Broker vs Banker

You want it all: the best available rate with exactly the right features you need to live comfortably with your mortgage and pay if off in record time. If you want the perfect mortgage, you need to shop around. And that’s my strength. I offer access to over 50 of Canada’s leading lenders, including major banks, credit unions, and national, regional and private lenders. I do the research for you, finding you the best mortgage across multiple lenders.

Your bank, as great as they are with your day-to-day banking, may not be the best choice for your mortgage because they represent just one available lender. Access to lender choice is one difference between getting a mortgage from a Broker vs a Bank, here are more:

	Your Mortgage Broker	Your Bank
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.
Objectivity	Your Mortgage Broker works for you, not any one lender.	Mortgage specialists are there to build business for the Bank.
Solutions	Brokers have access to mortgages for the self-employed and those with past credit issues.	It is difficult to get a mortgage for certain client situations.
Cost	The winning lender pays your Broker for the services and solution provided.	Mortgage specialists are paid and incented by the Bank.
Ongoing Service	Brokers offer ongoing advice after your mortgage closes i.e. how to pay off your mortgage faster, power down debt, finance renovations or invest in property.  There have been many regulatory changes, so it’s important to have access to a mortgage expert.	No proactive ongoing advice is typically provided. You will get an annual mortgage statement.
At Renewal	Your Broker will go to bat for you again to make sure you have the best deal possible.	You may not be offered the best deal initially, requiring you to proactively contact the Bank to negotiate.

Getting a mortgage is a very significant financial event. That’s why you want someone who is highly specialized in the mortgage marketplace and focused solely on your needs. Get in touch with the experts at MiMortgage.ca for advice that is relevant to your situation.

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Lest We Forget!

 

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Five brilliant ways to work a reverse mortgage

It’s true: a reverse mortgage – one of the best financial tools available to Canadians over 55 – can greatly assist cash-strapped seniors who need to pay off their debts and live comfortably in their family home. But reverse mortgages are also a strategy for well-heeled retirees who want to unlock the value in their homes for wealth-building strategies or to enhance their retirement.

Here are five brilliant reverse mortgage strategies:

1. Buy a second property. Who would have thought you could pull the value out of your first home – after retirement – and use the money to pick up a little vacation home… or maybe an investment property?
2. Start a business. Canadians are increasingly pursuing a passion or using their professional talents to start a new business after retirement. A reverse mortgage is a great way to pull value from your home and make an investment in something you love to do.
3. Give your children a leg up on the homebuying ladder. Tougher qualifying rules have created extra obstacles for first-time homebuyers. A reverse mortgage lets you keep enjoying your home – while giving your children some help to get into their own home.
4. Renovate the home you love. Maybe your dream is a gourmet kitchen to hone your cooking skills. Or an outdoor entertaining area to make the most of your family time. Or maybe you’d like to renovate to make your home more accessible as your mobility decreases. A reverse mortgage can generate the funds to make it all possible.
5. Use your home to get away! A reverse mortgage can give you a cash infusion to enhance your lifestyle. Many retirees are looking forward to more travel – and a reverse mortgage can provide the funding to make it happen, without ever giving up your home!

Bet you didn’t know a reverse mortgage could be such a powerful financial tool!  You can access equity in your home – tax free –  and never make a mortgage payment on those funds. You always retain ownership of the home, and you are never required to move or to sell. It’s good to know that all those years of mortgage payments have earned you some rewards. Interested?  Contact the experts at MiMortgage.ca at 1.866.452.1100. Let’s talk!

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