, you won’t be able to have the same connections they are going to have.

You have to think about this when you choose to go one way or the other. You don’t want to go with someone that is not able to get you a good mortgage because they don’t have connections which will help you a lot.

A good mortgage broker is something that can speed it all up for you. Let’s say you have a particular house in mind that has been a dream for a while or is one that you have liked right away because you have to make sure the money is in place.

When you do need the money in place, you are going to understand that getting a mortgage broker is something that will be necessary for you effective immediately. If you are not able to get a good mortgage broker, you won’t like the results.