Frequently Asked Questions


Mortgage Brokers are independent, trained professionals licensed to represent and provide you with the best advice for your mortgage needs.  A mortgage broker acts as an intermediary between a lender and a borrower. In other words, they facilitate the transaction between you and your bank or mortgage lender.
Mortgage brokers are able to work one-on-one with each individual client, evaluate their specific needs and find a lender that suits them personally. You will ultimately receive a mortgage plan that is customized for you and meets your unique requirements.
Mortgage brokers do not work for a specific lender. They work for you and can make an objective and impartial recommendation on financing solutions through many lenders. A mortgage broker is a trusted advisor who provides unbiased advice on your financial options.
There is no cost to you! In general, the winning lender pays compensation to your mortgage broker for the services and solution provided.
Getting a lower rate can save you thousands of dollars over the life of your mortgage. Mortgage brokers have many lenders vying for their business and as a result you are more likely to receive a lower rate.
Mortgage brokers act in your best interest and do all the negotiating to secure competitive rates and terms that fit your situation.  Because mortgage-based financing is the broker’s primary business, he or she has developed expertise in what type of mortgage financing each lender prefers to pursue.
Your mortgage broker has access to lenders that offer many types of promotions and sales that may be of interest to you. For example – some lenders have special rate promotions for clients that are able to close a mortgage in a shorter time frame than normal. These promotions are called quick close offers and generally offered at discounted rates.
Shopping at several banks can be frustrating, inefficient and extremely time consuming.  A professional presentation to a lender on the first application will get the best response and save you valuable time and money.

Often the success of obtaining mortgage approval depends on the way a proposal is presented and to whom it is sent. Your Mortgage Broker is trained to present your mortgage proposal where and how it will get the most immediate, positive result.

Rate-shopping on your own can actually be hazardous to your credit rating. Every time a lender checks your credit, the credit bureaus take notice. Too many inquiries and your credit rating can weaken, possibly affecting the rate and terms of your mortgage. Your mortgage broker does one inquiry only, regardless how many lenders you’re looking at.

Current Mortgage Rates

Term Rate
Prime Rate (P) 2.95%
Closed Variable P – .75%
Open Variable P + .80%
6 Month Closed 3.10%
1 Year Closed 2.44%
2 Year Closed 2.24%
3 Year Closed 2.34%
4 Year Closed 2.59%
5 Year Closed 2.59%
7 Year Closed 2.89%
10 Year Closed 3.64%
As of July 13, 2017. Rates subject to change without notice, OAC, E&OE