You may have a good relationship with the bank manager,
but he or she has to answer to the big bosses. And
they don't wish to jeopardize their position by "bending"
their lending criteria.
But let's assume that you do qualify for a loan from your
bank. The next questions is, are you getting the
best interest rate. Once again, you would think that
your long relationship with the bank, and your many years
of letting them make good interest off of your hard earned
money would necessitate that they would give you the
lowest interest rate possible. Well, you would be
surprised. A bank employee is responsible for the
profitability of that branch, and by giving you the
absolute best rate, they are not doing the best job for
As an aside, you would be shocked at the number of friends
that come to me and ask whether the rate they just got
from their bank is the lowest. They come to me and
say the bank offered them 3.19% on a 5 year mortgage.
I tell them that I have 4 other lenders that will offer
them a rate of 2.99% on a 5 year Canadian mortgage.
Because they are friends, I take my business card, write
the 2.99% rate on the back of it, and tell them to take it
into their bank officer. The bank lending officer
looks at my card, sees that I am a Canadian mortgage
broker, looks at the rate that I can get my friend, and
then offers him the same rate of 2.99%. Many of my
friends are incensed when they find out that their bank is
trying to "rip them off". I tell them it is not
there's the main reason for using a broker.
Whether you are purchasing your first home,
or are moving up - down - or across, or needing an equity
loan to look after some bills, do renovations or take a
vacation, you can trust that your mortgage broker has the
expertise and experience to assist you in the transaction.
relationships with many lenders that are constantly
emailing us with the absolute best rates. The
lenders know that clients, such as yourself, come to us
expecting that we will offer you the lowest percentage
rate, along with sound advice and attention to the details.
If you are purchasing a home, a good mortgage
broker consultant will work with your Realtor to ensure
that the best financing plan is available on time and as
agreed. We will be able to advise you on financing
options, mortgage insurance, legal issues pertaining to
the mortgage, and government and private policies and
And finally, is their any cost to you for using a mortgage
broker. The answer is no. If the broker gets
you a mortgage with a conventional lender, the lender pays
a commission to the broker. It does not come out of
Please let us help you today.