September 2006 Mortgage Newsletter
Greetings to all and a warm Welcome to New Subscribers.
Do you know the difference between a Mortgage Broker and a Bank Mortgage Specialist?
There are actually a number of differences which you may not be aware of.
Here’s some information to help you understand.
- A Mortgage Broker works for you, the client, whereas Bank Specialists are employed by the financial institution.
- The benefit of using a Mortgage Broker is the fact that they have the ability to offer you mortgage products from a number of financial institutions. Because a Bank Specialists works for the bank, that means that they can usually only offer you their institution’s products.
- Brokers are typically paid the same amount no matter what rate is offered to the client. Bank specialists’ rate of pay is generally reduced in direct relation to the amount they discount your rate from the bank’s posted rate.
- Depending on your Province, Mortgage Brokers must be licensed and are subject to a strict set of requirements. Accredited Mortgage Professionals (AMP) must take continuing education courses in order to maintain their accreditation. Bank specialists are not licensed and require no formal training.
- Because Mortgage Brokers don’t work for a specific lender, your assured that you will be given impartial advice. A bank specialist has a limited number of their own institutions products and while it may not be the best mortgage product out there, they will do their best to sell you their institutions mortgage product cause if they don’t your going somewhere else.
- Mortgage Brokers use their knowledge and experience to negotiate the best possible rate and product for you from a number of lenders. When you see a bank specialist, that mortgage negotiating is typically left up to you.
For conventional financing, the services of a mortgage broker are generally provide at no cost to you. If there is a cost, you will be advised of those costs up front.
So in conclusion, if you have the ability to use the services of a professional Mortgage Broker and have that Mortgage Broker do all your mortgage leg work at no cost, why would you not take advantage of the offer?
FYI, Today, 75% of people in the United States use Mortgage Brokers. Because the Mortgage Broker age Industry is relatively new in Canada, the numbers are lower, however, those numbers are increasing every year.
(September 11, 2006)
Today’s ProLink Interest Rates on First Mortgages are as follows:
Rates are subject to change without notice.
| Description | ProLink Rate |
|---|---|
| 6 Month Closed | 6.10% |
| 1 Year Closed | 5.10% |
| 2 Year Closed | 5.20% |
| 3 Year Closed | 5.30% |
| 4 Year Closed | 5.35% |
| 5 Year Closed | 5.40% |
| 7 Year Closed | 5.60% |
| 10 Year Closed | 5.75% |
| 15 Year Closed | 5.85% |
| 25 Year Closed | 6.10% |
| Prime | 6.00% |
I trust this information will come in handy and help you to stay informed.
I will continue to update you on the Market and where things are going.
One Small Saving on your Interest Rate will be worth Thousands! in the Long Term.
Feel Free to call anytime…
Regards,
Dan Heon
ProLink Mortgage Inc.
Phone: Calgary 403-257-1801
Phone: Edmonton 780-701-7100
Fax: 403-206-7622
Toll Free: 1-888-281-0111
Email: ProLink@telus.net
The best way to thank your Mortgage Broker is tell others about your Savings and Service.
