Mortgage Brokers and what they can do for you

Leslie-Anne Scorgie

sold my property last week and I’m in a mad scramble to find a new home. With my wish list in hand and a pre-approved mortgage under my belt, I’m confident I’ll eventually find what I’m looking for.

Much to the chagrin of my financial planner, a bank employee, I’ve decided to use an independent mortgage broker rather than getting my mortgage from the bank. Based on my research, mortgage brokers often have access to better rates and more flexible repayment terms.

Mike, my broker and an old pal from university, walked me through the pre-approved application process and reviewed my commitments to the bank where my existing mortgage resides. He then shopped my application around to multiple vendors and came back less than 24 hours later with a rock-bottom rate.

An independent mortgage broker isn’t tied to any financial institution and instead works on your behalf, rather than the lender.

Because they are not employees of a lending institution, mortgage brokers are not limited in the products they can offer you.

They can seek out the best mortgage options to suit your specific situation, from a multitude of lenders — banks, trusts, private companies and insurance firms. Their primary role is to provide unbiased mortgage options and advice to clients.

In most cases, mortgage brokers are free. When the broker matches a lender with a buyer and a mortgage is placed, the broker is paid by the lender based on size of the mortgage, not the rate.

If you’re thinking of using a mortgage broker, choose wisely. Get referrals from trusted friends or family members. Do your research in advance of meeting with them; know about current rates and structures. That way you’ll have some idea of what you’re hoping to achieve and can clearly communicate it.

I love saving money, and based on my recent first-hand experience, using a mortgage broker will save me tens of thousands of dollars.

www.teambluesky.ca

APPLIANCES AND WHAT'S NEW

In the market for a new washing machine, or looking for advice on what’s hot in stoves? We’ve got you covered. Here’s a snapshot of some of the latest trends in home appliances.

Dictated By Design 

These days it’s common for people to use their kitchen as more of a living and entertaining space. Therefore homeowners are looking for appliances that not only perform well, but also look the part in their multi-purpose kitchens. 

Look for sleek and modular appliances like wall-mounted ovens and microwaves. On the flip side of this streamlined design trend, people are adding touches of retro stylings. Think 50’s styled stand mixers in metallic candy apple red and nostalgic bake ware to add a touch of whimsy.

Black kitchen appliances are replacing stainless steel as the new kitchen must-have. Glossy, glass-fronted white appliances inspired by European stylings are also on trend.

High-Tech Homes

The technology craze is thriving in the home appliances category. Manufacturers are finding new ways to connect your entire home, thus making it easier than ever to manage home systems with the touch of a button.

You no longer need to schedule your life around the household chores. Purchase a connected washing machine that allows you to remotely start a load of laundry from an app on your smartphone. Or consider a washer that programs the machine to do the washing at the most cost effective time of the day. 

And if you’re in the market for a new vacuum cleaner, robotic vacuums are all the rage. They’re stylish, small and some can act as a mop, brush and vacuum all in one.

Suped-Up Stoves

This is the year of the "statement" stove. Consider it the most important appliance for both foodies and design-centric folk alike. From bold colours to grand designs, the "statement" stove is the kitchen's focal point and showstopper.

Another stove type that has been making the must-have list the last few years is the induction cooker. Faster and more energy-efficient than a traditional electric cooking surface, the seemingly glass-top surface provides superior temperature control and a speedy cooking performance.

Some new offerings boast steam technology in microwaves, double ovens and ranges. The health benefits are numerous since the steam cooking ensures that foods retain their nutrients and reduce the need for added oils and fats.

Energy Savers

Being green and saving money never goes out of style. According to the 2012 Energy Efficiency Indicator report from Johnson Controls, 74% of Canadian respondents had invested in energy efficiency in the past year, more than in any other region worldwide.

According to the Canadian Appliance Manufacturing Association, Energy Star qualified appliances offer substantial electrical savings and significant benefits for the environment. For example, Energy Star washers use 50% less energy and 35-50% less water than traditional models. 

Resource Multimedia