Most people come to me while they are in the process of shopping around for the lowest rate on their mortgage.
Looking for the lowest rate is what everyone is taught to do.
Rarely do people know that the mortgage rate is only ONE of the factors to consider when shopping for a mortgage.
Before You Sign
Life is busy, and shopping for a mortgage can be a daunting task, but before you sign on the dotted line, there are a few things to consider:
- Do you think a bank will ever tell you to go to another lender if that lender has a better product for you?
- How do you know if the Bank your working with is offering you their “best deal”?
- Does your bank have high management fees or hidden fees you didn’t even know they had?
Coming to a definitive answer to these questions is not easy when you are dealing with someone from a specific bank. Mortgage Advisors that work for a single bank are trained to control the sales process, and usually, they avoid talking about comparing their mortgage to another lender unless pressed to do so.
They often won’t:
- Openly compare their mortgage offer to another lender.
- Discuss their absolute lowest rate, and you will likely never know how far they could go.
- When they discuss fees, they typically tell you what they are, with no reference for comparison.
It’s not necessarily fair for a Mortgage Advisor working at a bank, as they only have their product to sell, but this is where a good mortgage broker like myself comes in.
What Is Our Job?
I work for you. My job is to know your financial goals and match you to the best lender for your situation.
That may sound easy, but that is because we do a lot of work in the background that you may not notice.
I keep up to date and educated on all relevant lenders ensuring I know which lenders are;
- Best suited for debt consolidations, renovations, and construction financing.
- Working with self-employed borrowers, commissioned and contract borrowers, and new Canadians.
- Treating their clients fairly, with reasonable management costs, the lowest penalties and the best renewal policies.
And of course, I automatically scan mortgage rates across all Canadian lenders and bring you the best options right out of the gate.
You can try to do this on your own, but most Canadians stop too soon, and they only compare the rate and miss much more valuable comparables such as;
- Mortgage Penalties, specifically IRD penalties.
- Renewal Policies, specifically what rate discount will be offered (if any) at renewal.
- What term should you be selecting, 2 Year, 4 Year, or 5 Year Mortgage?
- Should you be considering a variable rate?
Never Overlook Penalties
However, most of the savings are found where people don’t look, in the fine print!
The fine print in a mortgage is hard to understand, to begin with, not to mention trying to compare one bank’s fine print to another.
I can prove that there is anywhere from $35,000.00 – $50,000.00 or more in potential fees and higher interest costs over ten years, separating the worst lenders from the best lenders.
I look beyond rate and offer advice!
The advice that you need to avoid huge penalties and fees, the simplicity of selecting the right lender for your situation with the lowest rate all while saving you loads of time trying to learn all this on your own.
Ohh, did I mention that traditionally I don’t charge anything for my services?
How Do I Make Money?
I find the right lenders and show you your options, and you get to choose from there.
The lender that you pick then pays me to help them gather the needed documents to close your mortgage.
You see, I save them time and money as well, and in return for that savings, they pay me for my services, so you don’t have to.
Most of the lenders pay the same or are so close; there is little to no financial advantage to me recommending one lender over another.
All of This Is To Say:
You get the advice you deserve, the bank saves time and pays me for my services.
A win, win, win for everyone involved.
My experience with matching clients with lenders has given me a vast pool of expertise. Practice makes perfect – and I am a professional when it comes to selecting the ideal mortgage for you.
If you have any mortgage related questions, reach out to me today, and I can answer them for you!