What does ‘local’ even mean anymore, when nowadays you can typically get a mortgage from the comfort of your phone or couch?
It’s a good question — one that many Canadians ask. Not everyone is comfortable making big mortgage decisions unless they can sit down to talk over the details, understand the fine print, and, ultimately, get their best deal.
But ‘local’ is really about having a personalized experience and connection to a mortgage expert who fills you with trust, regardless of whether it’s in-person or online.
The importance of local expertise
With today’s higher interest rates and home prices, a mortgage expert who understands the local housing markets, property values, and financial landscape can zero in on the competitive rates and right product that an advisor who’s ‘not from around here’ might miss.
Plus, a truly local expert who does ‘just’ mortgages can offer deeper experience compared to a specialist from a big bank who has to don many hats to sell you their products.
A good example of a local, knowledgeable broker
True North Mortgage is a top, trusted Canadian company with many long-time brokers who live and own homes in Ontario.
With them, you won’t need to describe the affordability issues you may face as a first-time buyer in, say, Mississauga or Collingwood. Or wonder if they know how a rental mortgage works or if they’ll go to the wall for your best rate (they will).
A trusted local broker has access to lower mortgage rates
One of the major benefits of working with a local mortgage broker is access to rate discounts.
True North Mortgage Founder and CEO Dan Eisner describes their local advantage. “In Ontario, for example, we have established relationships with many big banks and local lenders and know the rules,” Dan explains. “Our brokers are also salaried and non-commission-based, which allows us to offer volume-discounted rates and unbiased, one-on-one solutions for our clients. The result can be significant savings for a mortgage renewal or first home and over the life of the mortgage.”
What does that savings look like? For example, getting a 0.20% discount on a 5-year rate for a $500K mortgage can save you about $4,800 during your term, giving you budget room for savings or other expenses.
Local mortgage success stories
We caught up with Manoj Gortha, one of True North’s long-time brokers, who works at their newest store in Square One Shopping Centre in Mississauga.
He described a recent experience in which his role as a ‘local’ mortgage expert helped save the day for his client.
“My client needed a mortgage for a new rental property purchase,” Manoj explains. “It was their second property (outside their primary home), and they worried about the down payment requirements, rate, and non-traditional income sources. After asking questions and understanding their unique situation and family needs, I found them a local lender with the right terms at an excellent rate.”
Square One’s store lead, Robert Dang, also said he often goes to the wall for his clients and feels his deep experience and local know-how can make a difference compared to going directly to their bank.
“One of my clients came to me, wanting to buy a home and had 5% for a down payment but was turned down by several banks and brokers because of credit,” Robert recalls. “I took a chance; there were some challenges we had to overcome, but we worked through them to make their homeownership dream come true.”
Choose a broker that offers local know-how and convenience
Getting that local advice in person is a great feeling, but with busy schedules often the norm, it’s helpful to have a few other convenient options to access an experienced broker, such as online and by email or phone.
Local doesn’t have to mean they’re at the end of your block. But local should mean you get customized advice and a great relationship to help you save on your mortgage needs.
Take a chair, and save more with your best local broker
If you’d prefer to look your mortgage expert in the eyes, True North Mortgage has an excellent online process but also firmly believes in brick-and-mortar stores where you can walk in for face-to-face service.
They have 12 locations across Canada, including their newest Square One mall location that offers convenience, great hours, and free parking. Unlike banks, it’s open evenings and weekends so that you can save thousands on your mortgage while shopping other sales.
Whether you take a chair with them in person, on your phone, or at your computer — you likely can’t go wrong using their highly trained brokers to help with all your mortgage needs. They have over 15,000 5-star client reviews for a reason.
Worried about rates? Or your upcoming renewal? Get expert advice from brokers in your preferred language. A few minutes could save you a pile of cash, online or in-store. Contact Canada's No. 1 Mortgage Broker today.