SAVE TIME. When you deal with a mortgage broker, you only have to fill out one application (and we all know those types of applications aren’t exactly fun to complete). The mortgage broker then shops your application to lenders to find you the best product and rate.

SAVE MONEY. There’s absolutely no charge for our services on typical residential mortgage transactions. How can we afford to do that? Like many other professional services such as insurance, mortgage brokers are generally paid a finder’s fee when we introduce trustworthy, dependable customers to a financial institution. These fees are quite standard nearly industry-wide so that the focus remains on you, the customer.

CHOICE. If you were to just go to your bank, you would only be offered THEIR products. A mortgage broker can deal with a variety of credit unions, trust companies, commercial banks, and private lenders.

PUT YOUR MIND AT EASE. Knowing that you can rely on the expertise of the mortgage broker when it comes to the right financing can feel like a ton of bricks have been lifted off your shoulders.

GREAT SERVICE. Mortgage brokers work for YOU. You will feel like you have someone on your side, working for your best interests. It’s a win-win situation for both you and the mortgage broker when the outcome is favorable.

GUIDANCE THROUGH THE FINE PRINT. A mortgage broker can go through the conditions with you and answer any questions you may have as well as walk you through the next steps leading up to the closing of the mortgage transaction.

WE NEGOTIATE ON YOUR BEHALF. Many people are uncertain or uncomfortable negotiating mortgages directly with their bank. Brokers negotiate mortgages every day on behalf of Canadian homebuyers. You can count on our market knowledge to secure competitive rates and terms that benefit you and your homeownership goals.

SPECIAL INCENTIVES. Many financial institutions would love to have you as a client, which is why they often offer incentives to attract creditworthy customers. These can include retail points programs, discounts on appliances, shopping clubs, and more. We do the math on which offers might be worth your attention when it comes to financing or mortgage insurance – so you get the perks you deserve.

THINGS MOVE QUICKLY. Our job isn’t done until your closing date goes smoothly. We’ll help ensure your mortgage transaction takes place on time.

PROTECT YOUR CREDIT SCORE. If you apply at dozens of lenders yourself, not only is it time-consuming, it can lead to a lower credit score. If you do too many credit checks within a short time span, it can lower your credit score. With a broker, typically they only have to pull your credit score once, helping protect your credit score.

Historically low fixed rates have been one of the pandemic silver linings fueling the Canadian real estate market. However, in the last two weeks, we have seen fixed rates creep up twice since the pandemic began as a result of a rising yield on the Canada 5-year bond. The steeper bond yield reflects growing optimism among investors, who are pulling money out of relatively safe bonds and investing in stocks with higher earning potential. As optimism continues to build around the vaccine rollout and investors gain confidence in the economy, we could see further increases.

Record low mortgage rates have helped drive real estate sales, and it is unlikely that these modest increases will put a damper on the real estate market. But it does mean buyers will have larger fixed mortgage payments. For example, a homeowner with a 20% percent down payment on a $750,000 home, at a 5-year fixed rate of 1.69 percent, 25-year amortization (total mortgage amount of $600,000) has a monthly mortgage payment of $2,451.86. With an increase to 1.94%, their monthly mortgage payment has increased to $2,523.37. The rate increase would cost the homeowner $71.51 per month or $858.12 per year on their mortgage payments.

If you’re buying a home and worry about fixed rates rising further, you should get a rate hold for 90 to 120 days or consider a variable rate. There has been no change to Prime, the driver of variable rate mortgage rates and a great option in this market.