Do you have
a mortgage that’s coming up for renewal and the mortgage broker that you
originally arranged your mortgage through is no longer in business?
The Mortgage
Centre can adopt you!
At The Mortgage
Centre, we love brokering a mortgage, but it’s a tough business. That’s because
it’s purely commissioned based. In the majority of cases, mortgage brokers don’t
charge their clients a fee – they get paid a small commission based on the
financial institution the borrower chooses. Only in a few cases do mortgage
brokers charge a fee. Such as, if the borrower is considered a higher credit
risk because of weak credit or job instability. So, many mortgage brokers can’t
make a living because of the commissioned-based business.
Whenever
your mortgage comes up for renewal, people who use mortgage brokers know it’s
time for their broker to help them get another great mortgage. The value-added
service and advice that brokers bring to their clients is that they help negotiate
a new mortgage (possibly at another institution that has a more-competitive
rate), normally at no cost.
If you find
that you need to make adjustments to your mortgage, such as changing the amortization,
mortgage amount, or you’re just moving to another house – a mortgage broker can
help you with that too.
We work with most chartered banks and wholesale
mortgage lenders and can access just about any mortgage lender in Canada.
If you
currently have a mortgage with a bank, and are looking for a second opinion –
most mortgage brokers will set aside time to help you shop the mortgage market
to get a better rate. We’ve found that normally upon mortgage renewals,
financial institutions may not offer a competitive rate.
Keep in
mind there’s more to a mortgage that just a rate. Often times the lowest
mortgage rate means that you need to sacrifice pre-payment options, or pay
hefty penalties should you need to make adjustments to the mortgage in the
future. Mortgage brokers will help you identify the best mortgage out there
that fits your financial needs and balances rates and features.
I'd love to
hear how you make your own decisions on choosing a mortgage. Please e-mail me
at lastovic.s@mortgagecentre.com or offer your comments. If you're on twitter
follow me @Sandra_lastovic.
