Valueland Released its "Must-Read Mortgage Checklist"

September 3, 2011

Markham, Ontario: Valueland Mortgages has released its "Must-Read Checklist for Arranging Mortgages" to help consumers to simplify the process of mortgage shopping.

Background:

Canadian mortgages are provided by many lenders. Those lenders assess market opportunities and design their own mortgage products for attracting new customers, and try to create a competitive edge among the many lenders in the market. The list of lenders in Canada is long and includes both the mainstreet banks and other lenders who do not do retail banking. Due to the nature of competition, all lenders want to differentiate themselves and to try to create something that locks consumers for life (for longer period of time).

With numerous mortgage products in the market, consumers are finding it harder to evaluate for the right mortgage to settle. This is due to the lack of knowledge from the consumer side and also due to the deliberate design and selective communication from lender's sales staff or brokers.

Solution:

The top advice from Valueland is consumer education. Consumers should learn about mortgage basics and educate themselves on major features of mortgages. Consumers may want to focus not only on the front end of arranging the mortgage but also on the exit strategy (i.e., renewal or transfer on maturity). On the other side of the mortgage arrangement process, mortgage professionals should disclose full features of the mortgages and the details in the mortgage contract.

Based on our experience for the last ten years in the mortgage market, Valueland has developed a simple checklist for consumers to use and compare different mortgage products. Although it is not a compehensive list of available mortgages in the market, it provides a guideline on the aspects of mortgage evaluation.

To review the "Must-Read Mortgage Checklist", Click Here and get a ready-to-use consumer form.