How To Choose Your Mortgage Broker

How To Choose Your Mortgage Broker

How To Choose Your Mortgage Broker?
Understanding mortgage can be overwhelming. No matter how financially informed you are about mortgage, the task of finding the ideal and right loan is a daunting one as you negotiate your way through the over 300 loan products currently offered by banks and financial institutions.

A mortgage broker can ease the burden of shopping around and do all the research and legwork to help you uncover and choose the ideal and right loan with minimal hassle. He has access to a range of loan products from his panel of banks and financial institutions and using the information you provide as to your needs and requirements, he will present you with a choice of suitable loan products. Further he does all the running around and paperwork, and they explain how it all works.

However BE CAUTIOUS IN CHOOSING A MORTGAGE BROKER?

Mortgage brokers fall outside the ambit of Banking and Financial Institutions Act. In such an environment, there are opportunities for unscrupulous operators to enter the industry. So be vigilant.


8 STEPS TO CHOOSING A MORTGAGE BROKER

DO YOUR RESEARCH
Do your own research and understand what each mortgage broker has to offer. Surf the net for the information on how long have they been in the industry and the people managing the company. Call the office and ask questions directly. Ask your friends, family and colleagues for recommendations on good mortgage brokers.

ASK WHO HE REPRESENTS
Ask who are the banks/financial institutions the mortgage broker represents. Most outsourcing agents appointed by banks and financial institutions are authorised to sell the loan products of one bank only and not permitted to sell loan products of other banks and financial institutions. So if an agent claims he can sell loan products of more than one banks or financial institutions, ask him for a letter of appointment from the banks/financial institutions. If an agent only represents one bank/financial institution, then he is not authorized to sell to you loan products of other banks/financial institutions.

DO NOT SIGN APPLICATION FORMS OF OTHER BANKS
If an agent asks you to sign an application form other than that of the banks/financial institutions that he represents, then you should report such culprit to the banks/financial institutions concerned. Indeed even a bank's mortgage officer does refer the loan applications made to him to another bank without the knowledge of the borrower and his employer.

It is important that you take this precaution as there have been many incidents where confidential financial documents which were handed to unscrupulous agents or even bank's sales officers landed in the wrong hands and ended up with a loan being made to your name without your knowledge. DO NOT HAND OVER any confidential documents until you have sighted satisfactory proof of your agent's appointment by banks/financial institutions.

At the end of the day, a mortgage consultant who sells only loan products of one bank/financial institution does not have the advantages and benefits of a mortgage broker. Click here for the Advantages of Using a Broker

ASK HOW HE IS PAID
Most agents do not charge the borrowers for their services as they are paid by the banks/financial institutions. Others may charge you a fee. It is also prudent to ask how much each of his panel banks/financial institutions pays him, to determine whether or not he is paid the same commission. Otherwise he would be pushing for the loan package offered by the bank/financial institution who pays him the highest commission. It is best to clarify such matters upfront when you first meet up with your agent.

ASK IF YOU CAN CHOOSE YOUR OWN SOLICITORS
Some agents receive monies from sources other than the banks/financial institutions that they represent. Ask them if you are free to choose your own solicitors to handle the loan documentation (provided the solicitors are in the panel of the bank/financial institution who grant you the loan). It is common for agents to refer the loan documentation to their own solicitors who will pay a referral fee to the agent.

ASK IF YOU CAN TAKE UP THE LOAN WITHOUT BUYING ANY INSURANCE
Some agents’ objective of selling a loan product is to sell to you an insurance policy, from which they will receive commission from the insurance company they represent. Ask them if you are free not to take up any insurance coverage for the loan. Make sure your mortgage broker is upfront about the commission and monies they will ultimately receive (from bank/financial institutions, insurance companies and other sources as well as from you, if any) if they are successful.

ASK HOW HE MAKES A RECOMMENDATION
A good mortgage broker will take time and pain to understand your situation before he makes a recommendation that would suit your needs. A mortgage broker needs to do a full fact finding. He should understand your specific circumstances now and your plans for the future. If he does not take time to listen before he recommends a product, then his recommendation may not be right. If he did, he would be able to justify his recommendation in relation to your needs and requirements.

PERSONAL JUDGMENT
Admittedly experience alone is not good enough. A good mortgage broker has all necessary market information at hand to provide you with various loan products to meet your needs. He should be able compare the various loan products in the market. Test him on his products knowledge of the available loan packages. Ask him to explain the various features of the loan products recommended and ask him to compare one loan product to another. This is vital to enable you to compare and better understand the interest rates, features, fees and charges, repayment schedules and other matters relating to loan products and to make an informed decision thereafter.

At the end of the day, you have to decide on your own accord whether or not you are comfortable with your agent. After all, his job is of a service nature in giving you financial advice. And since it involves the parting of confidential documents, you have to rely on your own personal judgment to decide if you have confidence in him and trust him.

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Organic Trade Groups Concerned

Organic Trade Groups Concerned

Most of the fresh produce sampled was imported, with only one-fifth of it grown in Canada.

Of the domestically grown samples, about 43 percent tested positive for 

at least one pesticide — slightly lower than the 46 percent of imported samples.

Matthew Holmes, head of the Canada Organic Trade Association, says it’s ‘really hard to have a zero pesticide residue any longer. He calls the findings concerning.”We see pesticide residues throughout our environment. It’s in our soil, they’re in our water, drinking water now, and there’s new reports coming out showing there’s pesticides in fetal cord blood. So unfortunately, it’s really hard to have a zero pesticide residue any longer,” he said.

Pesticides were measured in amounts as little as 0.0001 parts per million (ppm) to greater than three ppm.

“These are very low amounts,” Holmes said.

Rick Holley, an expert in food safety at the University of Manitoba, agreed the residue measurements are small.

But Holley added that the data indicate that consumers who often pay extra to buy organic food might not always be getting their money’s worth.

“If the money is being spent to avoid pesticide residues and have access to food which is healthy, then I think the money is not well-spent,” he said. “[Pesticides] will not be absent.”

Holley said that’s partly because the analytical methodologies are capable of detecting residues in parts per billion or parts per trillion, well below the allowable limits.

How Could Pesticides Get on Produce?

He explained that pesticides can get onto organic produce through contamination of water or soil through pesticide spray drift from neighbouring farms, and through contact with non-organic produce after harvest.

But Holley said some of the larger residue measurements suggest an organic producer deliberately used a pesticide that is not allowed.

“Where pesticide residue levels are at or above the maximum residue levels prescribed, then I think that there’s probably reasonable evidence that that has been the situation,” he said.

Take, for example, an organic tomato imported from Mexico, sampled in the Manitoba-Saskatchewan region. It was tested for four different pesticides and contained residues of two of them — both in amounts that exceeded the allowable limits for those pesticides.

In contrast, some of the samples tested positive for numerous pesticides but at lower levels.

An organic pepper imported from Mexico and sampled in Quebec was analyzed for 13 different pesticides and was found to contain minute amounts of 10 of them.

Lesser of Two Evils?

Holmes said past studies have shown the quantity and incidence of pesticide residues in organic produce are consistently lower than those in non-organic.

Analysis of the fungicide thiabendazole in the CFIA’s latest data suggests the amount of pesticide present in the organic produce is lower than on regular produce.

The average quantity of thiabendazole measured on organic apples was 0.02 ppm whereas the average amount measured on non-organic was 0.3 ppm — about 15 times higher.

“I think consumers are looking for not necessarily a zero level, but they’re looking to not contribute to the pesticide residues that are out there and they’re looking to reduce their exposure as much as possible. And I still think we’re seeing in this data that organic offers that,” Holmes said.

He acknowledged there is room for improvement on the part of organic producers, and said he would like to see the amount of pesticide as low as possible.

“The organic sector absolutely believes in continuous improvement, and I would love to see that level go down for all products, not just organic,” said Holmes.

Synthetic pesticides are not allowed under certified organic production regulations, but some other types of pesticides are permitted.

The CFIA did not analyze the data to determine what proportion of the positive tests are for pesticides permitted in organic production.

Some types of organic produce had a higher rate of residue presence than others. For example, 77 percent of organic grape samples tested positive; apples were in the middle at 45 percent testing positive; carrots had a lower positive rate at 30 percent.

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Most Of Organic Produce Could Be Tainted With Pesticide

Most Of Organic Produce Could Be Tainted With Pesticide

 The most common recommendation made by health experts in the area of produce selection is to choose “organic” varieties for maximum health benefits. We trust organic label certifications because they are supposed to comply with organic standards set by national governments and international organizations.

Synthetic pesticides and chemical fertilizers are not allowed in organic practices, but that’s not always the case. Research by a Food Inspection Agency in Canada has found that nearly half the organic fresh fruits and vegetables tested in the past two years contained pesticide residue, violating maximum allowable limits for the presence of pesticides, the data shows.

Of the 45.8 percent of samples that tested positive for some trace of pesticide. Most consumers of organic food do not expect to hear that the produce they buy contains pesticides, epsecially for the premium paid. The data released to CBC News under the federal Access to Information Act includes testing of organic fruits and vegetables sampled between September 2011 and September 2013.

The results were not what Winnipeg organic consumer Mathieu Rey was expecting. “I would hope that the products are without pesticides. That is what I would be looking for,” Rey said in an interview. “I’m trusting the companies to provide a non-pesticide or pesticide-free product.”

As widespread as the pesticide residues were, they were still considerably less than the 78.4 percent of non-organic samples the inspection agency found containing pesticide residues, violating the allowable limits 4.7 percent of the time. A U.S. Department of Agriculture that found nearly 20 percent of organic lettuce tested positive for pesticide residues piqued our interest. Lots of the lettuce contained quite a bit of spinosad, a pesticide marketed by Dow Chemical under the brand name.

Jeff Gillman, a professor of nursery management at the University of Minnesota, stated “when people are buying organic food, they often make the incorrect assumption that there are no pesticides. It’s true that organic production often uses fewer dangerous chemicals, but certain pesticides are allowed.”

It turns out that a key factor in chemicals being cleared for use on organic crops is whether they occur naturally. Spinosad, for example, comes from the soil bacterium Saccharopolyspora spinosa. It can fatally scramble the nervous systems of insects. It’s also poisonous to mollusks.

The USDA maintains an that can and can’t be used for organic farming. Other potent natural extracts that have been approved for use as pesticides include pyrethrin, derived from chrysanthemums, and azadirachtin, from the Asian neem tree, which was also detected on some samples of organic lettuce.

Synthetic compounds can also make it onto the list as pesticides, if they are relatively nontoxic combinations that include minerals or natural elements, such as copper or sulfur. But some naturally occuring substances, such as nicotine and arsenic are off limits.

Are naturally derived pesticides less toxic than synthetic ones? The answer depends a lot on the dosage, says Gillman. “To control on the same acre of land,” he explains, “I could use a tiny amount of a potent synthetic that has proved safe over the last 50 years, or a much larger amount of an organic pesticide.” He demurs on saying which is better, saying, “I want people to know that there are definitely tradeoffs.”

In the USDA tests, there was ten times as much spinosad on organic lettuce than was found on conventionally cultivated fruits and vegetables.



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