Independent brokers are fully licensed and work for either an independent mortgage brokerage company or have their own independent companies. Brokers access the entire mortgage market to get the best mortgage for the client. Being independent means brokers will recommend mortgage products based on the individual needs of the client, not the needs of the bank.
Did you know it is estimated that only 40% of mortgage consumers in Canada will initiate their mortgage by a mortgage broker? In other words: 60% of clients will go to their own bank and accept the rate they get without consulting an Open Door Mortgage Advisor.
The Buyer Protection Plan (BPP) is a new and creative marketing tool designed to bring some certainty to an uncertain market. Potential home buyers have been bombarded by negative news about the Calgary real estate market and have a real issue where home prices will be in 6-12 months.
You’ll hear these two terms thrown around a lot, but do you know the difference between the two? They’re both important steps for a first time homebuyer, and a mortgage professional will help guide you through them both.
