The Benefits of Consulting a Mortgage Broker

Katherine Martin • April 25, 2018

Navigating the real estate and mortgage processes with the help of an expert mortgage broker can help set your mind at ease when making one of the largest financial decisions of your life.

Mortgage brokers negotiate with lenders on behalf of borrowers daily, so they know the ins and outs of what’s really important when arranging the best mortgage product and rate based on the unique immediate and longer-term needs of each borrower.
Brokers have access to multiple lenders’ products — including offerings available through banks, credit unions and trust companies, as well as alternate and private lenders. This means more choice for you — and better access to a product and rate that will meet your specific mortgage requirements.

Look Beyond Rate

While mortgage rate plays an important role in the affordability of your mortgage, there are a lot of other factors that can end up costing you more down the road if you fail to consider them when negotiating your mortgage terms. For instance, if you opt for a five-year fixed-rate no frills mortgage product to take advantage of a great rate upfront, but you decide to move before the five-year term is up, you may face thousands of dollars in penalties to break your mortgage. These penalties can far outweigh any savings you made in opting for a lower upfront rate.

By discussing your longer-term needs and goals with you at the start of your home and mortgage shopping experience, your mortgage broker will also help ensure you look for properties within your means — avoiding the potential issue of falling in love with a home you simply can’t afford.

Your mortgage broker will ensure you’re pre-approved for a mortgage so you know what you can afford. And, should rates increase during your pre-approval period, rest assured you will be offered the lowest rate.

Use a Broker at Renewal

It’s just as important to negotiate your mortgage product and rate at renewal time as it is the very first time you get a mortgage.
Your mortgage broker should stay in touch with you throughout the life of your mortgage and help you every step of the way. This partnership lets them re-evaluate your needs annually and assist you with a refinance when you’re in need of extra money for such things as financing renovations or your children’s education. You may also wish to buy an investment or rental property down the road.

Ask questions

If you don’t understand something your mortgage broker has told you, it’s important to ask for clarification. It’s their job to ensure you understand. After all, in the vast majority of cases, mortgage brokers across Canada are paid by the lender once they successfully place your mortgage. So it’s in your broker’s best interest to ensure you receive the best possible mortgage product and rate now and as long as you have a mortgage.

This article was produced by Mortgage Professionals Canada (formerly CAAMP), the national association and the collective voice of the mortgage industry in Canada.

Katherine Martin


Origin Mortgages

Phone: 1-604-454-0843
Email: kmartin@planmymortgage.ca
Fax: 1-604-454-0842


RECENT POSTS

What Is A Spousal Buyout?

By Katherine Martin • July 2, 2025
If you’re going through or considering a divorce or separation, you might not be aware that there are mortgage products designed to allow you to refinance your property and buy out your ex-spouse. If you’re like most people, your property is your most significant asset and is where most of your equity is tied up. If this is the case, it’s possible to structure a new mortgage that allows you to purchase the property from your ex-spouse for up to 95% of the property’s value. Alternatively, if your ex-spouse wants to keep the property, they can buy you out using the same program. It’s called the spousal buyout program. Here are some of the common questions people have about the program. Is a finalized separation agreement required? Yes. To qualify, you’ll need to provide the lender with a copy of the signed separation agreement, which clearly outlines asset allocation. Can the net proceeds be used for home renovations or pay off loans? No. The net proceeds can only buy out the other owner’s share of equity and/or pay off joint debt as explicitly agreed upon in the finalized separation agreement. What is the maximum amount that you can access through the program? The maximum equity you can withdraw is the amount agreed upon in the separation agreement to buy out the other owner’s share of the property and/or retire joint debts (if any), not exceeding 95% loan to value. What is the maximum permitted loan to value? The maximum loan to value is the lesser of 95% or the remaining mortgage + the equity required to buy out other owner and/or pay off joint debt (which, in some cases, can total < 95% LTV. The property must be the primary owner-occupied residence. Do all parties have to be on title? Yes. All parties to the transaction have to be current registered owners on title. Your solicitor will be required to confirm this with a title search. Do the parties have to be a married or common-law couple? No. Not only will the spousal buyout program support married and common-law couples who are divorcing or separating, but it’s also designed for friends or siblings who need an exit from a mortgage. The lender can consider this on an exception basis with insurer approval. In this case, as there won’t be a separation agreement, a standard clause will need to be included in the purchase contract to outline the buyout. Is a full appraisal required? Yes. When considering this type of mortgage, a physical appraisal of the property is required as part of the necessary documents to finalize the transaction. While this is a good start to answering some of the questions you might have about getting a mortgage to help you through a marital breakdown, it’s certainly not comprehensive. When you work with an independent mortgage professional, not only do you get a choice between lenders and considerably more mortgage options, but you get the unbiased mortgage advice to ensure you understand all your options and get the right mortgage for you. Please connect anytime; it would be a pleasure to discuss your needs directly and provide you with options to help you secure the best mortgage financing available. Also, please be assured that all communication will be held in the strictest of confidence.

Assigning A Construction Mortgage

By Katherine Martin • June 25, 2025
One of the benefits of working with an independent mortgage professional is having lots of great financing options! Rather than dealing with a single lender with one set of products, independent mortgage professionals work with multiple lenders who offer a wide selection of mortgage financing options that provide more choice. Increased choice in mortgage products is beneficial when your situation isn’t “normal,” or you don’t quite fit the profile of a standard buyer. Purchasing a new construction home through an assignment contract would be a great example of this. Purchasing a new construction home through an assignment contract can be tricky as not every lender wants the added perceived risk of dealing with this type of transaction. Most of these lenders won’t come out and say it; instead, they add a significant list of qualifying conditions to make the process harder. The good news is, there are lenders available exclusively through the broker channel that have favourable policies for assignment purchases. Here are some of the highlights: All standard purchase qualifications apply, including applicable income verification, established credit, and required downpayment Assignments can be at the original purchase price or current market value Minimum 620 beacon score with no previous bankruptcies or consumer proposals The full downpayment must come from the purchaser and not include any incentives from the seller. As far as documentation goes, the lender will want to see the original purchase agreement signed by all parties, the MLS listing, the assignment agreement signed by the builder, the original purchaser, and the new buyer. The lender will also want to see the side agreement between the original purchaser and the new buyer, including the amended purchase price. The lender will want to substantiate the value through a full appraisal. Now, as every situation is different, this list of conditions is in no way exhaustive but meant to show that assigning a new construction purchase contract is doable while highlighting some of the terms necessary to secure financing. If you’re looking to purchase new construction through an assignment contract, or if you’d like to discuss purchasing a home through traditional means, please connect anytime! It would be a pleasure to outline the mortgage products on the market that won’t limit your financing options!
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