Mortgage Broker Services Winnipeg
Everyone wants the best deal on anything they buy...myself included.
But in order to get the best deal, you need to shop around.
This is especially true when it comes to mortgages.
The lowest interest rate isn't always the best deal. Your mortgage must match your specific, unique situation in order for you to save the most amount of money overall.
The type of mortgage that your parents or friends have might not be the right mortgage for you. Everyone's situation is different.
Your credit strength, your current financial situation, your future financial situation, and the plans you have for the home you'll be purchasing are all factors that need to be considered when choosing the right mortgage product to save the most money.
There are dozens of Mortgage Lenders out there offering different products at different interest rates.
It's my job to filter through all the options on your behalf.
Once I have a full understanding of your situation, I will shop around to find you the best deal on the right mortgage by comparing offers from dozens of Canadian:
My services are totally free to you in most cases.
The only time fees may apply is if there were circumstances that required creative financing solutions using Alternative or Private Lenders. In these cases, any fees that may need to be charged would be fully disclosed prior to you committing to anything...full transparency.
But in order to get the best deal, you need to shop around.
This is especially true when it comes to mortgages.
The lowest interest rate isn't always the best deal. Your mortgage must match your specific, unique situation in order for you to save the most amount of money overall.
The type of mortgage that your parents or friends have might not be the right mortgage for you. Everyone's situation is different.
Your credit strength, your current financial situation, your future financial situation, and the plans you have for the home you'll be purchasing are all factors that need to be considered when choosing the right mortgage product to save the most money.
There are dozens of Mortgage Lenders out there offering different products at different interest rates.
It's my job to filter through all the options on your behalf.
Once I have a full understanding of your situation, I will shop around to find you the best deal on the right mortgage by comparing offers from dozens of Canadian:
- Banks
- Local Credit Unions
- Monoline Lenders
- Trust Companies
- Alternative Lenders, and,
- Private Lenders
My services are totally free to you in most cases.
The only time fees may apply is if there were circumstances that required creative financing solutions using Alternative or Private Lenders. In these cases, any fees that may need to be charged would be fully disclosed prior to you committing to anything...full transparency.
Mortgage Brokers vs. Mortgage Specialists vs. Bankers
These three terms are commonly used when referring to sourcing a mortgage, but there are significant differences between them. In fact, the terms are used differently in different provinces in Canada. In Manitoba, most people use these terms incorrectly according to the Security Commission's definitions.
Mortgage Specialist
A Mortgage Specialist (a.k.a. Mortgage Professional) is a person who is licensed by their local Securities Commission to arrange mortgage financing for their clients by reviewing offers from dozens of different Mortgage Lenders to find the absolute best mortgage products for their clients needs at the lowest possible interest rates. A Mortgage Professional works for the client and with the client's best interests at heart. I am a Mortgage Specialist.
Winnipeg Mortgage Broker
The rules in Winnipeg are different than the rest of Canada.
Here in Winnipeg, a Mortgage Broker is defined as a group of Mortgage Specialists. Castle Mortgage Group is my Brokerage a.k.a. Mortgage Broker.
In most other provinces in Canada, the title "Mortgage Broker", refers to the person responsible for connecting the home buyer with the Mortgage Lender and facilitating the arrangement of the mortgage loan. Mortgage Brokers are licensed under a Mortgage Brokerage.
Our licensing agency does not allow the person facilitating the mortgage loan to be referred to as a Mortgage Broker. Instead, we must refer to ourselves as Mortgage Specialists, Mortgage Professionals, Mortgage Advisors, etc...just not Mortgage Brokers.
Here in Winnipeg, a Mortgage Broker is defined as a group of Mortgage Specialists. Castle Mortgage Group is my Brokerage a.k.a. Mortgage Broker.
In most other provinces in Canada, the title "Mortgage Broker", refers to the person responsible for connecting the home buyer with the Mortgage Lender and facilitating the arrangement of the mortgage loan. Mortgage Brokers are licensed under a Mortgage Brokerage.
Our licensing agency does not allow the person facilitating the mortgage loan to be referred to as a Mortgage Broker. Instead, we must refer to ourselves as Mortgage Specialists, Mortgage Professionals, Mortgage Advisors, etc...just not Mortgage Brokers.
Banker
A Banker is the term I use to describe the person you get your mortgage from at the Bank or a Credit Union. They work for the Bank or Credit Union and are not licensed by their local Securities Commission.
Here’s where things get confusing. Bank personnel who sell mortgages also refer to themselves as Mortgage Specialists although the role is very different from that of a Mortgage Specialist who is part of a Mortgage Brokerage.
So how do you make sure that you are using the correct type of service?
Simple...Look at the company's name.
Mortgage Specialists/Professionals are licensed to operate under a Mortgage Brokerage. My Brokerage is Castle Mortgage Group which is located in Winnipeg, Manitoba. Castle is registered under a larger national Brokerage called TMG - The Mortgage Group.
If the Mortgage Specialist is employed by a Bank (such as RBC, CIBC, Scotiabank, BMO, or TD) or a Credit Union (such as Cambrian, Access, Steinbach, Assiniboine, or Caisse) then you know you’re not dealing with a licensed professional.
If you truly want the best deal on your mortgage, your best bet is to use the services of a Winnipeg Mortgage Broker. Castle Mortgage Group is Manitoba's largest independent mortgage brokerage which means more Lender resources and therefore more mortgage options for our clients...which ultimately translates into a better deal!
As your Mortgage Specialist, it's my job to find you the best deal on the right mortgage for your needs!
So how do you make sure that you are using the correct type of service?
Simple...Look at the company's name.
Mortgage Specialists/Professionals are licensed to operate under a Mortgage Brokerage. My Brokerage is Castle Mortgage Group which is located in Winnipeg, Manitoba. Castle is registered under a larger national Brokerage called TMG - The Mortgage Group.
If the Mortgage Specialist is employed by a Bank (such as RBC, CIBC, Scotiabank, BMO, or TD) or a Credit Union (such as Cambrian, Access, Steinbach, Assiniboine, or Caisse) then you know you’re not dealing with a licensed professional.
If you truly want the best deal on your mortgage, your best bet is to use the services of a Winnipeg Mortgage Broker. Castle Mortgage Group is Manitoba's largest independent mortgage brokerage which means more Lender resources and therefore more mortgage options for our clients...which ultimately translates into a better deal!
As your Mortgage Specialist, it's my job to find you the best deal on the right mortgage for your needs!
Why Use A Mortgage Broker?
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Save Money
My job as your Mortgage Specialist is to leverage the relationships that my Mortgage Broker, Castle Mortgage, has formed with dozens of different Canadian Lenders in order to negotiate the best deal on the right mortgage for your needs. There are numerous factors that need to be taken into consideration when selecting the mortgage that will save you the most money. But don't worry, it's my job to navigate that process with you and explain everything along the way! Save Time A Mortgage Broker is a hub for hundreds of different mortgage financing options. So instead of you making appointments at all the different banks to compare mortgage options, I can show you all the options from all the banks at once. |
Save Stress
Buying a home is usually a very stressful process with many different stages to it.
One of those stages is arranging mortgage financing, of course.
Everybody wants to save the most money on their mortgage but most home buyers don't want to take the time or deal with the stress of shopping around for their mortgage so they usually end up just going to their bank. Their bank might end up offering the best deal, but how would one know unless they've compared their bank's offer with offers from other Lenders? They wouldn't.
Let me worry about it so that you don't have to.
I Work For You
Castle Mortgage is my Broker but I'm not employed by them. I'm not employed by any financial institution either. I work for you and with your best interests in mind.
I don't have sales quotas to meet in order to keep my job. I don't get bonuses for selling certain products.
My job isn't to sell you anything...My job is to help you.
Buying a home is usually a very stressful process with many different stages to it.
One of those stages is arranging mortgage financing, of course.
Everybody wants to save the most money on their mortgage but most home buyers don't want to take the time or deal with the stress of shopping around for their mortgage so they usually end up just going to their bank. Their bank might end up offering the best deal, but how would one know unless they've compared their bank's offer with offers from other Lenders? They wouldn't.
Let me worry about it so that you don't have to.
I Work For You
Castle Mortgage is my Broker but I'm not employed by them. I'm not employed by any financial institution either. I work for you and with your best interests in mind.
I don't have sales quotas to meet in order to keep my job. I don't get bonuses for selling certain products.
My job isn't to sell you anything...My job is to help you.
My Services
Pre-Approvals
If you’re thinking about purchasing a home or condo, before you head out shopping, you need a proper pre-approval.
A pre-approval tells you how much you are qualified to spend on a property so that you start your shopping off on the right foot, knowing exactly how much you're qualified to spend on a home.
There’s nothing worse than spending a whole bunch of time searching for that perfect home, only to find out that you aren’t qualified to purchase it after all.
The pre-approval process is a thorough one which includes a full credit application, credit check and document collection. It's essentially the same process as a full mortgage approval...just done before you write any offers on homes.
When the time comes to arrange your mortgage on the home you want to buy, the Mortgage Lender will require a bunch of paperwork. They'll need documentation to prove your income and to prove that you have the money necessary for your down payment and closing costs.
Lenders are picky about this paperwork. It must show all the correct information and must be in the format they require.
Because of this, it only makes sense to go through this process properly up front as part of the pre-approval, rather than leaving it until you've found the perfect home to make sure the paperwork looks good.
A proper pre-approval takes a little bit of work, but it makes the rest of the home buying process much smoother and more enjoyable.
A pre-approval tells you how much you are qualified to spend on a property so that you start your shopping off on the right foot, knowing exactly how much you're qualified to spend on a home.
There’s nothing worse than spending a whole bunch of time searching for that perfect home, only to find out that you aren’t qualified to purchase it after all.
The pre-approval process is a thorough one which includes a full credit application, credit check and document collection. It's essentially the same process as a full mortgage approval...just done before you write any offers on homes.
When the time comes to arrange your mortgage on the home you want to buy, the Mortgage Lender will require a bunch of paperwork. They'll need documentation to prove your income and to prove that you have the money necessary for your down payment and closing costs.
Lenders are picky about this paperwork. It must show all the correct information and must be in the format they require.
Because of this, it only makes sense to go through this process properly up front as part of the pre-approval, rather than leaving it until you've found the perfect home to make sure the paperwork looks good.
A proper pre-approval takes a little bit of work, but it makes the rest of the home buying process much smoother and more enjoyable.
Purchases
Whether you’re buying your first home or your 50th, it’s important to have a plan for that property.
Is this property going to be a short term property or do you plan to own it forever?
Do you want to buy a fixer upper or something turn key?
Is your plan to pay off the mortgage as quickly as possible or would you rather do other things with your extra money?
Depending on the answer to these types of questions, I’ll find you a mortgage which has the features you need in order to save you the most money possible throughout the lifetime of that mortgage. Oh...and I’ll get you the lowest interest rate on that mortgage as well.
Is this property going to be a short term property or do you plan to own it forever?
Do you want to buy a fixer upper or something turn key?
Is your plan to pay off the mortgage as quickly as possible or would you rather do other things with your extra money?
Depending on the answer to these types of questions, I’ll find you a mortgage which has the features you need in order to save you the most money possible throughout the lifetime of that mortgage. Oh...and I’ll get you the lowest interest rate on that mortgage as well.
Mortgage Renewal
If your mortgage is coming up for renewal, don’t sign anything with your current Lender until you call me first!
The rate options that your current Lender is offering you might not be the best available in the market...and the type of mortgage might not be right either.
Just like everything in life, things change.
What you thought would be your forever home could all of a sudden become a rental property for you, or your family could grow and all of a sudden your starter home might need an addition.
A renewal needs to be handled in a similar fashion to a purchase. We’ll go through all the questions to get an idea of what the next few years might look like for you and make sure we match the mortgage to your needs again in order to continue to save you as much money as possible.
The rate options that your current Lender is offering you might not be the best available in the market...and the type of mortgage might not be right either.
Just like everything in life, things change.
What you thought would be your forever home could all of a sudden become a rental property for you, or your family could grow and all of a sudden your starter home might need an addition.
A renewal needs to be handled in a similar fashion to a purchase. We’ll go through all the questions to get an idea of what the next few years might look like for you and make sure we match the mortgage to your needs again in order to continue to save you as much money as possible.
Refinancing
Refinancing can mean a couple of different things.
Refinancing can be used to lower your mortgage payments by stretching out the amortization period on your mortgage. The longer your amortization period, the lower your mortgage payments are.
Refinancing can also be used to withdraw equity from your home. If the remaining balance on your mortgage is less than 80% of what your house is worth, you have available equity in the home that you may be able to access by refinancing.
In this scenario, you would replace your current mortgage with a larger mortgage and withdraw the difference to use for whatever you want...buy a car, invest, take a trip, pay for the kids’ University, pay off debt, etc.
There are costs associated with refinancing and the costs can differ depending on the Lender and on your personal financial situation at the time.
As with any mortgage, it's important to have a wide selection of options in order to find the best deal. This is especially true with refinancing.
Refinancing can be used to lower your mortgage payments by stretching out the amortization period on your mortgage. The longer your amortization period, the lower your mortgage payments are.
Refinancing can also be used to withdraw equity from your home. If the remaining balance on your mortgage is less than 80% of what your house is worth, you have available equity in the home that you may be able to access by refinancing.
In this scenario, you would replace your current mortgage with a larger mortgage and withdraw the difference to use for whatever you want...buy a car, invest, take a trip, pay for the kids’ University, pay off debt, etc.
There are costs associated with refinancing and the costs can differ depending on the Lender and on your personal financial situation at the time.
As with any mortgage, it's important to have a wide selection of options in order to find the best deal. This is especially true with refinancing.
Mortgages For Second Homes / Vacation Homes / Cottages
A second home is a home that you purchase to use yourself or by a family member, not a rental property.
Some reasons why people purchase second homes are:
Vacation Homes or Cottages are similar to second homes in that they are intended to be used by the owner and not rented out on a full time basis. Mortgages for these properties can be a little different depending on their location, whether they are located on leased land or not, and/or if the property is a 3 or 4 season property.
Some reasons why people purchase second homes are:
- if their kids go to University in a different City or Province, they may choose to buy a home or condo in that City rather than having their kids rent.
- if they work a significant distance from their home. They purchase a second home to stay in during the work week and head home for the weekends.
Vacation Homes or Cottages are similar to second homes in that they are intended to be used by the owner and not rented out on a full time basis. Mortgages for these properties can be a little different depending on their location, whether they are located on leased land or not, and/or if the property is a 3 or 4 season property.
In A Nutshell...
Purchasing any type of property is a big investment that needs to be taken seriously.
Focusing only on the lowest mortgage interest rate is a mistake that could end up costing you thousands of dollars more than necessary.
The terms and conditions of your mortgage must line up with your specific needs and plans for the property in order to save you the most amount of money possible.
My job is not to sell you a mortgage...My job is to educate you on what options are available and work with you to choose the option that makes the most sense.
Focusing only on the lowest mortgage interest rate is a mistake that could end up costing you thousands of dollars more than necessary.
The terms and conditions of your mortgage must line up with your specific needs and plans for the property in order to save you the most amount of money possible.
My job is not to sell you a mortgage...My job is to educate you on what options are available and work with you to choose the option that makes the most sense.
Get In Touch
Need Financial or Retirement planning services? Contact Alec at www.winnipegretirementplanning.ca
