Be Wary of being only a Rate Shopper, and get the Facts

In a recent survey taken by D H consumers are using the internet to shop for mortgage, but are finally becoming more aware and wary of new hidden fees, bank policy changes and risky mortgages that are becoming more common.

"People are asking the right questions.  Even a caveman could find the lowest mortgage rates online within seconds.  What you can't learn as easily are the hidden costs, including mind-blowing penalties, inflated blend and increase rates (the rates lenders charge on any new money you add to your mortgage), ridiculous rates to convert from a variable mortgage to a fixed, aggravating fees to switch lenders, restrictions when porting your mortgage, and so on," mortgage columnist Robert McLister wrote in a February 28th piece for The Globe and Mail.

McLister stated that the results pointed at the growing importance of a second informed opinion, apart from online information, in determining the best mortgage rates available.

"it's no surprise, then, that two out of three borrowers value the person arranging their mortgage more than the lender itself.  And they should.  Lender reputaion is immaterial compared to proper guidance and mortgage flexibility," McLister said.

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For 13 years I have been giving my clients the facts on all mortgages and changes, giving them access to many lenders so they do not have to settle, providing them the best interest rates in Canada and helping them on mortgage advise and long term mortgage planning.  My goal is to keep clients coming back for advice and that only comes by doing the right thing for each and everyone I meet.

Scott Tremblay

March 4, 2016