Why use Centum Discount Mortgages Canada Inc. (CDMC) instead of going to a Bank?
Why Choose CDMC as Your Mortgage Broker?
We work for you!
- We present options that are best for YOU, not the lender
We have a fiduciary responsibility to you
- You are our boss and as such must look after your best interest
We work with reputable lenders (top banks, credit unions and more)
- We’ll find you the best rate and mortgage provider, we promise!
Our experience and client service are second to none
- We know our business inside out and offer solutions others may not even think of
- Our mortgage experts are constantly up‐to‐date through ongoing training
Private online client portal access
Tracks your mortgage’s progress, provides a safe and secure way to upload confidential documents and more
We take the mystery out of the mortgage process while making it easy to understand your options
- We talk in easy to understand terms
- We are with you every step of the way to answer your questions
Our ability to help you goes beyond securing a mortgage
- We can provide top real estate agent recommendations
- Plus, broker recommendations in other provinces
Why Use a Mortgage Broker?
Brokers have access to numerous lenders so they can find you the best rate on the market. They are professionals who are licensed by the Provincial Government and must carry Errors and Omission Insurance which ensures they are credible service providers.
Even though Mortgage Brokers have been around for years and are taking large market shares from The Major Banks, some people don’t know why they should use a Broker. Traditionally, Mortgage Brokers were known as the lender of last resort when a person gets turned down by the Bank. While this may have been true 25 years ago, today Mortgage Brokers are the single largest source of prime mortgage financing in Canada with over 25% Market share vs any individual Banks. What do these people know that you don’t?
We hear from customers that they love their bank and that they feel comfortable going to their lender because they have a relationship there. While this might have been true 20 years ago, most banks have changed the way they do business. What the average customer does not know is that most banks have removed their mortgage and lending approval process from the branch.
The reason they removed the in-house approval process is because banks were finding their managers were simply getting too emotionally involved with their customers. The managers began making poor lending decisions such as lending money to people who simply did not qualify based on the bank’s criteria.
So, these banks have moved all the approvals to a centralized center, usually in a large city where the individuals (underwriters) who approve these loans never meet the borrowers. The underwriters can then make a decision to lend or not to lend based on the criteria set by the banks without being emotionally attached as they have never met the borrower. This has dramatically reduced the default on loans and increased profit to the banks.
A customer’s ability to get a loan is based on pre-set parameters such as credit, income, and equity, NOT because of your relationship with the bank or because you are a nice person.
Simply put, the employees at a bank work for the bank, while “we work for you!” Best yet, on all prime mortgages, our lenders pay us meaning there is no cost to you as the borrower!