Debra Williams BBA
Ten great reasons you consult a mortgage planner for debt management advice
For many Canadians, a home is the biggest purchase most of us will ever make and it is a principal repository of wealth. Mortgage planning looks at home equity as one of the crown jewels of personal finance – and the mortgage as a powerful financial tool. No surprise, then, that a growing number of Canadians have started to ask some smart questions about their mortgage. In 2011, 48 per cent of first-time buyers completed their transaction with a mortgage broker, up from 45 per cent in 2009 and 35 per cent in 2007. Clearly, today's homeowners are very savvy about seeking out their options; they understand the value of professional advice, and don’t want to be tied to one particular bank's products. Why? Here are 10 great reasons:
1. Choice. A broker has access to mortgages from a vast network of over 50 lenders – so their clients have by far the best choice of rates and mortgage options. Your mortgage planner can help design the perfect mortgage for you.
2. Independence and objectivity. A mortgage planner actually works for you, not for any one lender. That kind of objectivity means that you – the client – are the focus. They fit the mortgage to the client, not the other way around.
3. Negotiating power. Mortgage planners have negotiating power because the lenders compete for their business. You’ll get the best rate for your situation.
4. Access to rate promotions. You may not realize it, but there are sales and promotions in the mortgage world, too. Lenders often offer special rate promotions, for example. Your planner will know about these special offers, and whether they might work in your situation.
5. Mortgage Planning. A growing number of Canadians are accelerating their wealth by tapping their home equity for tax-deductible investments; a strategy that gets their money working double-time. They get to enjoy their rising home equity…at the same time as they watch their other investments grow. They’ve got the hardest working mortgages anywhere! It takes financial discipline, but it’s worth exploring!
6. Expertise. A mortgage planner is a financial specialist. That’s the kind of expertise you want to guide you through today’s plentiful mortgage market. With 30-year amortizations, re-advanceable mortgages (mortgage combined with a line of credit), no income documentation products for the self employed, credit repair and debt consolidation solutions, today there are mortgages for almost any situation. And your independent mortgage planner knows them all.
7. A focused specialist. A mortgage is a very significant financial event. Mortgage planners are in only one business, and they do it exceedingly well. That’s what you want: someone who’s focused on the mortgage marketplace and your needs.
8. One credit inquiry. Rate-shopping on your own can actually be hazardous to your credit. Every time a lender checks your credit, the credit bureaus take notice. Too many inquiries and your credit rating can weaken, possibly affecting the rate and terms of your mortgage. Your mortgage planner does one inquiry only, regardless how many lenders you’re looking at.
9. No cost to you *. As a rule, the winning lender pays compensation to your planner for the services and solution provided.
10. Personal attention. You need a mortgage plan that is a custom fit for you, and a planner who keeps in touch with you during your mortgage years. Keep in mind that their business is built primarily through referrals from satisfied customers, so your positive mortgage experience is essential for their ongoing business growth.
Your mortgage is a big decision and a powerful financial tool. If you are interested in the options available, please contact your mortgage planner or find one of our expert planners at www.mtgarc.ca.
*Other conditions may apply.
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