Have you recently shopped for a mortgage? Were you trying to choose the lowest available rate? Many Canadians shop based on "lowest rate" and I don't blame them. When was the last time a homeowner sat down with a mortgage broker or banker to discuss a strategy for their mortgage? I'm sure you will understand where I'm going with this, let's say you have $50,000 to invest:
- How would you go about choosing a financial planner?
- Would you choose a financial planner based on the stock/mutual fund price on that day?
- How will you choose which financial planner gets to manage your investments if all them have the same stock/mutual fund price?
I believe the majority of people choose their financial planner based on their belief the planner can deliver the proposed strategy that will achieve their long term goals.
Now let's go back to mortgages, let's say you receive 3 different rate quotes which are exactly the same, how will you choose who will get the privilege of managing your debt? If you have an asset manager shouldn't you have a debt manager?
I believe that a mortgage professional is ought to provide more than filling out applications and quoting rates. They should provide a well executed strategy to achieve your desired mortgage freedom, a mortgage product that fits your changing lifestyle and a mortgage term based on current and projected economic conditions.
A stock is chosen by a day trader by timing the market whereas a mortgage is a vehicle to achieve your financial freedom.
To discuss your personal mortgage financing needs, please contact me.