I figured with the 2020 upon us, I should maybe summarize a little about who I am and how I do business.
I am a registered mortgage broker in Ontario and work through Ottawa Carleton Mortgage.
As a mortgage broker, I have access to most banks (TD Bank and Scotia Bank are our main “big 5 banks”) and many other mortgage lenders, likely 20 in total. When I advertise my “best” rates, they are simply the best rates that I have available on that given day, with mortgage companies that I believe are reputable, and have full privileged mortgages- ie don’t have restrictive clauses.
I am NOT paid a salary, I am 100% commission paid by the lenders, and have been that way for the last 25 yrs. The positive side of that for you the borrower, is that if I don’t keep you happy, I don’t get paid, thus it is in my best interest to keep you happy. I can guarantee, that if you are not happy, you won’t refer me your family and friends, and with out the referred business, I don’t stay in business for very long. For the record, this will be my 35 yr in business so I think that equates to having lots of happy clients.
Some lenders out there simply won’t deal with mortgage brokers. So when I post rates, I generally mention the lenders names (ie Alterna is who has my best 5 yr fixed high ratio rate of 2.59% today) or will happily tell who that lender is, just ask me. But I will always post the best mortgage rates out there that I know I have available. Who the lender is, and their policies are in my opinion equally as important as what the rate is.
I can and always sleep well at night knowing that I have given and shared the best mortgage rates out there that I know of. And I think generally, I always have better than bank rates.
As I have always said, let the buyer beware, and ensure that you research who the mortgage company is that you are going with(not necessarily who the broker is), more importantly who is actually lending the money(the lender), and be sure that what you are getting is what you thought it was. Nobody takes better care of you than YOU. A mortgage is the largest debt most people will have in their lives, and therefore you should always be asking lots of questions.