Get to know a mortgage broker

MortgageApplicationGet to know a mortgage broker

Shop, compare, negotiate. Canadians will do their research when it comes to a major purchase such as a new car or household appliance. Yet, when it comes to sourcing a mortgage, many of us will walk in to our local bank and accept the very first offer we are given. When it comes time to shop, make sure a local Mortgage Broker is part of your home buying plan.
Mortgage Agents and Brokers are licensed professionals with the Financial Services Commission of Ontario, keeping ahead of the industry through mandatory Continuing Education. Myth and mystery have surrounded this profession for many years, some of it supported by the competition to maintain an element of doubt. As with any business, satisfied customers are the only way to stay in business.
Let’s address the myths and give the consumer some well deserved options!

Myth: Mortgage Brokers get paid more on a higher interest rate. Mortgage Brokers get paid on mortgage amount and term, not on the interest rate of your mortgage. They will work to get you the best possible rate and features to suit your situation.

Myth: Mortgage Brokers always charge fees. There are times when a fee is necessary and justified when arranging a mortgage for a client. Examples of these vary but include Commercial financing, Private Lender mortgages, 2nd mortgages to name a few. The majority of our transactions are placed with banks and financial institutions providing finder’s fees to the Mortgage Broker. No money out of your pocket.

Myth: Mortgage Brokers work with Knicky Knuckles, hahaha forgive me a little humor about a very serious subject. Mortgage Brokers work with the very same banks that you would look to for your mortgage but they have the added benefit of being able to extend their comparisons to Trust Companies, Monoline lending institutions, Credit Unions and Private Lenders. All these sources allow for more choice in product, term and features of your new mortgage. As part of their licensing regulations, Brokers are required to 
meet a suitability checklist on each transaction, ensuring that the chosen Lender options were suitable to the client’s needs.

Myth: Only a desperate client would use a Broker. There was a time when this was the truth. Our industry has evolved over the last 30 years to become what we are today; professionals working with knowledgeable, savvy clients who are no longer willing to accept or tolerate less than optimum mortgage financing. Mortgage Brokers work closely with lenders and Mortgage 
Insurers, CMHC, Genworth and Canada Guaranty to provide their clients with the best that is available in the marketplace to suit their situation. There are still homeowners in need of special attention. Bruised credit, self employed business owners and unusual properties can bring challenges to an already stressful time. Mortgage Brokers are the specialists you need on your team.

Buying a home and refinancing a mortgage for whatever reason is a major financial decision. Why not consider your own personal consultant to guide you through the process and ensure that your needs are met every step of the way?

– Written by Andrea Sammut, Licensed Mortgage Agent at Mortgage Architects Brokerage 
#10287 located in Orangeville, Ontario.