Rate is often the first reason people search out a broker. Do I have access to the "best rates"? You bet I do. Is that a guarantee that you will want the product that has those rates? No, definitely not.
You should be asking for SO much more than rate. There are many pieces to a mortgage that make it beneficial...How much are the allowed annual prepayment privileges?
Is there a skip-a-payment option?
Can I double up my mortgage payment?
What payment frequencies are available? (THIS IS VERY IMPORTANT if you want to be debt free)
What if I move and want to keep my mortgage?
What will happen with my mortgage at renewal?
Can I put a Line of Credit behind my first mortgage?
Mortgage Brokers are licensed professionals. We have a fiduciary duty to represent you, NOT the financial interests of any lender. Whether the best solution for you is with a chartered bank like TD Canada Trust or ScotiaBank, or with a smaller mortgage finance company like Merix Financial, you will always be given neutral, non biased advice.
Once upon a time people thought of brokers as the "mafia of lending". Ask around and you will find someone who tells you "You'll lose your house" or "They'll call your mortgage due and break your knees if you can't pay up". I don't know the history of this myth but it is just that, a MYTH. We are strictly regulated by OSFI and provincial real estate boards. As a mortgage broker, I am continually educated and required to renew my license to stay up to date on changing regulations handed down by the Federal Government. I personally have over 10 years experience in this role.
As broker I have access to many lenders products, which means I don't have to fit your needs into the narrow selection of one bank/lender. No round pegs in square holes.
There are so many factors in getting a mortgage today that it can truly be overwhelming. Using a broker can relieve some of that stress. We are experts at what we do and will happily share that expertise with you. Whether it be by advising you on various forms available for down payment (Gift, RRSP, Flex-Down) or on a mortgage product that might allow you to fix the leaking roof on an otherwise "perfect" home, we have answers to all your questions!