14 Mar

Why I chose a Mortgage Broker

Mortgage Tips

Posted by: Dave Love

Amanda Moss and her husband Robert have had a mortgage on various properties for almost 10 years. The Chilliwack B.C. couple was a few years into their mortgage term, but looking to pay off some extra bills and clear up some financing. They hadn’t considered the option of refinancing until Amanda got some advice of a friend. The friend recommended a mortgage broker to help them through the refinancing process. The couple is now back on sold financial footing thanks to the help of their Dominion Lending Centres mortgage broker.

Why did you choose a mortgage broker?

I happened to be on a girl’s trip to Seattle and I mentioned to a friend, because my husband and I both make decent income, we wanted to refinance. She said she had the perfect broker for me. When I got back to Seattle I called him right away.

How was your experience working with a mortgage broker?

I had a really great experience with Dominion Lending Centres and with my mortgage broker. He was very professional and went out of his way to reassure us through the process. Refinancing can be stressful, with so much paperwork and questions along the way, but our broker was always willing to provide advice and even dropped by our house to pick up documents. Overall it was a great experience!

What advice would you give someone in your situation?

Managing your finances can be very stressful. Our mortgage broker was able to lower our monthly payments which has allowed us to focus on our family and worry less about money. My husband and I found that dealing with a mortgage broker was easy, and also and provided us with multiple lending options, so that we could get the best rate possible. This was a nice change from just dealing with one bank. My advice to you is to be open to using a mortgage broker as they fight for you and your best interest.

24 Oct

Collateral charges: a mortgage that marries you to your lender

Mortgage Tips

Posted by: Dave Love

A few of the major banks, including TD and Tangerine (formerly ING) exclusively use collateral charge mortgages.  The one benefit to these mortgages is that the bank registers up to 120% of the value of the home on title against the home, so if you want to access any equity in your home, you do not need to refinance to do so.  However that is the only benefit and in my humble opinion, one that is not typically worth the handcuffs that such a mortgage places around your mortgage wrists.

Banks such as TD are not using collateral mortgages because it is in your best interest, they are using them because they make it more difficult for you to not only break your mortgage but even leave at renewal time.  This takes away your biggest advantage as a mortgage consumer; CHOICE!