Mortgage Intelligence

Oshawa's Mortgage News Desk!


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Bank vs Broker

Five Reasons Why You Should Use A Broker

Brokers_vs_Banks

Image by courtesy of 360finance.com.au

The competition between bank vs broker has never been more prevalent than now. Although banks may have had the advantage in the past, buyers are now beginning to understand the benefits of working with a broker.

So let’s talk about why this is happening: because it’s worth reminding ourselves why the smart money is always on the broker.

Available from a Mortgage Broker Available from a Bank
Mortgage Choice Over 50 lenders, including most of the major banks, credit unions, and national, regional and private lenders. Every bank has its own menu of house mortgage products.
Mortgage Rates Mortgage brokerages negotiate discounted rates with lenders, and have access to rate promotions and specials. Rates are set by the Bank. If there’s a better deal in the marketplace, you’ll have to find it yourself.
Independence Objectivity A mortgage broker works for you, and will work with lenders to customize mortgages to suit your financial needs. Naturally, mortgage specialists are there to build business for the bank.
Ongoing Service Brokers offer ongoing advice and conduct annual mortgage reviews, showing you how to pay off your mortgage faster, power down debt, finance renovations, or invest in property. No proactive advice is typically provided. You will get an annual mortgage statement.
At Renewal Your broker will negotiate on your behalf to make sure you have the best product and rate. You may not be offered the best deal initially, requiring you to proactively contact the bank to negotiate.

Time to buy a home, refinance or renew your mortgage? Get the advice you deserve.  Call the MiMortgage team at 1 866 452-1100 today!

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Another Home Owner Tax?

Is owning your home important to you? Well, according to an Ipsos poll, around 90% who live in Toronto think owning your own home is an integral part of living the “Canadian Dream.” However, owning your home comes with property taxes. We pay provincial land transfer taxes when we buy the home and annual property taxes to our respective municipalities, for as long as we own the property.

The City of Toronto introduced the Toronto land transfer tax to their home owners in 2006. This municipal tax is in addition to and equivalent to the existing provincial land transfer tax.

There is a proposal for introducing  an additional new municipal land transfer tax in Durham Region, which would mean:

Another-Home-Owner-Tax* Home ownership might become more difficult

* Delay your decision to purchase a home

* More debt to pay taxes

* Less spending money for renovations & home upgrades

* Reduce funds available for your down payment

How do you think the introduction of an additional new municipal land transfer would impact you and your finances?

The “Say No To Another Home Owner Tax – Don’t Tax My Dream” campaign launched by OREA will give you more information on how you may be effected by the new municipal land transfer tax.

Let the “MiMortgage Team” at Mortgage Intelligence help you with planning your finances. To get pre-approved apply now through our secure website or speak to one of our agents at (866) 452-1100.