Similar to when you took out the mortgage on your principal residence, you can choose to have either a bank or a mortgage broker help you get pre-approved and then approved for investment property financing. With investment property mortgages, it could be even more important to consider working with a mortgage broker. The reason is their experience with other investors and familiarity with the special financing conditions required by individual lenders.
The other benefits of working with a mortgage broker are obvious. They only need to pull your credit report once, they shop around for you and they look for a product and rate that will match your financial situation. The best part is that you usually don’t have to pay them for their services – instead, the lender you end up getting financing from pays the mortgage broker a fee.