Every mortgage office does business on a single entity basis. This means that if they finance 100 million in mortgage funding by September this in turn gives them discount off of whatever the rate may be at that time and they pass it on to their clients.
Paul Sidhu’s affiliation with Toronto Mortgage has empowered us to align with a team that services, not only the Toronto area, but all of Ontario online.
This means by mid January we’ve already done 100 million in mortgage funding and by the time we hit September we’ve done almost a Billion in mortgage funding, giving our team deeper discounts than our competitors.
Remember, the more you fund, the larger the discount you get from the lender. In turn these discounts are passed on to our clients as additional savings. This is how we are capable of competing with the bank.
But more important than rate, is product placement. We ask what your needs are, when you plan on moving, what your salary increases are like and accommodate you by finding a product that best suits your needs.
How many of you have had to pay a penalty to get out of your mortgage?
How many of you had to pay a penalty larger than $5000 to get out of your mortgage?
Those penalties are part of bad product placement. If you had been set up properly and asked the right questions than you would only have to pay a minimal penalty or no penalty at all.
Hefty fines for opting out are more common with banks because they don’t want to give up business. Find out what the reality of the bank really is.
{ 2 comments… read them below or add one }
I definitely was a case of bad product placement. I had to pay $10 000 to get out of my mortgage. Do you have any idea’s on what to look for when signing my mortgage docs so that I don’t get screwed again.
@Dave Freiman
Find out what your penalty is if you decide to pay out the mortgage or opt out early. A good broker will tell you this before you sign your mortgage commitment. This is now mandatory with the new legislation that took effect July of 2008.