Why You Shouldn’t DIY Seeking A Residential Mortgage From A Bank Or Credit Union

Author: Andre Ouimet - Mortgage Agent | | Categories: Mortgage Agent , Mortgage Refinance , Residential Mortgages


Mortgages are one of the biggest financial commitments you will ever make in your lifetime, so you need to understand the terms and conditions they come with. To guarantee you know the pros and cons of your mortgage contract, it is advisable to work with a mortgage broker and lawyer.

However, many borrowers are under the impression that the services of these experts will only cost them money. Moreover, a borrower does not need a license to secure a mortgage for themselves, and borrowers have the right to seek advice from whomever they prefer when investigating the details of securing a mortgage. This often leads them to think that they can handle their mortgage needs independently, only to find out that they’ve locked themselves into a huge mistake.

That’s right! Borrowers often lock themselves into a mortgage contract without being aware of the obligations and penalties involved as lender representatives do not always list all liabilities, and borrowers do not always seek the advice of a lawyer. Similarly, a lack of understanding can lead to unforeseen penalties and costs that can often be onerous to the borrower.

Similarly, borrowers looking for mortgages directly from a bank or credit union are not always aware that they have the right to seek legal advice and have the right to take whatever time they require to complete their due diligence. A lack of understanding of these details could lead to higher lending costs and penalties for locking into a contract that they have not fully understood.

Do things right - Hire a professional!

It is often to the borrower’s advantage to seek the advice and assistance of a licensed mortgage agent. Anyone who represents themselves as a mortgage agent is required to seek licensing from the lending regulatory body in Ontario and is required to follow strict rules and guidelines that are in place to protect borrowers.

A professional mortgage broker or mortgage agent can help by explaining to the borrower the details of how the industry works, what liabilities exist and what questions to ask so the borrower can make an informed decision. They will help you in dealing with lenders and deciding on what product may be best for their situation.

As a leading mortgage agent in Toronto, ON, Andre Ouimet is here to assist borrowers with all of their mortgage needs so that they can enjoy a smooth process. As their mortgage agent, my job is to be aware of the rules and details involved in working with lenders and securing mortgages. A key factor is making sure to confirm the obligations and liabilities involved in entering into the mortgage contract.

I also take the time to understand that the borrower is the client, not just a party to the contract, and that lender representatives are there to provide information and assist the client. Based on my clients’ needs, I ask lenders questions to see if their mortgages will suit my clients. Following this, I calculate the costs associated with the mortgage obligation, such as utility and maintenance costs of the property being mortgaged.

If a borrower can qualify well with a lender and the property to be mortgaged is in good condition and located in a healthy real estate market, it may not cost a borrower anything to use my assistance when securing a mortgage. While there is a cost involved in securing other types of mortgages, mortgage professionals are obligated to make the borrower aware of these costs before the borrower commits to the process. Similarly, the costs can often be included as expense items on their tax returns.

For more information about mortgages and working with mortgage agents, reach out to Andre Ouimet today! I am an experienced mortgage agent catering to clients across Barrie, Newmarket, Aurora, Port Perry, Oshawa, Whitby, Ajax, Pickering, Markham, Richmond Hill, Vaughan, Scarborough, Toronto, Caledon, Brampton, Orangeville, Mississauga, Milton, Oakville, Guelph, Kitchener, Burlington, Hamilton, St. Catharines and Niagara Falls, ON. As a seasoned professional, I can help you solve many financial problems. I have several years of experience in various fields, including real estate and lending, and I can assist you in most cases.

To learn more about my services, please click here or get in touch with me by clicking here