Savings account please? Sorry, not available here.
By now you probably know, a mortgage broker works for you and not the bank. You may also have heard we have access to 30 or more different lenders; how could that be? Mortgage brokers have access to "mono-line lenders". These institutions deal in residential mortgages, for 'A' clientele. Some examples of mono-line lenders are: Street Capital Financial, First National Financial, Merix Financial or Mcap. Any of these institutions will lend to a qualified borrower, but they will not hold a checking or savings account for you. They strictly deal in mortgages.
Why would I submit your application to a mono-line lender and not a big 6 bank? The interest rate offered by different lenders at different times will vary marginally. I always try to find the best deal for my clients, so I will consider which lender has the best interest rate at that time. Based on what we discuss during your mortgage application, I will also consider the mortgage options important to you. Many people request pre-payment privileges, portability and assumability options. Having different mono-line lenders to choose from gives me the flexibility to tailor a mortgage product for you. Today I see a lot of "no frills" mortgages with ultra low interest rates. Be careful you completely understand what is in your mortgage commitment and how it may affect you in the future.
Remember, strategy will always beat rate. My Boomerang One Savings Strategy (BOSS) will solve problems you may not even know you have. This 'game' is all about perspective and information. If you would like a different take on your mortgage, email or call me anytime.
Regards,
Chad
403-809-5447
chad@boomerangfinancial.com
yycmortgage.com
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