The Mortgage Store

Question: "What is the biggest financial investment most Canadians will ever make?"

Well, that may have been easier if you read the title of this column. For most Canadians, their home is their biggest investment - and their most powerful financial tool.

It's odd - given the importance of the decision of mortgages - as many buyers more time to decide what mutual funds they should invest in. .. or even to buy a sofa ... on which mortgage best meet their needs.

Times are changing however. Mortgage options are exploding, and Canadians have started to demand - and get - better rates, more flexible products and more personal services than ever. And to get a better look to the growing number of options, more buyers than ever are going to a mortgage "store" - and mortgage brokers professionals who run them.

The mortgage bank in Ontario is a symbol of how the mortgage industry has changed since the days when you just got into your local bank to apply for a mortgage. Today, one in three for the first time Canadian buyers are choosing to work with a mortgage broker, and these numbers are rising. It is estimated that in the not so distant, up to 50% of all Canadian mortgages may go through a mortgage broker for their financing needs. Our American neighbors are far ahead of us, nearly 70% of all U.S. residential mortgages are now arranged through mortgage brokers.

Here in Canada, buyers are demanding choice - and they were knocking at the door of independent mortgage brokers to get it. Fortunately, this route is becoming shorter and traveled with attractive and welcoming office window, many independent mortgage brokers are putting up "Main Street" of offices ... like banks.

It is difficult not to get excited about the options available in a shop for a mortgage. For starters, consider that many different institutions lend money for mortgages: banks, trust companies, credit unions, pension funds, insurance companies, finance companies, etc. In a store of mortgage loans - as those run by many independent consultants to Mortgage Intelligence, Canada's Premier player in mortgage brokerage industry, customers (through their broker mortgage loans) are granted access to mortgage rates and the information from a huge diverse group of lenders, including traditional banks, of course. The mortgage broker does not represent a financing institution specific, but works to find a suitable mortgage solution. And they have information on the growing list of specialty mortgages that now meet niche markets such as independent workers, or owners looking for a recreational or investment property, for example.

For many Canadians, the family home has been their most successful investment in recent years. It is a reminder that the mortgage is a financial tool Ontairo important - and access to a wide range of credit institutions is a significant advantage. After all, a difference of a quarter point on your mortgage rate can add up to several thousands of dollars over the term of your mortgage.

Ontairo showcase emerging mortgage offices in cities across Canada. For your own financial well-being, they are definitely worth a go!