Chamber Brain Power – Your Mortgage Options

There are generally two ways to get a mortgage in Canada: From a bank or from a licensed mortgage professional.While a bank can only offer mortgages to borrowers that qualify within their banks guidelines, mortgages are not a ‘one size fits all’. Not only can licensed mortgage specialists compete on interest rates through Canada’s leading lenders, they have access to the many products and policies of other institutions referred to as monoline lenders.

When a prospective home buyer or current home owner who is looking to refinance is turned down by their bank, it does not have to be the end of the road. Licensed mortgage specialists can help challenged borrowers who do not fit the guidelines of the major financial institutions. A mortgage broker can send applications to ‘alternative lenders’ or find suitable private funding. Simply put, a mortgage professional has a tool box full of options to help their clients. As a result, clients benefit from the trust, confidence and security of knowing they are getting the best mortgage for their needs.