An experienced, well-informed mortgage broker has access to a wide variety of lenders and mortgage products to suit a client’s needs. Consumers want the best rates available, but the best rate is not always the best product. A knowledgeable mortgage broker will advise and place a client with a lender based on the client’s needs, wants and what is in their best interest.

A well-experienced broker will discuss the following:

• Fixed versus variable. Closed versus open: There are advantages and disadvantages that need to be discussed when deciding the term wanted/required
• Portability: Does the client plan on moving to a new home within the term of the mortgage?
• Pre-Payment Privileges: Flexibility to make additional lump sum payments against the principle and/or increase your monthly payment throughout the term.
• Payout Penalties: Three months interest or an interest rate differential; also known as an IRD. Understanding how the penalty could be calculated if the client discharges the mortgage before the end of the term.
• Interest Compounding: Semi-Annually versus Monthly.
• Structuring A Mortgage: Is a line of credit required along with a fixed term or are multiple fixed/variable terms required/wanted.
• Mortgage Insurance: “Insurability” impacts the rate and option to transfer a mortgage
• Insurer Programs. There are various Insurer programs available. Borrowed down payment (conditions apply), purchase-plus-improvements, Green Home Program, etc.

A trusted Mortgage Advisor will work and guide a client through their mortgage options and place them with a lender and mortgage product that best suits their needs.