[ Mortgage advice ]
The Broker Advantage
Brokers are not employed by the lender, which makes them unbiased. This means we create a mortgage that suits you with all of the options we provide.
Brokers VS Banks
Unlimited Mortgage Options
Brokers are not employed by one bank or lender which keeps us bias. 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.
Limited Mortgage Options
Bank representatives are limited by the bank which they are employed and their one mortgage product. This isn't ideal as bank rep's are commissioned based, not in the clients best interest, as that product may not be the best fit for the clients needs.
Brokers are licensed in each province and adhere to national guidelines set out by Mortgage Professionals Canada. Each lender trains and certifies a broker so they are fluent in all of the mortgage options available to sever the client best.
Bank Employee (non-licensed)
A representative at the bank is employed through that bank and only has knowledge of their mortgage product they offer. These rep's are not licensed or trained in all of the available mortgage options. Some also have a high sales environment.
Wholesale Broker Rates
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.
Retail Branch Rates
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.
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.
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 money makers for banks.
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.
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...
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.
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.
Full Range of Qualifying Options
With each bank having their 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.
Narrow Qualifying Criteria
Each bank will have its own qualifying criteria and policy when it comes to the mortgage products they offer. The properties location, the type of income, credit, down payment, among other factors may not be accepted at each bank which narrows your options.
Larger Mortgage Amounts
Having access to Canada's top lenders, banks, and credit unions allow us to secure a larger mortgage through one of these lenders who cater to specific employment types and situations.
Smaller Mortgage Amounts
Not all banks will accept every type of income. For example, temporary, casual, contract or self-employed workers may get approved for smaller mortgages at one bank versus another. Also some banks may weight certain debts differently which will also lower the mortgage amount.
Discounted Closing Costs & Legal Fees
Mortgage Brokers want to their clients 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!
Banks keep you in revolving debt. Whether it is offering you credit once you start gaining equity or it's registering a collateral charge on your mortgage which restricts your options come renewal. The average Canadian will take 22.5 years to pay off their home and it all adds up.