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WHY CHOOSE A MORTGAGE BROKER...

This is the one question that I get asked the most,
Why choose a mortgage broker?
What do they have that I can't get from my own bank. and
What does a mortgage broker do for me?

To answer these questions let's take one at time.
What can a mortgage broker offer that a bank can not?
 A mortgage broker first of all gives you choice!
They also give you expert advice, Most mortgage brokers have gone through a vast education program about mortgages and because they only do mortgages they are more up to date than most banks employees. 

I worked for the bank, and while I had good training, I only had training in the bank products.  When I left the bank and went to become a broker, I thought I knew everything and nobody was going to tell me otherwise.  It did not take long to realize I knew nothing about mortgages, I was put to school by clients asking me question which I had no idea how to answer.  The bank did not prepare me to answer those questions.  I knew I had to learn more and I went back to school and learned and I keep learning everyday.  

It amaze me how different clients are and how I need to think outside the box, that is something that a bank just can not do.  Lets be honest,  Banks employees are not allowed to think outside the box, you need to fit in the bank box or you are sent packing. 

What does a mortgage broker do? 

Your mortgage broker will pull your credit history once and then use that one “pull” to market you to prospective lenders (major banks, credit unions, finance companies, private lenders and trust companies), so that you can get the best financing and terms to suit your needs.    


A mortgage broker saves you time and energy and provides personalized service, sometimes with flexible hours. They offer specialized knowledge and will work hard on your behalf and do all the negotiating for you. They can help you improve your overall rating by advising you which credit cards to use and which to leave idle during the process.  A mortgage broker costs you absolutely nothing because they are paid by lending institutions, not you. 

Depending on your province, mortgage brokers must be licensed and are therefore subject to strict requirements. Accredited Mortgage Professionals (AMPs) must take on-going education courses in order to maintain their accreditation. 

A mortgage broker will review your financial situation and discuss with you your future plans and risk tolerance, and help you choose the right type of mortgage for you.  They will assess your situation and create different scenarios for you. They will tell you the maximum dollar amount you can consider paying for a house for the payments you can afford, and what your weekly, bi-weekly or monthly installments will look like.  They can also assist you by creating a strategy so you can pay off your mortgage sooner. 

 Mortgage Brokers have many tools that help you get the best mortgage rates and terms, ask your Real estate Agent they will be able to steer you to the right mortgage professional.

Finally why choose a mortgage broker..
Because mortgage broker only get paid if your mortgage is approved and funded, and because mortgage brokers are Self employed, they are not a one hit wonder, they are there for you... Here is the best way to describe a mortgage broker.  Remember you parents would tell you about the good old days when they went to the bank and  that employee was always there and they could deal with the same person and they did not have to repeat themselves? well that is basically what a mortgage broker is, a person who is always there to answer any of your questions.  I have been in the business as a mortgage broker for over 15 years and the reason I am not with the bank? is that they asked me to move to Toronto because I was doing such a great job they need to move me.  Go figure. 
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