People are savvy about information online. When you look at mortgage brokerages they are typically compared to the banks. With the bank advisors they are typically going to put you into one of the bank’s mortgage products, but they also will, in some cases, try to sell you other various bank products. When you go to a brokerage, they only do mortgages, that is what they do. There are things, beyond rates, such as terms and conditions, that can also have an impact on your mortgage. Making sure you have a complete product is what a brokerage does.
There is no cost associated with a brokerage. The brokers are also licenced with Financial Services Commission of Ontario. It is a relationship and having someone with your best interest in mind.
The Toronto marketplace is expanding, there is so little available in the housing market. It is becoming very hard for new buyers. The average first time home buyer is in their late 20s, into early 30s, what will housing prices be in 15 years. People are investing in extra properties for their children, because housing prices are going to be high.
Payment options are changing now, people are going more electronic, the world is changing quickly. It is having an eye on those industries out there, to ensure you don’t get left behind. You will either be connected or you won’t be. People are much more informed now. It’s key to know what is real and what isn’t, to ensure you aren’t being taken advantage of.
Because people are time stressed, they will accept offers from their current lenders to just get things done, and some places will take advantage of this, leaving borrowers with not always the best rates available to them.