Your mortgage broker is an individual that offers funds secured by a property. This can be through a mortgage or a home equity line of credit (aka “HELOC”). Unlike a bank representative, a mortgage broker is licensed by FSCO, a Canadian government body, and is paid by individual lenders ONLY for successfully funded mortgage products. For this reason a Mortgage Broker must have the client’s interest clear and in focus.

When your current lender contacts you months prior to renewal, this is the time when you should contact your mortgage broker. With their help, you can make an educated choice that is best for your property investment. This is also the opportunity to utilize any equity in your property to pay high interest debt, home renovations, or any other expenditure you may want to take care of. banks and non-traditional lenders. Each of these lenders has individual products to offer, and as a result there is a greater amount of choice to suit each client’s individual needs.

Alternatively, you have the option to “shop” your mortgage between banks yourself, but those choices can sometimes be confusing and can present “competition” for your business within traditional banks, and countless bothersome phone calls for your business. Your mortgage broker will act as your personal shopper and with years of experience is able to negotiate rates banks and non-traditional lenders. Each of these lenders has individual products to offer, and as a result there is a greater amount of choice to suit each client’s individual needs.

Terri Bannan,M10001688 RMA-The Loewen Group Lic #10464

http://www.TerriBannan.ca

Brantford: 519 756 4156 Oakville 289 813 1074