Some years ago, I did a study on the benefits and disadvantages of online shopping. Sure, you can order food from your favourite restaurant, buy a new set of earbuds, book a hotel or flight… but can you get a mortgage online without speaking with your banker or mortgage broker?
Covid-19 has changed everyone’s world in some way. If you were out of the country or planning to go on a trip, you probably remember this well. I’ve seen stories of people being in Europe having to pay $7,000 for a return flight home or worse, not being able to return home because they couldn’t get a flight. How is this relevant to a mortgage? Well, I use a Travel agent. I tried shopping for a flight on my own many times to save some money until I realized that using a travel agent doesn’t cost me any more, but the added benefits were huge.
Had you been out of the country and you used a travel agent, you probably would have had an easier time getting a flight back. That’s right, a travel agent could have helped you, just as mine did with ALL her clients. Not one of her clients got stuck or had to pay any extra fee to return. This is a case of not knowing what you don’t know. It’s about getting advice from a professional that is watching out for your best interest.
In times of panic, there are those that will want to help and those that will look to profit or take advantage of the situation… Can you spot the difference? It’s not so easy. I am constantly being contacted by clients, new and existing, looking for help and advice as to what actions they can take to protect themselves from potential job loss, from the record low-interest rates, from the change in the housing market prices, the rental market changes and from the banker calling them with supposed ‘special offers’.
Can you do it all yourself? Maybe… should you? No way. I have a wide spectrum of clients.. from executive management at some of Canada’s BIG SIX BANKS or the biggest accounting firms, to hourly employees and first-time homebuyers.
Getting professional unbiased advice isn’t costly. It’s often more costly to try and go it alone.
Trying to filter through all the hundreds of available mortgage products and terms isn’t for the amateur. Make a mistake, and it’s not just a few dollars, it’s more likely to cost you a few thousand! The average mortgage is well over $300,000. You do need to be knowledgeable to make an informed decision. And the internet can be a great source of info, but making a final decision requires Expert advice.
Like finding that hotel room or a flight on sale, I browse the sites to see what’s available, but when it comes time to finalizing my decision, I go to the travel agent that has looked out for my best interests for many years.
If you’re shopping for a mortgage or have questions about rates, housing and rental markets, talk with a professional. You’ll be glad you did.
As always, I welcome your comments, calls and questions.
Steve Garganis 416 224 0114 firstname.lastname@example.org
Your best interest is my only interest.