Get a Mortgage Broker on your Side!
CBC Marketplace recently aired an episode entitled: "Busting the Banks" (January 25, 2013).
The segment on mortgages is a great example of how dealing directly with your bank for a mortgage these days is not necessarily the best option. While banks are required by law to disclose certain relevant information about the products and services they offer, HOW they disclose is not spelled out. While bank staff will likely be able to give you the 'Pros' of their products, they will be less willing to be as informative about the 'Cons'. Don't rely on bank staff to be fully informed about other lender's products or in a position to compare. They are paid by their employer and trained to sell their own product line-up - whether it is the best option for you, or not. They are not paid to compare or have any knowledge of their competition. This IS however, exactly the service that a MORTGAGE BROKER offers. A mortgage broker's job is to know ALL the lenders and ALL their products, understand the DIFFERENCES, the PROS, the CONS and the MORTGAGE RATES...helping consumers make an informed and educated decision about what mortgage product is best! Why get a mortgage without a Mortgage Broker on your side?
Posted by Liz (Elizabeth) Doyle
on February 4, 2013