Mortgage Product Confusion
“Trying To Figure Out What Residential Mortgage Program Is Best For You Can Be Extremely Confusing”
The Canadian mortgage market has evolved considerably over the last decade with more information more readily available to consumers and more mortgage programs and features to try and attract your business.
Because mortgage decisions tend to be the largest individual financing decisions that most people make, there can (and should) be a great deal more scrutiny that goes into the comparison process from one mortgage option to the next.
Add to more competition and more choice is the fact that the average person tends to have more of an opinion on mortgage products, mortgage companies, and mortgage strategies. So when you’re actively seeking a mortgage for real estate purchase, construction, renewal, or consolidation, there is no shortage of information and points of view to go around, whether you want it all or not.
So, yes more information is good as everyone wants to make an informed decision in order to create the most benefit for themselves and their families.
But at the same time, you still need to wade through all the information, make sense of it, and still make a good decision.
And while many of the major banks have gotten more aggressive promoting their own mortgage products and services, the goal of much of this information overload is to try and capture your collective attention so whatever decision you choose will stay within in the confines of a major lender’s marketing funnel.
For the average person who perhaps only goes through a residential mortgage process once every 3 to 5 years, the information assimilation process can be very difficult to understand.
The best solution in my opinion is to select an experienced mortgage broker that you trust, who you believe will will work in your best interest and will invest the time necessary to answer all your questions, look at all the relevant options in the market that pertain to your situation, and help you make the best decision possible.
This has become a process where a third party guide can provide considerable value in terms of both time and money savings as well as stress reduction.
If you’re in need of a residential mortgage product, or just planning ahead, please give me a call so we can discuss your requirements, get your questions answered, and go over the most relevant mortgage financing options together.
About the Author Joe Walsh
I'm a Toronto Mortgage Broker that arranges mortgage solutions on residential and commercial real estate property. With over 30 years of mortgage financing experience, I'm able to quickly assess your financing requirements and provide relevant solutions for your immediate consideration. Joe Walsh Google+ YouTube Channel