First of all let’s give BMO some credit, when they advertise their rates they get a big splash of headlines across the country. Inevitably I get calls from clients asking about their rate. In a way this is good, since it gives me an opportunity to communicate to my clients that I have already reviewed their rates and 95% of the time we have already beaten that particular rate with BMO
When BMO came out with the headlines, both TD and Scotiabank had lower mortgage rates with us at 2.74%. The best part is we had even lower rates than the big banks when comparing a five year fixed rate. In other words there were other financial institutions with lower rates then the big five banks in Canada
That is the great thing of coming to a full service mortgage broker such as Robert Floris’ Mortgage Architect’s Office in Hamilton; we do the shopping of your mortgage rate. Most importantly we educate our clients so that they know exactly how the product functions before they sign their mortgage product.
When a client enters into a major bank to inquire about a mortgage, knowledge is a must. If you let the bank representative know that you have shopped with a mortgage broker, the bank will quickly sharpen their pencil. If the bank representative feels that your mortgage knowledge is lacking, then they probably will not offer their best rates. Many times over the years, we as brokers could offer the client a superior rate from the same institution. Isn’t that funny, the same bank.
As a personal mortgage broker we are blessed that we are able to offer over 57 lenders products. That is a lot of choice. This benefits the mortgage holder. Sometimes the rate is not the main factor in determining the customer’s needs. That is why I love my job; I can do what is right for the consumer. It can be really gratifying. So next time you hear a big media splash such as BMO’s, be skeptical, you probably have more choices.
Robert Floris is an independent mortgage broker with Mortgage Architects In Hamilton Ontario