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Discount mortgage broker rate sites have been making an appearance online during the past few years.
While these rate sites and discount mortgage brokers appear to be making offerings that are significantly lower than what the big banks are offering or even a local mortgage broker, there are a few points to consider before you decide to apply online.
Many of these low-rate mortgages are no-frills or low-frills and are packed with restrictive conditions and potential land mines.
If you commit to one of these products without reading all of the fine print, which most often happens, you could find yourself in a difficult situation in the near future since 60 per cent of Canadian mortgage holders break their mortgage around the 38-month mark.
Don’t assume that online rates are better than “offline” rates. Your local mortgage broker can shop the market and secure the best deal and also has the products available that are being advertised.
We will review all the pros and cons with you to ensure that the product is the best fit for your circumstances and you can live with the restrictions.
Many online brokers are long distance and if you have a problem with your application, it could prove challenging to resolve.
These online brokers work on volume, so there could be a lack of service to you and your mortgage. They are working with many clients at one time and may not provide the personal service that you require.
Don’t apply to too many. For each application you zip through online, you generate another inquiry on your credit report. Too many of these could cause a lender to reject you.
When you use the services of a local mortgage broker, generally only one inquiry is made no matter how many lenders review your application.
First-time homebuyers, or people who have limited knowledge about mortgages, are better off consulting a “live” mortgage broker that is close to your area, someone you can “touch and feel” and most of all trust.
As a first-time buyer, you likely don’t know what you don’t know and that’s why you should be consulting someone who can walk you through the process.
Mortgages are complicated, so it’s important to ensure that not only do you get a great rate, but also ensure you can live with the terms and conditions of the mortgage.
If you would like a review to make sure a mortgage is a good fit for you please give me a call.
This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.
