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


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You’ve found the right home, your offer’s been accepted, and your financing is approved—congratulations! But before you can pick up the keys and celebrate, there’s one more important stage: the closing process. Closing is the final step in your homebuying journey, where all the paperwork, legal details, and financial transactions come together. It can feel overwhelming if you don’t know what to expect, but with the right preparation, closing can be smooth and stress-free. Here’s a step-by-step guide to help you understand the process. Step 1: Hire a Lawyer or Notary A real estate lawyer (or notary, depending on your province) handles the legal side of closing. They will: Review the purchase agreement and mortgage documents Conduct a title search to confirm the seller has the legal right to sell the property Ensure the mortgage lender is properly registered on the title Handle the transfer of funds between you, the lender, and the seller Your lawyer or notary will be your main point of contact during closing, so choose one you trust and who communicates clearly. Step 2: Finalize Your Mortgage Your lender will send the mortgage instructions directly to your lawyer or notary. At this stage: You’ll provide proof of property insurance (lenders require this before releasing funds) You’ll confirm your down payment and closing costs are available in your lawyer’s trust account The lawyer will prepare all documents for your review and signature Step 3: Pay Closing Costs Closing costs typically range from 1.5% to 4% of the purchase price. These can include: Legal fees Title insurance Land transfer tax (where applicable) Adjustments for property taxes or utilities prepaid by the seller Home inspection or appraisal fees (if not already paid) Your lawyer will provide a final statement of adjustments so you know exactly how much is due on closing day. Step 4: Sign the Paperwork A few days before closing, you’ll meet with your lawyer or notary to sign all the necessary documents, including: Mortgage agreement Title transfer Insurance confirmations Statement of adjustments Bring valid government-issued ID to this appointment. Step 5: Transfer of Funds On the day of closing: Your lender sends the mortgage funds to your lawyer Your lawyer combines these funds with your down payment and pays the seller Legal ownership of the property is transferred into your name The lender is registered on title as a secured creditor Step 6: Get the Keys! Once the paperwork is filed and the funds have cleared, your lawyer will confirm that the transaction is complete. You’ll then get the keys to your new home—officially making it yours. The Bottom Line The closing process is a series of important steps, but with the right team in place, it doesn’t have to be stressful. By working closely with your mortgage professional and lawyer, you’ll have guidance every step of the way—from signing the documents to turning the key in the front door. If you’d like help preparing for the closing process—or want a clear breakdown of your own closing costs— connect with us today.

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