Bank of Canada Says Use A Mortgage Broker

Back in 2006, the Bank of Canada produced a report that does a great job highlighting why Canadians should be using mortgage brokers. Did you know that the banks discriminate based on loyalty? Have a listen to the episode to hear more surprising facts from the article.

 

Ultimately, all of these benefits to using a mortgage broker can be summarized to simply having someone in your corner when it’s time to renegotiate your mortgage. The misconception about them is that they are just 3rd parties that get added to the transaction and their commissions come from your rate savings. Mortgage brokers get paid by the lender of your mortgage, not you. And if you don’t follow through with the deal, you don’t owe us anything! The unbiased advice our agents provide is free of charge. Our only objective is to make sure all of our borrowers are in the best mortgage suitable to their goals and needs. Never hesitate to give us a call to find out if there's a way your mortgage situation can be improved.

 

Marcus Tzaferis and the Cannect Team

0:00 - Intro

5:32 - What is a mortgage broker?

6:47 - A Bank of Canada report from 2006 shows the true benefits of using a broker.

11:47 - Caller question regarding the refinance of a commercial mortgage.

17:39 - Marcus and Justin discusses why and how banks may not have your best interests at heart.

21:41 - Justin explains to a caller how going to a mortgage broker is the best way to get free, unbiased advice for your mortgage situation.

24:43 - Matthew explains how an evaluation of your investment options relative to the rate you can borrow is imperative prior to a mortgage refinance.

26:40 - Cannect’s main goals are moving borrowers to lower-cost capital and optimizing the efficiency of their mortgage.

32:08 - Marcus takes a look at bond yield changes over the last 15 days and discusses how they may impact fixed-rate mortgages.