Getting a mortgage may seem like a difficult process. But with a mortgage broker, it’s much easier.
If you’re looking for a Toronto mortgage broker, Robert De Benedictis is someone you can contact. He’s worked at CanWise Financial (a Ratehub.ca company) for nearly two years and has been arranging mortgages as a bank/credit union employee as well as branch manager for the last 10 years.
We spoke with him recently to talk about the mortgage market and other related topics:
Q. What sets CanWise apart from other mortgage brokers?
A. CanWise offers the best available mortgage rates in the industry. We’re also known for our great expertise, professionalism, knowledge, speed and efficiency, and excellent customer service in handling your mortgage application from beginning to funding.
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Q. What’s the advantage of using a mortgage broker versus a bank?
A. A mortgage broker (sometimes known as a mortgage agent) will have more experience and knowledge than typical bank staff who tend to have less worldly experience and tend to be more junior in their roles. We also offer a greater mixture of mortgage products through a wide variety of lender partners. Brokers are more knowledgeable about the different products being offered so they can offer the best possible mortgage product for their customers. We have more in-depth knowledge of the mortgage industry and we can offer our customers a more custom-tailored mortgage product based on their individual needs.
Q. What are some common misconceptions about mortgage brokers?
A. Some common misconceptions are:
- Brokers charge fees to their clients—At CanWise, we do not charge any fees to our clients;
- They only offer products that pay the highest finder’s fee—We are all salaried employees at CanWise;
- They’re 100% commissioned sales people—We’re all salaried employees at CanWise; and
- They only offer products that are in the broker’s best interest—At CanWise, we recommend the best products that are the most suitable for the clients and their best interests.
Q. What should people look for in a mortgage broker?
A. They should look for a broker who is knowledgeable, experienced, trustworthy, honest, and who has received good referrals and reviews from their clients.
Q. How is the market you serve different than other markets?
A. We serve a market that is looking for the fastest and easiest way for borrowers to get the best mortgage product and rate available for them. Some are strictly rate conscious and are just looking for the best rate. But others are looking for the best product and a trustworthy broker they can work with who’s honest and open with them, and offers a product that is tailored for them.
Q. What’s the most common problem clients come to you with?
A. Some common problems are:
- Their previous broker or lender dropped the ball on their approval;
- The broker or lender they were using was too slow in responding to them or they were too slow in getting an approval for them; or
- The rate their current lender is offering was too high and not reasonable in comparison to what’s being offered in the marketplace.
Q. What do first-time homebuyers need to keep in mind when saving for their first home?
A. Take full advantage of the Home Buyers’ Plan offered by the federal government. If buyers maximize their RRSP contributions, they can withdraw the maximum amount for the purchase. If you and your spouse/partner are both first-time buyers, you can each withdraw up to $25,000 from your RRSPs for a total of $50,000.
You can also: Set a savings goal and set up a regular savings plan to put money aside; get pre-approved for a mortgage so you know how much you can afford in order to determine your maximum purchase price and how much you need to save for a down payment; and minimize your credit needs by keeping credit card, line of credit, and personal balances at a minimum in order to maximize the mortgage you can get approved for.
- No annual fee
- Earn 2% cash back on purchases in up to three categories of your choice, and 0.5% cash back on everything else
- No limit on how much you can earn back