Some thinks that taking a mortgage should be like buying a candy from the corner store. Then there are people who think that the process is fairly complicated.
We are not sure about how your experience was but a recent survey shared some thoughts of Canadian borrowers.
Mortgage is not something that you buy off the shelves. It is a process which requires your personal financial information to decide if you are worthy enough to receive the loan.
Because of its nature it is a lengthy process and sometimes becomes a bit tedious.
Cause and Effects:
If you pay close attention to the causes then you shall find that they are not because of the lenders but because the borrower wanted to get the best deal.
It is the lowest interest rate in the town – factor which brings most stress for a borrower.
A borrower has every right to demand the lowest rate but the market situation prevents them to get just that.
When you want the discount for your cell phone plan then sometime you are told that it is only for new customers. Then you have to threaten them saying that you are going to leave and then you are given the break by their loyalty department.
Actually we are all tired by this game. There is no way to get out of this cycle as the businesses follow a different ethics now. I heard that there were days in North America when goods were sold at a fixed price. Those days are done for. Business models are different now.
Talking to a broker helps. I had a number of clients who told me that when they went to the bank then they were asked if they talked to a mortgage broker already.
A broker cannot provide an absolute guarantee that the offered rate will be the lowest but you would not find much difference between those two.