# canadian mortgage brokers



## dizzymink (Jan 9, 2009)

hi all.
are mortgage brokers worth using , is there an extra charge to me?

say i got a mortgage with bank a for just 1 year and then bank b had a better rate would i have to pay for a house inspection again?

thankyou

ps
we are looking at a 2 bed condo for $275 and a 4bed house for $500, i want the house m ny partner doesn't want the hassle and would prefer the condo!!!!

the house has a suite so a potential extra revenue of $800 a month and we expect to leave either property and rent it out within 2 years.....

which would you pick,house or condo......ps honest answers please but if you go with me i will love you forever!!

mc


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## Auld Yin (Mar 10, 2009)

dizzymink said:


> hi all.
> are mortgage brokers worth using , is there an extra charge to me?
> 
> say i got a mortgage with bank a for just 1 year and then bank b had a better rate would i have to pay for a house inspection again?
> ...


Mortgage Brokers should get paid by the lending institution and IMO there's no reason to use one.

If your mortgage is a fixed rate and you wanted to change it to a lower one during the term, the bank would exact a penalty from you (called the Interest Differential). Another appraisal shouldn't be necessary unless there's a chance the house value is less than the mortgage.
As regards owning a condo or a house both have merits and demerits. There is a good deal more work with a house such as gardening, snow clearing but on the upside you will have a garden, much more room and not as much closeness to neighbours. With a condo you have to operate under some rules as to what changes you can make, have no control over increases in condo fees/special assessments, subject to a board making decisions as to the common elements.
Personally a house if my preference.


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