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Mortgage Broker News | 20 Jun 2013, 12:00 AM Agree 0
Brokers are already fearing the loss of “client ownership” with the launch of a new website by the people behind RateHub.ca – specifically a web portal helping calculate and arrange the closing services of lawyers and appraisers.
  • Bob | 20 Jun 2013, 09:04 AM Agree 0
    Once again, - it is not all about the lowest costs for these services. ( Just like it is not all about the lowest mortgage rate ). Buying a house is , for many Canadian's, their largest financial purchase. You are willing to risk this getting stuffed up to save a hundred dollars? I have been a broker for 12 years and I can't tell you how many times I have had to hand hold law offices thru the closing process. I even had a law clerk call me and ask how I wanted the mortgage registered!! In every case where I had to help, the law office in question was offering a lower price than most.
    I would never recommend a client only seek out the lowest cost supplier for these essential services.
  • Jason Nugent | 20 Jun 2013, 09:15 AM Agree 0
    Working twice as hard for the same money, seems to be the wave of the future. One day clients will wake up and there won't be a mortgage broker industry anymore because there's no money in and they will be paying posted rates again.

    It's a race to the bottom.
  • Frank | 20 Jun 2013, 11:58 AM Agree 0
    I dont agree that this will be the new way to do business, whether its a mortgage or a lawyer or any other service provider. Nothing beats working with a circle of professionals that you know and trust.

    If you are constantly looking for the cheapest service provider then sites like this will make the search easier, that is all. Ive been investing in Real Estate all my life and only work with people with whom I have a relationship and trust to get the job done. Surely there must be others like me?
  • Bob | 20 Jun 2013, 12:07 PM Agree 0
    Hi Frank,

    Yes, there are many people like you and I. We believe in the relationship not the lowest price. That is why I am still here after 12 years. There will always be those that the only value proposition they have is the lowest price.
  • Dan | 20 Jun 2013, 12:25 PM Agree 0
    Good luck closing monoline lender's deal thru FCT/FNF with the cheapest lawyer working from basement - kiss your client good buy when this lawyer refer client to big bank because he/she is not on(or even worse has been cut off from) monoline approved list...
  • Blair Anderson | 20 Jun 2013, 01:12 PM Agree 0
    At the risk of a shameless plug, there is an online alternative to finding professionals where the focus is not on price or rate. www.MortgageResource.ca offers professionals the opportunity to keep clients on the right message by using social media to educate and promote yourself at the same time.

    It's how we choose to use the internet that matters. It can be a great tool, but for the sake of our profession, lets stay on message please!

    If you haven't registered yet at www.MortgageResource.ca, join today and help yourself and Canadians looking for the right information.
  • risk manager | 20 Jun 2013, 07:54 PM Agree 0
    Too many people seem to have forgotten that the lawyer should be as important throughout the entire purchase transaction as the Real Estate Agent or Mortgage Professional (be they broker or banker).

    More often than not nowadays, it seems like the lawyer is simply an afterthought to the transaction; someone to "close" the purchase. Whatever happened to the concept that the lawyer should always review the offer to purchase before it is signed?

    I would much rather start the home buying process with a lawyer I trust implicitly, who can then refer me to a RE Agent and/or Mortgage Professional THEY trust, than the other way around.

    The last thing anyone who calls themselves a professional should be doing is allowing the customer to sign the purchase agreement and THEN start looking for a lawyer to close.

    On the other hand, if you HAVE already entered into a binding agreement without consulting with a lawyer first, you may as well choose the cheapest lawyer as possible, because there is nothing they can do to save you from yourself!

    Remember, you get what you pay for!
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