Question:
I have purchased an apartment in Airdrie, Alberta that I will be renting out when it is completed in April. My bank is offering 1 1/4 per cent off the posted rates. It appears mortgage brokers can get better rates. When I looked them up for Richmond there are many and I would like to know is there any difference between brokers? Are there any specific questions I could ask to help decide who to use? Is it worthwhile to ask for quotes from different brokers?
Answer: Thursday, December 18, 2008
Interesting question. Until two months ago, I would have said that all mortgage brokers really have the same access to every financial institution as any other and that the only difference is the experience, acumen and 'hungriness' of each broker. Today this has changed. A number of lenders have cut off large numbers of brokers. Some do not use brokers at all and others have cut off low-producing brokers. Many brokers cannot say that they actually have access to every lender any more, only the big companies and high volume brokers still have access to every lender and yes, it could mean access to the best rates at all times.
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