Eighty percent of Canadians use interest rates as the sole criteria to find a suitable mortgage. However, 80% of Canadians also break their mortgages before the term is expired, because they did not pay attention to the mortgage conditions.
Under the Mortgage Broker and Lender Administration Act (MBLAA) a mortgage broker is obliged to provide you, the client, with the most suitable mortgage for your circumstances. This also includes the best interest rate. Institutions that fall under the Bank Act are not under any legal obligation to give you the best rates at all.
As a major mortgage producer, I have access to the deepest rate discounts on the market from a range of mortgage lenders. This means that the point of differentiation between mortgage providers is not the mortgage rate, but rather the mortgage rate, its conditions and the long-term strategy that goes with it. We believe that you deserve the lowest interest rates for your circumstances and we will work to get you exactly that.
We use 20 criteria to determine the most suitable mortgage for you. Some of these criteria are:
- Mortgage penalties – Mortgage lenders do not calculate mortgage penalties the same way. Mortgage brokers typically calculate penalties using discounted rates while banks use posted rates. Posted rates make your penalties much higher
- Collateral mortgages – This is never in the client’s best interest! It is a loyalty strategy on the part of the banks.
- Affordability – Qualification for a mortgage does not mean you can afford it. We make sure that you don’t end up house poor.
- Pre-payment privileges – We would like you to pay off your mortgage in less than 11 years and we will provide you a plan to do that. You do need the right pre-payment privileges to do that.
We don’t post interest rates, because you deserve the whole story. Give us a call and we will have an honest conversation with you about it.