Increasingly Canadians looking to buy a house are seeking more information from the professional helping to secure their mortgage. They look to their mortgage expert for good financial advice, guidance and some level of consultation on what most likely is the biggest investment of their lives. Mortgage experts are now on the front line when giving advice to new homeowners on how much they should borrow and at what rate.
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Only the most naïve customer would pay the “posted” rate for their mortgage. (You didn’t pay the posted rate…did you?!?). Whether you use a third-party mortgage broker, or simply walked into your nearest bank branch and spoke with their mortgage specialist, you almost certainly were offered a discount off the posted rate. So why do financial institutions bother having these rates?
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This week is all about cracking the most common mortgage secrets. And for many, there’s nothing more mystifying than the role of a mortgage broker… or is that just my opinion? I’m skeptical by nature. If something seems too good to be true, I think it probably is. I’ve learned, though, not to judge until I’ve asked the right questions. I am glad that I applied this good sense in my quest for the perfect mortgage package.
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When you’re shopping around for a mortgage, you want the best rate. That’s obvious. Shaving even a fraction of a percentage point off your mortgage rate will save you thousands over the term of the mortgage, so it’s worth shopping around and haggling. But there’s more to a mortgage than just the number. There are other services — many of them buried in the fine print of your mortgage documents — that can have an impact on your experience over the years… yup, years!
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There’s a renewed sense that the real estate agent is out and buying a home on your own, or with limited help, is the way to go. Is it really? Is it enough to rely on an internet-based do-it-yourself company or just a lawyer to buy a home?
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