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Gale Tracey AMP

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July 2011 ... An off-the-shelf mortgage? Not with a mortgage broker!

When any conversation turns to mortgages, it's usually about rate.  Of course, low rates are an important component to paying less interest over the long term, but there's much more to consider than just rate.  In fact, if you select your mortgage entirely on the lowest rate, you may actually lose out in the long run.  Many people don't realize that a mortgage with a rock-bottom rate may have higher fees and penalties, and more restrictive terms. 

Across the country, mortgage brokers are doing an excellent and diligent job in helping homebuyers and owners get the best mortgage for their needs, one that has two components – a great rate and the right mortgage privileges, a combination that could save you thousands over the long term.  That's why a mortgage broker will help you consider all of the components of mortgage design, like:

·         term

·         fixed versus variable rate

·         payment flexibility

·         pre-payment privileges

·         restrictions, fees, penalties

·         mortgage portability, assumability

·         and more

Mortgage brokers too have a mortgage solution for almost any situation: for entrepreneurs, vacation or investment properties, new Canadians… even mortgages that repair your credit rating. And 30-year amortizations and no downpayment mortgages help make homeownership affordable for more Canadians.

Clients of  independent mortgage brokers don't want their mortgage options off the shelf from one financial institution. They appreciate that mortgage brokers have access to more than 50 different lenders, which compete for their business. This choice is becoming more critical for today's homebuyers and owners because they are asking questions; they want to compare rates, have their mortgage designed for their needs, and understand how to make their mortgage work for them. The answers – and the product options – are coming from mortgage brokers. 

Ongoing information and advice are also critical to ensuring you reach your financial and homeownership goals, because your needs may change over time.  Mortgage brokers receive and review a continuous flow of updates from a wide variety of lenders and other industry professionals, so they’re always aware of what’s happening in the mortgage marketplace.  The most important and relevant insights are shared with their clients.  Your home is an enormous financial commitment, which means you need a mortgage broker who keeps in touch with you during your mortgage years. You deserve that kind of dedicated attention.

Simply put, mortgage brokers are doing more than just offering you a mortgage off the shelf, they offer advice, choice, specialized products, enhanced information on an ongoing basis and personalized service. All very important considerations if you are a first-time buyer, have questions about your current mortgage or renewal, are worried about the interest on your debt load, or if you’re thinking about a vacation or investment property.  

If you don't want an off-the-shelf mortgage, then contact a mortgage broker to get an assessment of what you need.  Make sure your next mortgage is designed around you!

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