Getting a low interest rate mortgage rate is the dream of every home buyer. However, while you try to negotiate a good rate with your lender, it may be a better idea to get in touch with a mortgage broker who will have more contacts and more influence with the lenders in order to get you a better mortgage rate.
The downside to hiring a mortgage broker is that they may not work with certain institutions or be biased towards those organizations that give them the best commission. This essentially means that even though you hire a mortgage broker, you may have to do some homework yourself, in order to make sure that you get the best and lowest interest rate mortgage. On the other hand a mortgage broker can help you find smaller lenders who provide better rates but are not that popular. These institutions may provide far lesser rates than large corporations or big banks. Hiring a mortgage broker will also allow you to spend more time looking for a good home or property while you juggle your day-to-day work, leaving the broker to find the best possible interest rate.
That being said, you cannot simply hire a mortgage broker and leave the matter to him. The issue is that all brokers gain a commission and most of them will send you to the company that gives them the highest commission. Therefore while the mortgage broker can do the initial research and make suggestions on which firm to choose, you should do some work and make sure you are 100% comfortable when finalizing the deal.