Canadian Mortgage Trends (CMT) delivers the latest mortgage news in Canada for homeowners, online mortgage brokers, and real estate professionals. Legal Information: Consult a qualified mortgage advisor before making any mortgage decision based on information you read here. Similarly, if you see a financial or tax strategy discussed here, always consult a licensed and qualified investment or tax advisor to ensure the strategy is right for you. Mortgages, investment, and tax strategies mentioned on this website are not appropriate for everyone. In many cases, they may not be feasible at all and/or entail serious risks. While reasonable effort is made to ensure the accuracy of information and data contained herein, accuracy, facts, completeness, and suitability can not be guaranteed. Past performance is not a good predictor of future performance. Results, rates, strategies, and terms are not guaranteed and CMT and its affiliates assume no liability for any losses that may occur from your reliance on such information. The information on this site reflects purely our opinions, and not necessarily the opinions of any other party. CMT is a news site, and not affiliated with most of the people or companies mentioned. Information herein is not intended to be, nor does it constitute, mortgage advice, investment advice, tax advise, financial advice, recommendations, or solicitations to buy or sell securities. CMT personnel and related parties may have an interest in the mortgages, services, companies, products, or securities mentioned on this site. Please contact us if you require clarifications of the above. CMT is owned and operated by McLister Enterprises Inc. Contact us at (800) 280-2460. Thank you for reading CMT. Copyright 2009. All rights reserved.
Way to go! It is about time that someone starting talking about how much value mortgage brokers add. Thanks for sharing the truth rather than just sensationalizing like all the other media out there.
Posted by: va mortgage | March 17, 2008 at 08:14 PM
It's good sign for Mortgage Brokers, most of my clients are very happy with their brokers, rates too
Posted by: Mortgage specialist | March 26, 2008 at 09:28 PM
I renewed with the same lender, but used a brokers quote to get the bank to match them. Willing to bet I am not the only one.
Posted by: Matt | April 12, 2008 at 09:26 PM
Matt. Nothing personal but that is a pretty slimy way to negotiate.
Posted by: Dennis | April 16, 2008 at 10:18 PM
a licensed mortgage broker has a specific and essential job to do. their job is to effectively shop around the real estate financing market to find the buyer the best mortgage rate, at the best terms possible.
usually a broker comes in before the home buyer actually goes looking for their dream home. buyers should first go to a broker for a mortgage pre-approval. most (if not all) financial lenders offer a mortgage pre-approval, and this document is normally free for prospective home buyers. this mortgage pre-approval is crucial to the home buyer as it tells them what they can actually afford and details the limits to which they can borrow from the financial institution.
a mortgage broker is of added value in this situation as in the time it takes a home buyer to meet with one particular lending institution, the mortgage broker can contact a number of quality banks on the buyers’ behalf. a broker understands that different banks have different rules, and as they know the market; the mortgage broker in effect ‘goes shopping’ for you to find the best rate.
even though using a mortgage broker is often free for the potential home buyer, their value and necessity should not be overlooked. a mortgage broker makes their commissions from the financial institutions where they secure; while there are no fiduciary responsibilities to the home buyer, a mortgage broker’s business is almost always based on referrals; it is important for a mortgage broker to act in the best interests of his or her clients. securing mortgages and positive client referrals are the backbone of a mortgage broker’s success.
sam
Posted by: Loans | October 07, 2008 at 11:13 AM
Hello Mortgage Specialist,
I don't understand why people go the bank and get the banks to match our mortgage brokers rates. If you were valued as a bank customer, wouldn't you have gotten the best rate from your bank the first time you called on them? For that reason I do not hand out my rates on paper until the deal is actually closed. It is just wrong.
Posted by: April | April 09, 2009 at 05:58 AM