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Credit Score Secrets, Everything You Need to Know
Your credit score plays a critical role in your financial life. It affects your ability to obtain loans and credit cards, as well as
23 May 2023
While banks can only offer products from their institution, which may not benefit everyone, a professional mortgage broker can show you your options. Brokers have access to multiple lenders. That’s the broker advantage.
Every Year More Canadians Seek Expertise From A Mortgage Professional. Every bank has its qualifying criteria and may not have a mortgage that meets your unique needs. That’s where the expertise of a Mortgage Broker comes in. We secure the mortgage through a top Canadian mortgage lender with one application. This saves you time, protects your credit, and saves you money!
A licensed Mortgage Professional who is fluent with every lenders mortgage options and tailors a mortgage to fit you, all at no cost.
Brokers are not employed by one bank or lender. We have your best interest and secure the mortgage that suits you from one of many lenders, credit unions or banks, even the big banks.
Brokers are mortgage professionals licensed in the field.
There are provincial and federal regulations that must be adhered too.
For more information on Governance, please visit Mortgage Professionals Canada
Mortgage Rates available to brokers are wholesale rates. We skip the branch and get our rates directly from the lender at a discount. This is why we always have the lowest rates.
Brokers navigate around IRD penalties and the majority of the preferred lenders only charge 0.5% of the mortgage balance or nothing at all depending on the situation.
Brokers hold flexible hours making it easy and convenient. Days, evenings and weekend times are available with options over the phone, in-person and online all at your disposal.
Brokers are involved in the whole process, from the first mortgage payment up until you are mortgage-free. We check in annually and if rates have changed and we can put more money in your pocket. We are ahead of each renewal outlining your options as things may have changed over the years.
With each bank having its own qualifying criteria we look at the property, income, credit, and all of the factors so that we secure the mortgage with the lender that suits your situation the best.
Having access to Canada’s top lenders, banks, and credit unions allows us to secure a larger mortgage through one of these lenders who cater to specific employment types and situations.
Mortgage Brokers want their client’s debt-free! While we provide you with all of your options, we ultimately want what is in your best interest and that is to become debt-free and owning your home sooner. A lot of our business is referred by our clients after they see the value in our service, a service that comes at no cost!
An unlicensed bank employee trained to sell their banks’ one mortgage product may or may not be the right fit for you.
Bank representatives are limited by the bank in which they are employed and their one mortgage product. This isn’t ideal as bank reps are commissioned based, not in the client’s best interest, as that product may not be the best fit for the client’s needs.
A representative at the bank is employed through that bank and only has knowledge of their mortgage product they offer. These reps are not licensed or trained in all of the available mortgage options. Some also have a high sales environment.
Mortgage rates at each bank branch may differ, even within the same chain of banks. This is because they operate the same as retail stores. The larger the bank typically comes with a higher interest rate.
Banks charge on average 4.5% of the mortgage balance whenever a mortgage is changed, altered or broken. 65% of Canadians unknowingly pay these penalties and it is among the top moneymakers for banks.
Banks hold ‘Banker Hours’ which may not be ideal for most people. Taking time off of work, booking an appointment and waiting in a branch is not great business. Regardless if you had an account since you were seventeen, mortgages are complex and discounting a $9.99 chequing account for your $300,00 home is not your bank working for you…
The branch is where the bank tries to generate new business, hit sales goals and sell their product. However, when your mortgage is up for renewal, that branch is no longer involved. You receive a letter in the mail outlining your options, nothing more nothing less.
Each bank will have its own qualifying criteria and policy when it comes to the mortgage products they offer. The property’s location, the type of income, credit, down payment, among other factors may not be accepted at each bank which narrows your options.
With fewer mortgage options, banks may not be able to offer the same mortgage amounts, depending on their qualifying criteria.
The overall costs are higher at many banks. When comparing the cost of borrowing, the amount paid to borrow over the life of the mortgage, including fees, many of the larger banks charge more, a lot more.
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