Mortgages Made Easy Blog

Our brokers post interesting news, tips, and industry updates every week.

Mortgage brokers explained

Couple talking to a mortgage broker

Many people don’t really understand what a mortgage broker is or what they do. 

The simplest way I can explain a mortgage broker (and believe me, we are not all created equal) is that I find and secure the best mortgage rates and terms for my clients based on their goals and situations by making sure that quality lenders have to compete for the right to your business. In short, I save you money and reduce stress. 


As this blog grows, we will be sharing the best of what we know so that anyone following us will be fully informed to make great decisions when it comes to mortgage and personal finance. For today, I’m going to share some key mortgage broker insights with you. 

  1. In all but rare cases you don’t pay for my services, the lender does. Knowing that fact, you should also know that we’ve been doing this kind of work – successfully – for more than 30 years, which means that when it comes to the bottom line, your bottom line rules, and we’re great at getting our clients superb mortgage options and financial solutions that most folks couldn’t hope to on their own. And we only get paid when we get you what you need, so we are completely motivated by your success.

  2. We have relationships with dozens of lenders, which means we have a lot of lenders competing for the right to lend to our clients. We actively negotiate with multiple lenders with one goal; to get the hungriest of the best of them to give you a superior mortgage deal. Dealing with just your bank to avoid the hassle of trying to do what we do might seem easier, and most of us hate change to begin with, but we take all of that stress off of your plate and you’ll be surprised how much money we can save you. Like really surprised.

  3. When I wrote that all brokers are not created equally, I wasn’t kidding. Experience really counts in this business and few can come close to our experience. We do things right, which means we have solid, longstanding relationships with the best of the lending industry, experience with every imaginable client situation out there, and a history of successfully helping clients in challenging situations. We can stick handle like few others can. Again, I share this for the simple fact that no matter what your reasons or situation, you still want the best mortgage solution possible, and our experience really matters in the Mortgage industry.

  4. We are absolute detail hounds. Great rates are what everyone is after, but a low rate without great terms and conditions can be costly for you in the long run.  A great broker forensically goes through the details of any mortgage to ensure that rate and terms are the best for you and your situation. Again, our experience offers borrowers a massive level of security. Rate is important, but your future financial health is just as important. Fear any broker who doesn’t think this way.

  5. Sometimes it’s about low rates, but sometimes it’s about fixing bigger problems. We are exceptional at what we do, but sometimes we have clients that are really up against it for a host of reasons. For example, if you have a really poor credit score and a history of unpaid bills, you may qualify for a mortgage to help you reset things, but you won’t qualify for the kind of rates that lenders offer tier 1 credit ratings. If your goal is to get the lowest rate, we may not be able to help you. If your goal is to turn things around and legitimately rebuild solid credit worthiness for yourself, we absolutely have solutions.  Again everyone’s situation is unique, and a great broker can help just about anyone who’s serious about planning a better way forward. But, to be clear, we do not walk on water.

Looking for a mortgage? Wondering if you qualify? Interested in refinancing? Our secure and completely confidential “no obligation” quick-form can give you answers, fast. Find it here.

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Trust is not a 4 letter word

Rock climbers demonstrating trust

When it comes to mortgages or home equity loans knowing who to trust is every bit as important as knowing how to get a great rate. Sure, everybody wants the best, lowest rates, but everyone’s situation is unique and not all mortgages are created equally. Like a lot of things in life, the devil is in the details. You can trust our mortgage advice and tips. 


For instance, most people think a mortgage is little more than a commodity. Most people are wrong. A mortgage is a complex, detailed agreement and navigating one without a trusted advisor is a scary thought that can cost you a bundle. Plus, picking a mortgage without using all the information available to you can be a deadly mistake. We’ve seen many people withhold key information only to secure a new mortgage or refinancing that is inadequate for their needs, which means that in a couple of years, they can wind up in an even worse financial situation. Don’t be that person.

A mortgage or a home equity loan is an incredibly powerful device that can help you improve living, expand property ownership, and to better manage debt - but only if you secure the kind of mortgage that is connected to a plan that’s perfect for you and your goals. A good mortgage broker lives to show you the way to plan your financial future by securing the very best mortgage solution for you, and the best part: in almost 100% of the cases, you don’t have to pay a cent for this help.

Drop us a line or check out this link. We’ll work our butts off for you and we’ll get you the right mortgage the right way.

Looking for a mortgage? Wondering if you qualify? Interested in refinancing? Our secure and completely confidential “no obligation” quick-form can give you answers, fast. Find it here.

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I’ve refinanced before. Should I again?

The short answer is yes, there’s never been a cheaper time to borrow money in history. The longer answer is yes, but only if you’re willing to follow a better mortgage plan.

A good mortgage broker can be a very powerful ally, but as much knowledge as we have to offer and as many lenders as we have bidding for your account, we still have limits. For example, if you’ve refinanced before and you are in the position to have to do it again, we can help, but the solution might not be instant or easy.

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Want the best mortgage rate? Here’s how you get it.

Golden egg among regular eggs

Every mortgage shopper in the country is seeking the lowest mortgage rate possible, but be careful: sometimes the lowest rate may not get you the best mortgage.

For example, many folks automatically look to the banks we’ve known our whole lives for their lowest rates. While banks may post low mortgage rates for banks, they often aren’t the lowest rates in the market, and unless you work with someone like a mortgage broker, you probably wouldn’t know that.


You are not alone in your search. Mortgage brokers live to hunt down the best mortgage rates and terms for their clients (good one’s do, at least) Here’s how a brokers mind works: in almost all cases, it costs you nothing for our services. Zero. We have many lenders we negotiate with on your behalf, so at the very least, working with a broker will get competing lending institutions battling for the right to provide you with a mortgage. Do you seriously believe that simply approaching one bank can compare when it comes to saving you money?

And the better your credit score, the more leverage you have when it comes to securing the very best rates and terms out there. Plus, the larger the down payment you can afford = even more leverage. But remember, it’s not just about rate. Mortgage terms really do matter. It really serves you great advantage to shave basis points off your mortgage if potential future penalties and fees in the mortgage completely nullify those initial savings. Again, a good mortgage broker will show you where the mines are hidden.

Mortgages are a great opportunity, but only if you do your homework and really understand all aspects of what makes a mortgage right for you. As mortgage brokers, we breathe this stuff daily and we can’t wait to share what we know. Give us a call or check out our confidential online mortgage form. The worst that can happen is you’ll save a bunch of money. Your money.


Looking for a mortgage? Wondering if you qualify? Interested in refinancing? Our secure and completely confidential “no obligation” quick-form can give you answers, fast.  Find it here.

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The very best mortgage rates start years before you need a mortgage……

Credit card shopping spree

Most of us want to raise healthy, happy children, and one great component to that is teaching finance for teens. This should include a very healthy understanding of credit at an early age. When you understand how powerful smart credit habits can impact your life, you make it work for you, not against you; that can be life changing.

As a counter-intuitive as it might sound, one great way to raise financially bullet-proof kids (works for any age, of course) is get them two credit cards, not one. Having and using two credit cards strategically is powerful credit score builder.

The secret is keeping the amount of credit used on each card to 75% or less of the total available credit value of that card, and then paying off the card completely in advance of the due date to avoid high interest charges or poor ratings. When you consistently do this, your credit rating will soar! Sure, it requires a bit of discipline and a healthy fear of paying fees, but without discipline, no plan in the world is going to save you from yourself. And down the road, when you start looking for a home & mortgage, the payoff for this discipline will be massive. Plus living a life of debt respect is truly stress-free living. More to follow on this subject.

Looking for a mortgage? Wondering if you qualify? Interested in refinancing” Our secure and completely confidential “no obligation” quick-form can give you answers, fast.

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Most Canadians don’t use a mortgage broker. That’s unfortunate (for them).

Mortgage broker explaining document to couple

It’s true, less than 30% of Canadians use a mortgage broker.

I think there are two main reasons for this:

  1. Most Canadians don’t understand what a good Mortgage Broker does or how that broker can save them a great deal of money, and
  2. Most people hate the idea of change (until they understand the cost of staying put, that is)
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Prime Interest Rate Stays the Same

Bank of Canada

The Bank of Canada met again yesterday September 9, 2015 to discuss another possible rate drop:

After much anticipation and talk about the rates dropping by another quarter percentage point, The Bank of Canada met today and decided to keep the prime interest rate the same. 

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Is Variable Really the Way To Go?

Variable rates may be more expensive than you think...

It’s hard to go wrong with today’s fixed or variable rates but here is a great article on variable rate mortgages that most consumers do not think about when picking the lowest rate:

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Take Advantage of our Variable Rate Special

Would you consider an interest rate at 2.00%?

With the prime interest rate dropping many people are taking advantage of our new variable rate at prime -0.70%. 

This rate is available for all types of mortgage transfers, refinances or purchases for both high ratio and conventional deals.  This rate can be held for 60 days - real deals only. *OAC.

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Pitfalls of Collateral Mortgages

Miniature man figure standing on coins

Most mortgage shoppers will ask about rates, terms, mortgage payments, prepayments, etc. Most people would not know to ask if their mortgage is going to be a conventional or collateral mortgage.

Many people don’t know the difference between the two. You could end up with a collateral mortgage from your bank and not even know it? It is usually in the fine print and many times the banker does not understand or will not disclose it to you. Not knowing the difference between the two mortgages can become expensive for you. You want to not only know the difference between the two products, but you want to have a choice of products. Most people when they ask for a $300,000.00 mortgage believe that that is the amount that the bank would register on title. This is not what happens when the banker registers their collateral mortgages.


Collateral Mortgage

A collateral mortgage registered on your home is usually for a larger amount than you asked for. If you asked for a $300,000.00 mortgage, the banker can choose to register $350,000.00 or $450,000.00! The amount registered can be 100% to 125% of the house value! This allows you to borrow, at a later date, the extra funds based on the bank’s current lending criteria, your ability to repay the mortgage. The banker will tell you that this will save you money and it is for your benefit; it is what they don’t tell you that can cost you money and hassles.

Beware of What The Banker Does Not Tell You!

They won’t tell you that you cannot transfer your mortgage to another lender on the maturity date for FREE. You could pay the mortgage at maturity from another lender but it would likely cost you close to $1,000.00. This means you are married to the bank regardless of what their renewal rate is! There would likely be lower rates available, (there usually are), but you can’t do a FREE TRANSFER if you have a collateral mortgage.

Would you agree that this is why many of the major banks are switching to collateral mortgages?

The bank may also use the collateral mortgage to offset other mortgage debt, your car loan, credit card debt, or line of credit.

See Collateral Mortgage Article

If your banker declines an increase of funds to you at a later date you can’t do anything about it. You would have to pay the bank in full plus penalties & legal fees. You cannot put a second mortgage behind the bank’s mortgage because the bank has registered 100%-125% of the property value. You think you have equity but you don’t!

Risks & Costs

We see clients all the time that have gone back to their bank to borrow more money on their home and they are declined for the increase. So they ask us for a small second mortgage. We cannot help them unless we pay their bank’s mortgage in full. No one can help them because their bank has a mortgage registered on title for 100%-125% of the house value. Now they have legal fees, discharge fees & potential penalties.

You may decide you want a collateral mortgage but we think most people want to have choices.

The best advice is asking the question up front to your broker or banker and make sure you know what you are signing up for. Not knowing could end up costing you thousands of dollars.

Our clients have the options explained to them up front and they choose what they want, not what some banker is selling. At many of the banks now you don’t have any options, other than their collateral mortgage.

Call us for more information on this or any other mortgage questions you have at 613-563-3447.

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Contact Us

  • Ottawa-Carleton Mortgage Inc
    381 Richmond Road Ottawa,
    Ontario K2A 0E7
  • Phone: 613-563-3447
    (24 hours)
  • Fax: 613-563-3195

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