You might ask yourself, “Why bother? What can a mortgage broker do for me that I can’t do for myself, with my bank?” Quite naturally, your bank’s first loyalty is to itself and its shareholders, and they can only offer you the best mortgages that they have available. However, your bank’s best mortgage might not be the best mortgage that you could get for your unique situation and goals. An independent mortgage consultant, on the other hand, is dedicated only to you and your needs. Unlike your bank, your mortgage consultant also has access to a number of diverse lenders, offering over 600 mortgage products from which to find the best loan for you. Furthermore, negotiating a mortgage with a lender is an art of its own.
However, you didn’t learn to negotiate a mortgage, with mortgage professionals, in the context of Canadian culture. The mortgage elements most people worry about – rate and term – are actually less influential overall than the small print in terms of making your mortgage an effective wealth-building tool. And then, there are other things that your bank doesn’t tell you in the heat of the moment.