My first mortgage was setup at a bank in Hamilton. As the luck of the draw would have it, Scotiabank was the only bank that was open in Hamilton that day. To the best of my knowledge at the time, banks were the only place to get a mortgage, so there was no thought to look elsewhere.

Scotiabank was more than happy to get us setup that day with all of the necessities for our mortgage. Why wouldn’t they be, they’d be collecting interest on the hour or so of work for years to come. It’s strange really to consider what the bank actually puts up (besides the money) to create a mortgage. Really it’s no more than a few hours of work and the rewards last for decades, with income in the 10's of thousands of dollars per year, for the first few years.

Looking to a Mortgage Broker for Advice

What we were missing out on at the time was an unbiased point of view on the matter of mortgages and rates. Even with future discussions of second mortgages a possibility — The bank is blinded by it’s own product offerings, which are of course limited by their own best interests. The best part about the opposing mortgage broker, is that he isn’t limited by branded products. He has a multitude of offerings from various institutions as well as the option to include private investors for a ‘private mortgage’.

Second Mortgages Are a Thing?

Apparently, second mortgages are a thing that many people take advantage of. For me, I cannot see a reason to go through it again. However, if you do need to refinance your home, or take out a second mortgage due to some unforeseen emergency, then I’ll leave that decision to you. Hopefully it’s not one to make you seek out the bank on a Saturday morning. Cartoons are waiting for you, borrowing money can wait until afternoon.

Phil Romano Hamilton Mortgage Broker