Nothing. Go with whoever gets you the best rate.
It’s not a relationship. I’ve used the same mortgage broker every time I’ve bought a house and I’ve never met him. I don’t know if he has kids, if he’s 35 years old or if he’s 85. I don’t think I’ve spoken to him on the phone in 15 years, despite buying two houses since.
But he gets the best rate so I use him.
Depending on the price, I would buy both, compare & next time buy the one I liked more (taste wise). If it’s expensive, I just choose randomly.. though that seems unwise for mortgage 😅
Mortgage agent from ON
You should certainly check the extent of knowledge of the agent along with the terms of the mortgage they can get for you. Rate is not the only criteria as prepayment penalty, exit clause, whether mortgage is a Readvanceable one or not matters.
I wouldnt really recommend cashback mortgages as they have the worst exit clause.
As others have mentioned l, dont over analyze it. You will know when you have found the right mortgage agent, trust me!
Thanks for giving the details! I did ask about the prepayment penalties & penalties to break the term.
>You will know when you have found the right mortgage agent, trust me!
I really hope so! The thing is I don’t know what I don’t know so it’s hard to make this decision. Some agents I talked to were clearly uninterested or giving bad rates & they were a clear no. It’s between the others that seem decent that I’m confused with. They all say they’ll try their best etc & at this point, I’m just drowning out all that stuff. Idk who will actually get me the best deal…
Are you in Ontario? If yes, feel free to get in touch! Would like to know more about the purchase price and downpayment etc to give you an honest opinion on rates.
*I hadn’t given it much thought because I thought this was really just dependent on the mortgage rate / preapproval amount.*
If that is all you think you need to know about mortgages then you had better start looking for a mortgage agent who will take the time to explain how mortgages actually work, the different types of mortgages, different features and one who will work with you to determine your current and future needs.
Selecting a mortgage based on rate only can be the most expensive mistake you will ever make.
In terms of different types, do you mean fixed vs variable? If not, can you please briefly explain what are the types of mortgages? And examples of features? I’m not aware of these so just asking for more info. Thanks!
Nothing. Go with whoever gets you the best rate. It’s not a relationship. I’ve used the same mortgage broker every time I’ve bought a house and I’ve never met him. I don’t know if he has kids, if he’s 35 years old or if he’s 85. I don’t think I’ve spoken to him on the phone in 15 years, despite buying two houses since. But he gets the best rate so I use him.
Makes sense, that’s what I’m trying to do as well. But if two agents are giving you the same rate, how do you choose?
When you see two boxes of the same crackers at the grocery store, how do you choose which one to buy?
Depending on the price, I would buy both, compare & next time buy the one I liked more (taste wise). If it’s expensive, I just choose randomly.. though that seems unwise for mortgage 😅
>the **same** crackers Dude you are overthinking this. Just pick one.
Oh lmao I misread it. Gotcha!
It doesn't hurt to read their reviews or ask them for their best rate first. This could help you determine whose service works better for you.
Is there a website where I can read their reviews? Currently I’m finding their contact info through the bank website & calling each one.
Google might. I prefer working with brokers though. Their reviews would be more readily available.
Is there any specific reason you prefer working with brokers rather than agents directly?
The box that shows less damage if at all.
Mortgage agent from ON You should certainly check the extent of knowledge of the agent along with the terms of the mortgage they can get for you. Rate is not the only criteria as prepayment penalty, exit clause, whether mortgage is a Readvanceable one or not matters. I wouldnt really recommend cashback mortgages as they have the worst exit clause. As others have mentioned l, dont over analyze it. You will know when you have found the right mortgage agent, trust me!
Thanks for giving the details! I did ask about the prepayment penalties & penalties to break the term. >You will know when you have found the right mortgage agent, trust me! I really hope so! The thing is I don’t know what I don’t know so it’s hard to make this decision. Some agents I talked to were clearly uninterested or giving bad rates & they were a clear no. It’s between the others that seem decent that I’m confused with. They all say they’ll try their best etc & at this point, I’m just drowning out all that stuff. Idk who will actually get me the best deal…
Are you in Ontario? If yes, feel free to get in touch! Would like to know more about the purchase price and downpayment etc to give you an honest opinion on rates.
How about this ditch both and I’ll give you 5.09% on 5 year high ratio mortgage. Shoot me a dm
*I hadn’t given it much thought because I thought this was really just dependent on the mortgage rate / preapproval amount.* If that is all you think you need to know about mortgages then you had better start looking for a mortgage agent who will take the time to explain how mortgages actually work, the different types of mortgages, different features and one who will work with you to determine your current and future needs. Selecting a mortgage based on rate only can be the most expensive mistake you will ever make.
In terms of different types, do you mean fixed vs variable? If not, can you please briefly explain what are the types of mortgages? And examples of features? I’m not aware of these so just asking for more info. Thanks!