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Mortgage Poll

Which way do you think interest rates will trend in the next 6 months?

Integrated Mortgage Planners - GTA - Toronto


1. Is he independent? Can he provide every product offered to the wider market or is he limited in any way?

If you’re dealing with a bank mortgage specialist, for example, you may get the best product that they are allowed to offer, but not the best product available in the market (as an aside, independent mortgage brokers can arrange mortgages at most banks when warranted).

2. Is her commission affected by the rate she quotes you?

Again, if you’re dealing with a bank specialist, you’ll find that as your rate decreases, so does her commission.

3. Does he share his finder’s fees with his referral sources? 

Some bank specialists and mortgage brokers are recommended because they provide referral fee payments to their referral sources. Make sure that your mortgage expert is getting referrals because he is a top notch advisor and not because he is paying a kickback! 

4. What financial and mortgage specific training and experience does she have?

Let’s face it. Choosing a mortgage is an important transaction and your mortgage expert should have the credentials to back-up their advice. At a minimum, your agent should be an Accredited Mortgage Professional (AMP) with at least 5 years in the business, and ideally, she should also be able to demonstrate a solid understanding of finance and financial markets with financial planning accreditations or, in a perfect world, an MBA. Her knowledge and experience will be essential to providing the right ongoing advice after your mortgage funds.

5. What type of ongoing advice will he provide after your deal closes?

Does he have a plan for keeping in touch with you and if so, what is it? (especially important for variable rate customers who want an expert to watch the interest rate market for them.) This is where you separate the wheat from the chaff. A good mortgage agent should have a very clear idea of how and when he plans to keep you informed of what’s happening with the interest rate market.