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How many lenders can you draw from and who are they?
There are over 25 lenders to draw from, far too many to list. Some very strong and solid mortgage companies that only mortgage broker/agents have access to. These companies deal only in quality mortgages which ensures clients can have a low rate with flexible terms.
What is your fee?
In most cases, my fees are covered by the lender. Sometimes I will need to charge a fee, but this does not happen often.
What should I know when shopping for a mortgage specialist?
Get a referral from a friend or someone you trust, if that option is not available look around for a broker with AMP behind their name. These agents are licensed and keep up with their educational requirements. They go a step further. Talk to a couple of brokers before you commit to the relationship. Short or long-term, your broker will listen and review your financial details.
I’ve been a loyal bank customer for years, why should I deal with a mortgage broker instead of my bank?
Mortgage Brokers / Agents are not trying to take you away from your bank, we can even help you get a better deal from your own personal bank. On many occasions if your bank don't approve you we can find a lender who can.
Mortgage agents do not sell chequing accounts, GIC, or RRSP they know mortgages! This is all they do. Cornerstone banks know they have your loyalty, they also know they don’t have to give you their time to listen to what your family needs are or give you their best rate. Even when they give you a discount it's often not the same as the discount they give to the broker. Brokers also have access to more lenders and options than just one bank.
Is a mortgage broker used only for those people with a bad credit rating?
We definitely help those who have bruised their credit but the greater bulk of my clients are people who do not have the time or want to research. This is what I do every day so my clients trust that I will give them the best mortgage that has a great rate and terms and meets their family's goals.
Should I also shop around to get the best mortgage rate?
Why would you? You have just enlisted me to do that for you. If you like and trust your broker and they have been referred to you by a trusted friend. Let the broker do the worrying for you. You just sit back and relax!
What is the difference between fixed and variable rates?
Fixed-rate is just that, it’s an interest rate that does not change over the course of the term eg: 5.5% for 5 years means for 5 years your rate will be 5.5% at the end of your five years you will renew your mortgage for a rate that is available at that time.
A variable rate – works with the Bank of Canada. The Bank of Canada sets the overnight lending rate let’s say It’s 1 % (this is the rate they lend money to the banks) The banks/lenders then lend out the money at a 2% markup. So prime would now be 3%.
Your mortgage rate is going to be set at the time you sign your contract so let’s say prime plus 0.80 bps your current rate would be 3.80%.
The biggest issue with the variable rate is you must be flexible and not adverse to change. With most mortgages, your payment will change with price adjustments. Eg. Prime goes up by 0.25%, and the following month your payment will adjust to reflect the change as your new mortgage rate is 4.05%.
I hear the term "closing date" often, what exactly does that mean?
The closing date is the date you get the keys to your home.
How long can you lock in my pre-approved mortgage rate, months? Year?
Usually 120 days, this depends on the lender
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