** Mortgage Brokers are Professionals that help Canadians with their mortgages. From an unbiased view of your mortgage, their job is to analyze your current financial mortgage structure and provide guidance to enhance it, look at it from another perspective or leave it alone.
** When shopping for cars, do you only go to one brand of car dealership? Or do you do a lot of research and go store to store looking for what best suits you? They do that research for you on your behalf, for free.
--> Just because you find a great rate doesn’t mean you are getting a great mortgage. The fine print can be where you get caught.. - How flexible is that mortgage, can you prepay the mortgage, if so at what rate? - Is it transferable to another property? - Can you accelerate payments? Etc..
--> Often Canadians get stuck on the rate, that’s like buying a car only because the price is great. Have you ever heard of anyone getting a great deal on a car, only to find out that it’s a lemon because they didn’t look under the hood? The same practice applies to mortgages, wouldn’t it be nice to know what the options are upfront rather than be surprised after.
** Many single option banks/lenders can only provide you solutions that they have at their disposal, whereas your mortgage broker will look at your mortgage from many viewpoints!