Getting frustrated with your current bank because you can’t reach anyone or get a straight answer about your mortgage? 

Now might be the perfect time to get off to a fresh start by looking at mortgage options with who is a division of The Mortgage Centre, with years of experience helping individuals and families secure mortgages. The great opportunities right now as a homeowner, is that by switching to a broker you could possibly free up some equity in your home to pay off high-interest credit card debt or even do a renovation on your home!

Here are a few things to keep in mind on mortgage financing through your bank versus a mortgage broker if you are considering making the switch.

Your Credit Health

At – a division of The Mortgage Centre network – we pull one credit check for all the lenders we work with, which helps minimize the adverse effect that multiple credit checks can have on your credit history. We also don’t “push” credit products which can be annoying and can have an adverse affect on your credit history.

The Mortgage Market 

It’s our business to know the mortgage market and who’s offering what. It’s simple to do a quick search online to find the institutions that have the best mortgage rates. But you don’t know which mortgage lender is providing that rate, and what the fine print is. We find that most of those online mortgage search tools are “bait and switch” tactics and before you know it, you have a mortgage from a lender that you haven’t heard of and you’re not sure if your mortgage is even going to fund. Instead of selecting a lender based on solely a rate, try our approach; we walk through more than just the rate when it comes to your mortgage terms so you get the right mortgage for your individual situation.

Renewing Your Mortgage

What about your mortgage renewal? While most people will stay with the same bank for years, there can be a cost for that convenience. More often than not, it’s true that individuals who are renewing will be offered a higher rate than a new customer. Shopping around, especially at renewal time, is a great way to ensure that you are getting the best rate available to you. When you are about six months away from your mortgage renewal be sure to contact us to see what options are available to you!

Other helpful advice regarding your mortgage!

Keep in mind, however, that by refinancing you may extend the time it will take to pay off your mortgage. That said, there are many ways to pay down your mortgage sooner to save you thousands of dollars. Most mortgage products, for instance, include prepayment privileges that enable you to pay up to 20% of the principal (the true value of your mortgage minus the interest payments) per calendar year. Or set up your payment bi-weekly to coincide with your payroll. These strategies will also help reduce your amortization period (the length of your mortgage), which, in turn, saves you money.

If you’ve read this blog and want to take the next step in transitioning from having your mortgage with the bank to having your mortgage with a broker, contact us today to book your virtual appointment or download my MCC Home Centre App and select us as your dedicated mortgage broker!