By : Radu Arvatescu
When you work with a broker you will enjoy extended commercial mortgage services that the large banks and lenders simply can’t provide. Brokers are not bankers and they don’t facilitate credit. They are highly experienced mortgage professionals who understand the complexity of commercial lending.
Your broker will become a point of liaison between you and a lender. This keeps things simple, and you’ll have a higher chance of success when shopping for an affordable mortgage.
Here are the most important commercial mortgage services that a broker will provide.
- Loan Shopping and Negotiation
If you were to take 15 minutes to explore the commercial mortgage marketplace, you would find countless offers, including ones from prominent names in banking like RBC Royal Bank and TD Canada Trust. In the residential market, it’s common to go directly to a lender. In the commercial market, this is rarely the best option.It could take you many hours, days, or even weeks to compare different mortgage packages from the leading banks and lending companies. This can be time-consuming, you can easily miss details, and the process is overwhelming for most people.One of the broker’s most important commercial mortgage services is loan shopping. A broker will meet with you (or talk over the phone), learn your current needs and financial situation, and actively explore the market to determine the best mortgage rates and terms. The best brokers maintain large professional networks, so they typically have a good idea of where to go to find the best deal for your situation. This can result in faster turnaround times from exploration, to an application, and final closing.Brokers can also negotiate with lenders to secure packages that you might not be offered when going direct. They will advocate for the best fees and amortization structure.
- Application Processing and Assistance with Requirements
Finding the ideal package and lender is only the first step. Another one of a broker’s key commercial mortgage services is application processing.If you applied for a mortgage directly through a lender you would need to gather all necessary documentation and provide it to the bank. If you were unsuccessful in your application, you would need to go through the same process with a different lender. This wastes time and being declined for a mortgage could even impact your creditworthiness.A broker can build your profile before engaging with lenders, and they will know the exact documentation that gets results. A broker will check all your paperwork before submission, so there will be no chance of rejection based on technicalities.Most importantly, you only need to provide your documentation to a broker once.
- Commercial Mortgage Services from End to End
A broker’s job begins from the moment you make contact, and they will continue to act in your interests right up until closing. A broker keeps the transaction running smoothly. You avoid setbacks and wasted time. You can save money both in terms of the value of your time and by securing a better interest rate with lower fees. You’ll also get advice surrounding the technical, legal, and financial aspects of the mortgage process.Working with a broker is undoubtedly the best way to secure a mortgage without stress and unnecessary setbacks. If you are looking for new premises, a mortgage for expansion, or even refinancing, you’ll appreciate the advantages that a broker can offer.
Lowest Residential Mortgage Rates in Canada*
|Term||OUR RATE||TD Bank Rate|
|3 Year Fixed/ 25 yrs||5.89%Promo||6.53%|
|4 Year Fixed/25 yrs||5.54% Promo||6.32%|
|5 Year Fixed/ 25 yrs||5.39% Promo||5.81%|
|5 Year Variable/ 25 yrs||6.20% Promo||7.15%|
|5 Year Fixed/ 30 yrs||5.99% Promo||6.39%|
|5 Year Variable/30 yr||6.80%||7.25%|
|3 Year Fixed/30yr||6.64% Promo||6.81%|
|**NEW RENTAL 5 Year Fixed /30yr||6.44% Promo||6.44%|
|** NEW RENTAL 3 Year Fixed /30yr||6.68% Promo||6.68%|
Updated: DEC 05 , 2023
* Current promotion rates may provide an additional 0.05% discount or may be anytime discontinued at the Lender discretion.Some condition may apply.Rates may vary between geographic regions and the posted rates on this website may not be available in your area.TD Bank rate used for comparable are the rate listed in the Broker Chanel Portal by TD Canada Bank at the date above. Please contact our MCI office for more details and current promotions.
LOWEST REGULAR RATES IN CANADA* * Current promotion rates may provide an additional 0.10% discount. Rates may vary between geographic regions and the posted rates on this website may not be available in your area. Please contact our MCI office for more details and current promotions.