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Mortgage Myth Dismissed!

August 15, 2011

A recent client called one of our mortgage agents last week questioning whether the mortgage they had just received (NOT WITH ONE OF THE CHARTERED BANKS) was “reliable”.

Let me dispel this myth first by saying…THIS IS NOT TRUE.

We hear a lot of myths in our business but this one seems to pop up every time there is instability in the market, particularly when there is bad news coming out of the US. This time, it was a result of the debt crisis and the recent ups and downs in the equity markets.

While it is often a concern, the reality is mortgage brokerages typically have access to special deals from lenders that are not one of the chartered banks. In fact, many of these other lenders are either companies owned in part or entirely by the major banks, or major banks themselves in other parts of the world. Rest assured, a mortgage broker can still offer you a mortgage with one of the major Canadian banks, but it won’t necessarily be the mortgage rate, terms and conditions that is right for you.

We’ve said it once, and we will say it again. You shouldn’t worry about who lends you your mortgage.

As long as it is a legitimate mortgage company (which we only deal with) then you should always be loyal to yourself first and take a mortgage that meets your mortgage objectives and will allow you to be “mortgage free” sooner.