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Mortgage Broker News | 07 Jun 2013, 12:00 AM Agree 0
Here's a story you can share with your clients who only want to talk about rate.
  • Adil | 07 Jun 2013, 09:31 AM Agree 0
    I don't think I know Dominion Lending Services ;)
  • Sylvia | 07 Jun 2013, 10:43 AM Agree 0
    This article suggests that Variable = Open and Fixed = Closed. This is mortgage 101 people, having a variable rate mortgage does NOT mean you won't have a penalty!!!

    I hope this is a journalistic error and not one on the part of the broker/agent...

    Just my 2 cents worth...
  • Ian | 07 Jun 2013, 10:43 AM Agree 0
    Mortgage Brokering 01...not even 101...
  • A Broker | 07 Jun 2013, 01:33 PM Agree 0
    The other buyer most likely wanted a fixed with no intention to sell and circumstances arose where they had to. Not told if they simply transferred the mortgage to another property. Very negative and unprofessional comments. Sounds like a couple of brokers who lost clients to banks in the past and still carry a grudge. No wonder people are flocking to rate sites with your attitudes like that.
  • Shayne | 07 Jun 2013, 02:25 PM Agree 0
    There is also a big IRD difference between most of the monolines and TD/Scotia.

    Why do brokers support the banks when the clients may end up getting pillaged with the penalties?
  • Bc broker | 07 Jun 2013, 06:32 PM Agree 0
    All we as good brokers can do is give clients the information they need....then it is up to each clients own circumstances to decide which route to go. The arrogance of the broker by stating "I told you so" is a prime example of what is cheapening our business. If rates had gone up drastically, how would the above mentioned broker like call from the clients gloating. Every one would like to save money but it is the clients that will and should ultimately make a decision on terms once their awesome broker has fully informed them on the possible pros and cons of each type of mortgage.
  • Colin Henderson | 09 Jun 2013, 06:34 PM Agree 0
    This has to be the most unprofessional article ever.

    1) The suggestion that a variable mortgage is 'open' is plain wrong. A 5 year variable mortgage is just as closed as a 5 year fixed, and I find this is one of the most misunderstood mortgage questions. To have a supposed professional further that misconception is unethical. btw if by variable mortgage he meant an 'open' mortgage he should have used those specific words. Otherwise the mass assume a variable mortgage represents a 5 year variable hence the aforementioned confusion amongst many. The devil is in the details with mortgages, and that is what professional brokers bring to the table.

    2) The other suggestion that the best brokers can do is to place customers with a product that has no penalties, versus the alternatives, implies that all customer needs are identical. This is perhaps more unprofessional and misleading than the uninformed commentary noted in point 1).

  • Anthony | 10 Jun 2013, 07:50 AM Agree 0
    Somewhat pompous, isn't he...

    He likes rubbing his clients noses in the crap just because they did not take his advice...?

    Shame that we at times get some twisted gratification when a client does not heed our advice and then pays dearly for it, but to broadcast his delight in their loss on this forum...not cool....good luck when potential clients get a whiff of his contempt...
  • lg | 10 Jun 2013, 07:59 PM Agree 0
    Easy to say variable was a good idea. it was luck. no one anticipated record lows.
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