• I’ve always gone to my bank for my financial needs, why use the services of a mortgage broker?
• Do I pay an extra fee to hire you as my mortgage broker?
• How do mortgage professionals get better rates or deals than many banks?
• Aren’t mortgage brokers the last resort alternative for individuals who get turned down at their bank?
• Do you get incentives for recommending one lender over another?
• I think my bank will pay for my appraisal and home inspection? Why should I work with anyone else?
• What types of lenders do you deal with?
• Can you arrange a mortgage in provinces other than Alberta?

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I’ve always gone to my bank for my financial needs, why use the services of a mortgage broker?

Working with your bank limits your options to only the financing products they have available. In order to get the best rates or mortgage perfectly suited to your particular needs, you could visit every bank or lender out there, fill out many applications–or you can save time and talk to a broker like me who has knowledge about and access to financing products from more than 40 lenders (including your bank). Some of these lenders only deal with mortgage brokers and have publicly-unadvertised rates. Letting me shop the lenders for you gives you greater flexibility as I help you choose the right mortgage product for your situation.

Moreover, you will also get professional negotiating expertise, 48-hour progress update guarantee, "after banking hours" personal service, mobile service in the comfort of your home and monthly updates and client newsletters – all of which most banks do not provide. I make sure your questions are answered and stay in touch with you to provide regular updates before and after the deal closes.

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Do I pay an extra fee to hire you as my mortgage broker?

No. Typically, my mortgage brokering services are absolutely free. The lender I help you choose and who funds your deal usually pays me a finder’s fee after the deal closes. Also, the fees I get paid does not increase the cost of your mortgage because the lender originates mortgages either by paying its own staff or a broker. What this all means is that you save time and money using my service – at NO COST! Some of these cases where a mortgage broker will charge fees to clients could be those where the deal has to be funded by a private lender, or if the subject property is considered commercial. However, in these cases, these charges will be put in writing for you to agree to before any work is commenced.

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How do mortgage professionals get better rates or deals than many banks?

Mortgage professionals in Canada are able to secure wholesale rates for collectively bringing in a very significant number of borrowers to banks and other lenders. The lenders recognize the need to give lower rates or better products to the mortgage brokers in order for the brokers to send more clients to them rather than their competitors. As such, we are able to offer better rates or deals than most banks.

Even if you choose to stay with your bank, we may still help you source funds from them at a lower rate than what you can get at their branch, at no extra cost to you – because of our broker relationship. No matter which lender you choose, even if it’s your own bank, Canada Mortgage Hub can help.

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Aren’t mortgage brokers the last resort alternative for individuals who get turned down at their bank?

This is simply not true. There are lenders out that may give better rates and terms than what banks offer to borrowers with excellent credit. Some of these lenders deal only with mortgage brokers. You may get better rates with a bank if you or your spouse/family member works for them. Otherwise, the significant time and money savings you get working with a broker is unbeatable – whether or not your bank turns your deal down!

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Do you get financial incentives to recommend one lender over another?

Some lenders do offer a higher level of compensation than others. But frankly, it is so insignificant that it doesn’t make one iota of difference to me or my lifestyle. Over the years I’ve learned that if I don’t do whatever it takes to help my client find the best mortgage possible, it costs me dearly in lost good will, lost referrals and lost repeat business. That’s why I’m committed to providing unbiased professional advise that is in your best interest. Your success is my success!

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I think my bank will pay for my appraisal and home inspection? Why should I work with anyone else?

It’s always good to save money on those various closing costs. We all like saving money. Just make sure you ask the following questions to be sure you don’t get stung with thousands of dollars in unnecessary fees and interest.

1. Am I certain that this mortgage is customized to my unique situation?
2. Will this mortgage allow me to pay the least amount of interest long term?
3. Are the terms of my mortgage flexible enough to avoid paying extra fees?

If you can answer all of these questions to your satisfaction, I would suggest you go with your bank. If not, I would suggest giving me a call to explore all of your options.

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What types of lenders do you deal with?

I work with different types of lenders including, but not limited to, chartered banks, credit unions, life insurance companies, trust companies, finance companies, pension funds, loan corporations and private lenders.

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Can you arrange a mortgage in provinces other than Alberta?

Yes, basically, I can help arrange mortgages in all provinces in Canada. My office is in Alberta but some of my clients are from other provinces. In these cases, business is mostly conducted by phone, fax and email. Nonetheless, I maintain a high quality of service for my clients, whether they are in-town or out-of-town.