For thousands of Canadians the answer is yes. Statistics show that approximately 30% of Canadians looking for a new home loan are shopping through a broker. Many will end up saving thousands in the process, especially when you consider the long-term interest paid on a mortgage. Even saving a fraction of a percent on the interest rate can pay off big down the road. Here are just a few of the advantages you can expect when you hire a mortgage broker to help you get a loan.

Find the best deal

With so many different types of mortgages available it would literally take you hours to shop for the best rate. As well, a broker often has access to mortgage rates that are considered "wholesale", which can shave off some of the interest rate you’d have to pay at the big banks.

Solid advice

Should you get a mortgage with a fixed rate or one with a variable rate? These are the types of questions you can run by a mortgage broker so that you can sort out which one would work the best for you. Since the mortgage broker is acting as an intermediary between the customer and the lender, he has nothing to gain by steering you in the wrong direction. A broker, in fact, is the best professional to turn to when you are confused about the various mortgages and how they will affect both your short-term and long-term finances.

It won't cost you anything

In the majority of cases you won't have to pay anything to a mortgage broker since they will be paid a finder's fee directly by the lending bank. If you are only looking for information at this point, the broker can provide that for free knowing that when you are ready to apply for a mortgage you'll probably come back to him to help find you one.

The worst thing that you can possibly do is assume that the bank you are currently dealing with is automatically going to be offering you the best interest rate for a mortgage. Banks are a business and don't offer special rates to their long-term customers. In this day and age you need to shop around for the best rates and packages for mortgages and the only way to do this effectively is by using a mortgage broker.