When I was contemplating my first mortgage – I did what my parents did – I went to my bank for my mortgage. It was something that seemed natural, but I was dissatisfied with the experience. I didn’t think of using a mortgage broker because, to be honest, I always had the perception that mortgage brokers were for people who couldn’t qualify for mortgages at their own bank.
When it was time to buy my second house, my real estate agent suggested that I call a mortgage broker that he worked with. I was very happy that I did. I felt like he was working for me and with me – not only to get the best rate – but he was more than willing to share his knowledge of the real estate market. It’s no surprise that I didn`t get that kind of education at the bank.
A new study commissioned by the Canadian Association of Accredited Mortgage Professionals (CAAMP) shows that use of mortgage brokers is on the rise, particularly with women and those under the age of 34. Hopefully, it’s a trend that will continue as more people discover the value of working with a mortgage broker.
