Where have we heard that before? Here’s the Toronto Star’s take on why Mortgage Brokers add value.
One point of note: “Mortgage brokers estimate there may be as many as 400 to 600 different mortgage products on the market today, each slightly different in rates, terms and amortization length.”
There’s simply no way a layman (read homeowner) can keep up with this volume of product information.
In short, use a professional mortgage planner, but find a good one.
Note: They botched the acronym AMP, calling it an AMB–but otherwise it’s a good read.
The AMP designation is totally over-rated. In all the time I’ve been doing this clients have NEVER EVER asked me if I was an AMP.
Moreover, the accreditation is mostly ethics diatribe. If someone is honest you don’t need to teach them ethics. The “proficiency” component is nothing more than glorified “Mortgage Agent 101” material.
If you’re a mortgage broker, take the time and money and invest it in product knowledge instead.