The Risks of Shopping Around Between Brokers
When on the hunt for a mortgage, of course you want to find the best possible deal.
But there are a few reasons why shopping around between multiple brokers might end up causing you more of a headache than anything in the long run:
Potential to negatively impact your credit
Each new mortgage application with a new broker requires a new credit check and every inquiry can negatively impact your credit score. This could not only cause unnecessary strain but could also make it more difficult to get approved for any future borrowing!
Miss out on personalized service
Think of working with a broker you trust like working with a personal chef; when you have a strong working relationship, every offer served up will be perfectly executed to your taste, your preferences and your needs. When you shop around, on the other hand, you’ll likely end up with a generic, one-size-fits-all mortgage that only checks a box or two and leaves you with a tummy ache.
Shopping around can be time-consuming.
Making calls, filling out forms, and providing sometimes exhaustive documentation and comparing the nuance of various lender offers can be all-consuming and can take weeks or even months. That’s why we recommend finding a broker you trust and letting us do all that work on your behalf.
You may not end up finding a better offer, anyway!
Most of our mortgage broker community actually works with the same lenders and offer similar products. Rather than bouncing between brokers, your better bet is to spend time finding a broker that you connect with and trust that their level of service and care translates into strong relationships with their lender partners as well.
So while shopping across multiple brokers may seem savvy on the surface it can actually have negative consequences. Instead, focus on finding someone whose values and style of service you align with and trust that it is our job (and our favourite thing) to find the very best mortgage options available on the market for you!
