ARTICLES

Winning At The Mortgage Game

Written by: Holly | October 2006

It is said that buying or selling a house is among one of the most stressful events in our lives. The stress of looking for just the right house that suits your family needs (and of course the hassle of people traipsing through your house if you are also selling) can be nerve-wracking. But often, that stress is compounded when you start having to look at the financial end of it all.

Trying to find the best bank to work with on your mortgage can be downright exhausting. The research necessary to ensure that you are getting the best rates and not running into any hidden (and costly) long-term expenses is overwhelming.

The best way to rid yourself of the majority of these hassles and all of the very time consuming research is to work with a reputable mortgage broker. A mortgage broker will perform most of the exhausting legwork for you and is constantly keeping up to date on which lenders are doing what and what you should look out for to protect yourself from unnecessary costs and hassle.

The other great thing is that the money they save you will more than pay for their fees. The fees of a mortgage broker are often covered by the lender. The broker will clearly set out your options with each lender and help you make the most educated decision on who to choose to do business with.

Terry Wexler of Centre Mortgage says, “a good mortgage broker should be aware of the best mortgage products being offered at any given time. There are several variables that will affect which way I might steer a client: their current needs, their comfort with risk and their current debt.”

Terry’s long-standing career as the owner of Centre Mortgage has seen the rise and fall (and rise again) of interest rates and housing markets but regardless of the state of the economy, everyone always wants to ensure that they are negotiating the best possible deal at that time. A broker with Terry’s experience can also help you structure your long-term mortgage goals…if the rates are high now, he can help you to decide if it is best to get into a set or variable rate mortgage based on the level of risk that you are able to take.

Mortgage brokers are also able to help you in situations of refinancing if you are in a position of having equity in your home that you would like to access now. This can be beneficial in situations of home improvements, investing, extenuating circumstances of financial strain, etc.

With so much information out there, it is a relief to know that there are people who can help with these challenging life decisions. It is also important to note that these professionals are also there to help you when it comes time to renegotiate your mortgage. Often, having a broker can help you ensure that you are not automatically renewing with your current lender which might end up costing you more.