Mortgage rates are LOW!

[Zonny]

Please, please, please! Call a broker before you negotiate with your bank. It's free. There a lot of options out there that you probably don't know about. That doesn't even include the low rates broker's can get you that are even better then what banks will negotiate or drop down to.
It's really rare for banks to drop to broker rates for their retail customers.
Brokers work for you. Your local bank has to answer to their head office.

I totally agree. We've used a broker twice now, and both times got a rate lower than what our 'home' bank (who we've been with for a couple decades - we have a fabulous credit rating) would match. We shopped with the broker, told our bank what we got and they were like, "Oh." Certainly no offer to even match, much less beat, the broker's rate. And as MortgageQueen says, this is FREE! Just do it!

Z

[MortgageQueen]

I totally agree. We've used a broker twice now, and both times got a rate lower than what our 'home' bank (who we've been with for a couple decades - we have a fabulous credit rating) would match. We shopped with the broker, told our bank what we got and they were like, "Oh." Certainly no offer to even match, much less beat, the broker's rate. And as MortgageQueen says, this is FREE! Just do it!

Z

Not only is this true of the rate, but what a broker really can do for you is anaylze your personal financial situation and both advise and match you to a Lender for your specific needs. This is very important.
I'm not bashing bank employees as I know very nice people that work at banks, however. . .they have high pressure quotas to meet from their management. Their job often depends on it.
A broker works only for you. They'll get paid regardless of where they place your mortgage (by the Lender- not you)
They also can keep in touch with you as your needs/life changes and advise you when it will profit YOU to refinance/switch Lenders, etc. and they're always available to give you unbiased answers to your financial questions.
Ok. That's my speech for the day. lol! Guess sometimes I get a little too passionate about my job.

[Scottlandlord]

Definitely talk to a Mortgage broker.

Remember that rates are trending up. The Bank of Canada jumped rates .75 within 4 months last summer...and you know our Canadian banks are chomping at the bit to get them raised more.

Once the US economy starts to creep back....

[seabass15]

On the topic of brokers... should I contact more than one? Do I have to be worried about talking to multiple brokers (maybe 2 or 3?) and having my credit rating checked each time (we have great rating, but I've heard that "checks" can negatively affect this rating).

Also, how early in advance of renewal can brokers work? Our bank will renew 6 months in advance - can the broker do the same?

MortgageQueen, it's great to see someone passionate about their job

[Zonny]

On the topic of brokers... should I contact more than one? Do I have to be worried about talking to multiple brokers (maybe 2 or 3?) and having my credit rating checked each time (we have great rating, but I've heard that "checks" can negatively affect this rating).

Also, how early in advance of renewal can brokers work? Our bank will renew 6 months in advance - can the broker do the same?

MortgageQueen, it's great to see someone passionate about their job

I don't think there's any benefit to using more than one broker, they all do the same thing, shop your mortgage around to the banks. And for us, it was good to be familiar with one person, who answered all of our questions without making us feel dumb. We've used her twice now.

I'm *pretty* sure that we arranged for our rate through the broker six months in advance.

[MortgageQueen]

On the topic of brokers... should I contact more than one? Do I have to be worried about talking to multiple brokers (maybe 2 or 3?) and having my credit rating checked each time (we have great rating, but I've heard that "checks" can negatively affect this rating).

Also, how early in advance of renewal can brokers work? Our bank will renew 6 months in advance - can the broker do the same?

MortgageQueen, it's great to see someone passionate about their job

No, I don't think you need to "use" more then one, but you can certainly "talk" to more then one. Just be prepared that they can't give you solid answers without having your bureau and your complete financial situation. But maybe you need to talk to a few different brokers to find one you're comfortable with??
You can renew (in most cases) anytime. This is where a broker really helps. Many times it actually pays to break your mortgage and refinance under substantially better terms.
As an example, I have a client right now who is breaking his mortgage and paying a $10,000 penalty. . but he still comes out ahead! You just never know unless you ask.
Thank-you for the compliment. I do love my job!

[Jentay]

we used a broker and got completely screwed over (we were building and going on a draw mortgage). we were mortgaged over $600K at the time so they said during the draws our interest rate would be high til we were built and sold them other house. so we went over all the terms with the broker and he explained everything. then we close and bame, nope we are stuck with a ridiculously high rate. we both have excellent credit and both have high incomes. sooo frustrated. we have been paying into it for just over 2 years now and cant decide wether to switch or not because we might sell inside of two years.

[MortgageQueen]

I am truly sorry you had a bad experience Jentay. Unfortunately there is bad apples in every profession.
For all the SCer's that would potentially use a broker. . .Brokers are required to have complete transparency. They are required to go through all documents and figures with you so that you understand. DO NOT be afraid to ask questions and don't worry if you think it's a dumb question!!!
I don't expect you to know all that's involved with mortgages just like you wouldn't expect me to know everything about what you do for a living.
If a broker treats you like your dumb or brushes off your concerns. . .get up and walk away.