Figuring out how to repay your mortgage is a difficult game. So many strategies to choose from, but how do you make the choice? It is very difficult if you do not have a good mortgage counselor (courtier hypothecaire) on your team. Hecan make sure you are getting the best mortgage for you by formulating the right strategy. The advantage of the right strategy lasts for years, since you will be able to pay off your mortgage earlier, without scrimping.



You can find the right kind of mortgage consultant for you if you know what you are looking for. Look upon it as hiring any professional with whom you plan to work with for years to come, like your lawyer or your accountant. Just like these professionals, your mortgage counselor should be available for you over the next 15 or 25 year - courtier hypothecaire.

Here is what you should look for in choosing a good mortgage counselor:

Three types of mortgage counselors

The three kinds of mortgage consulants come with their own set of benefitsand weaknesses:

? A bank representative. This counselor can only offer you the lending products that his financial institution has to offer. He also has more duties than just finding you a mortgage, and gets his salary whether he finds you a good mortgage or not. He may get a bonus if he originates a lot of mortgages for his bank, however.

Many times the bank employee acts as a mortgage consultant. They have to submit the mortgage application to the bank. Now, with changes in mortgage lending, banks offer their home loans through mortgage brokers, or mortgage marketers. The bank rep continues to offer mortgage products and other banking products for the financial institution that they work for.

? Mortgage marketing agent. They only offer loans, including mortgage loans. The financial institution they generate the loans for pays them a commission - courtier hypoth?caire.

So that they can serve their customers better, banks are now using local representatives. These marketing agents are closer to the client and may go to different clients, but they work for the bank or lender. The mortgage marketer is paid a commission by the financial institution for each loan he generates.

? Mortgage brokers: A mortgage broker does not work for any one financial institution. He works with many and can pick and choose the best mortgage strategy for the client he is working for. He is paid a commission by the bank he obtains the loan with.

Brokers such as this have been around for a while, at least 30 years, but recent changes in banking regulations have meant that they are now a bigger factor in the market. Usually, a mortgage broker will work with 30 or more financial institutions to find a loan for a client. There are over 12,000 mortgage brokers in Canada, generating 27% of the mortgages.

What to consider when you are choosing your mortgage consultant

This is a major decision, since your mortgage will be one of your largest expenses. Make sure you have confidence in your counselor. These are the elements that will instill that confidence:

? Integrity: Does the mortgage consultant (courtier hypoth?caire) demonstrate that he will put my interests before the interests of the lending institution? The negotiation of a mortgage implies that the two parties are on two different sides of the issue, with opposite interests: the lender and the borrower. It is crucial that you have confidence that your mortgage consultant is commited to finding the solutions and strategies that work best for you.

? Expertise: The counselor (courtier hypothecaire) you work with should be able to examine all of the mortgage options that are available. Make sure he can comprehend and offer the exact product that will meet your needs, and not be limited to one product.

These are the most critical things you have to watch for, integrity and expertise. If you don't have those, there can be no confidence. Here are some examples:

? Someone may be a very good used car salesman and has the right expertise to sell you a used car. Do you necessarily have confidence in him? Maybe, maybe not.

? You may have the best auto mechanic in the world but just because he works with motors and mechanics of a car, does that mean he can fix anything for you, like your T.V. or your plumbing? No, he does not have the expertise in those fields.

Choose well.

Confidence is sometimes just a feeling you have about a person. It lies in the fact that you believe that this person demonstrates integrity and possesses a certain expertise. If you find the right person to be your mortgage counselor (courtier hypothecaire), you have probably founda professional who will be able to help you for many years.