A. Frequently Asked Questions
1. I’m looking to buy a home or property, and need a mortgage. Where can I get my mortgage from?
If you’re a prospective home or property buyer looking for a mortgage, you have several options. The simplest option might be to approach your own bank, who in all probability offer mortgages and associated products. You will probably be able to save quite a bit of money and hassle though if you shop around to look for better rates. Mortgages are offered by banks and other financial institutions such as credit unions (collectively called lenders). Each lender has their own rates and terms and conditions, and you will find that some lenders are cheaper, easier to borrow from (simpler processing, less onerous terms and conditions) or just have better service.
Brevity Mortgages is a mortgage broker. We are a mortgage supermarket, because we work with several lenders. This is a giant advantage for borrowers as they are able to access the industry’s best rates in one place without having to spend days searching and comparing individual lenders’ rates and products. The mortgage you acquire through us is sourced from the same institution you would have selected after several days or weeks of shopping around. We just makes it simple and easy.
2. I’m comfortable dealing with banks because they’re big, have high public profiles and laws governing them. Are mortgage brokers regulated by law, and what protection do I have when dealing with them?
Mortgage broking is a licenced and regulated profession in Canada. Every Canadian province has extensive laws and regulations in place that govern the licencing and operations of mortgage brokers, such as the Financial Services Commission of Ontario (FSCO). Further, all the Canadian provincial mortgage broker regulators have come together to form the Mortgage Broker Regulators’ Council of Canada (MBRCC), that seeks to increase consumer protection and improve mortgage broker standards. Mortgage brokers have to pass certification examinations and keep in good standing with their provincial regulatory bodies. Thus, given the extensive laws in place as well as the regulated nature of the profession, you are in general as safe dealing with a mortgage broker as you would be with a bank or credit union.
3. Why would I go to Brevity Mortgages when I can get mortgages from banks and credit unions?
All mortgage products and rates are not created equal. Different banks have different rates, and the terms and conditions under which they issue mortgages differ too. It can take days and weeks of research and shopping around to ensure you have the best available rates. Brevity Mortgages management and staff have decades of experience in the mortgage industry. We can save you all of this time and pain because we carry a range of products from different lenders, and can help you select the best offer – the most attractive rate and the one most suited to your needs – instantly. Also, if you have bad credit or credit issues, it can be very difficult to get mortgages from banks. Brevity Mortgages on the other hand can help you under these circumstances by accessing mortgage offerings from other lenders who are willing to tolerate higher risk levels, and that in general do not lend directly to consumers. We thus have the advantage, as you not only have access to a wide range of products from different lenders, but also access to mortgages with bad credit.
4. Will it cost me more to take a mortgage through Brevity Mortgages?
No, it it may actually cost you less. Brevity Mortgages services are free to the borrower, which is you. We are paid a small commission by the lenders, and this commission is not passed on to the borrower. If you avail of Brevity Mortgages services to get your mortgage, you are leveraging our deep experience of the mortgage and financial industries as well as our extensive relationships with lenders, which will ensure that you get the best possible rates, which your bank may not always be able to give you. This article provides more information on the subject.
5. Why would I choose Brevity Mortgages over other mortgage brokers?
While all legal mortgage brokers have to undergo the Canadian certification process and are governed by strict laws that regulate their business, there are several factors that differentiate between them.
- The Brevity Mortgages team’s deep experience of decades in the mortgage business, which is something you may not find elsewhere
- Our extensive network of lenders to cater to all classes of borrowers, which ensures that we almost always are able to satisfy our clients’ needs
- Our ability to handle mortgages for clients with bad credit or a poor credit history, and provide them full satisfaction
- Our debt consolidation services, where we reduce your debt burden, save you money and make life easier by offering cheap credit to pay off your high interest credit card loans and other debt through second mortgages and HELOC home equity credit lines.
6. Does Brevity Mortgages help me reduce debt through debt consolidation services?
Yes, we do. We’re a full service financial company, and our mission is to save you the maximum amount of money by moving your high interest credit card balances and other high cost debt to very low cost mortgage-backed debt through second mortgages and HELOC (Home Equity Lines of Credit).
B. Useful Resources
1. Learn More About Mortgage Basics – Useful Tips & Advice