One always needs to remember that BANKS have a major influence on the financial well being of the country and every one of it's citizens from birth to death.
If you are so motivated you can learn more about the "Rise Of The Bank" by going to this site
DON'T GO THERE!
The LAST place one should be going directly to for a mortage is one of the BIG BANKS.
ONEreason for this is that are extra fees that the banks will pay when a mortgagor is processed through a reputable Morgage Broker and when you go directly to the bank, those fees revert to the bank but you still are paying for them.
A SECOND reason is that a member of the public cannot really negotiate terms with a bank when you get a mortgage every 3 to 5 years or so. A Mortgage Broker sends multiples of people to a variety banks for their mortages and can negotiate on your behalf a much better arrangement with regard to rate and terms.
And 3rd,the banks control the movemenmt of money in and around the financial markets and now off shore to such a degree that their influence goes well beyond theinhterests of Canada to an international level that is totaly self fullfilling.
THE REALITY IS...
When a gross profit per quarter of the year - any year - exceeds billions of dollars one should be asking why?
MORTGAGE BROKER 101
So you re buying a home.
Need to get a mortage?
WHO YOU GONNA CALL?
Most people naturally gravitate to their BANK because that is what they identify with when they think of money,
And of course the BANK drives home that thought process buy promoting the fact that they have all of the money.
USING A MORTAGE BROKER
Face the fact that you simply cannot shop your mortgage around the BANKS without putting STOMP MARKS all over your credit rating which in turn drives it downwards.
Everytime you fill out an application for amortgage, credit card, line of credit or anything to do with a credit check you are leaving an indelible mark on your credit rating that will have to be interpreted by some yahoo who does ot know what you are doing. They figure it is some desperate move you are making and downgrade your rating.
A reputable Mortgage Broker will take your application and without giving out your name proceed to SHOP the requirements you are after around the major BANKS as well as other qualified LENDERS until the best scenario for you surfaces.
One thing to remember. It is always best to "Be Honest" when applying for credit anywhere of for anything. It will steer your application to the lender that may very well make your approval more possible.
And guess what? Normally it doesn't cost you anything for this process because the Mortgage Broker gets paid by the BANK!!!
Now if you are like the rest of us and a little less perfect you will find the services of a mortage broker even more advntageous. Yes it may cost you something but you will get it done where the BANKS will pretend to go through the motions even after your app has been turned down from some faceless fop dowtown.
Once you have found a "Good" Mortgage Broker stay on their good side because that person is going to save you a lot of bucks over you lifetime.
When your mortgage comes up tp the end of the term and arenewal is on the horizon, DON'T CALL THE BANK OR MORTGAGE COMPANY CALL THE MORTGAGE BROKER.
CREATING AN AGENCY RELATIONSHIP
Express agency is created by either an oral or a written agreement between the principal and the agent. It indicates their express intent for this representational status.
In real estate, agency is normally created by either a written listing agreement with a seller, or a buyer agency agreement with a buyer.
It is possible to create an agency relationship by the actions of the parties. Sometimes implied agency can be demonstrated by the intentional or unintentional actions of a Realtor by providing pertinent advise or significant information regarding a property or seller.
If a real estate salesperson, by their actions, takes on responsibilities that are normally those of an agent of a principal, but hasn't signed an agency agreement, they may still be considered an agent via implied agency. By the same token, if the customer asks the agent for advice or actions that are normally those provided in an agency, then an implied agency could be construed to have been created.
So controversial this topic that in the USA, some states have created specific legislation that states that no agency can exist without a written agency agreement. This helps to avoid accidental implied agency.
A situation of implied agency could exist where there is an agency representation contract with a listing client and no care is taken when a Realtor is working with a buyer interested in that listing.
First, the Realtor would need to disclose the existing agency status with the seller and what services they could offer the to the buyer and then be careful to not undertake duties that would imply that they are also the buyer's agent.
Averbal agency may exist by a verbal mutual agreement between the parties under some circumstances.
HOW TO TERMINATE AN AGENCY
Mutually - Solely - Fraudently
All parties agreed to end the relationship and sign a MUTUAL RELEASE
One party informs the other party(s) by registered letter as to their intentions.
If acceptable it becomes Mutual if not it becomes a court case.
One party pretends that the agreement is at an end and walks away in a huff.
Then stupidly forges the other parties signature on a MUTUAL RELEASE and if there
is honour, then there will be a court case.
The subtle message here is that a Contract is a Contract and IT IS certainly worth the paper it is written on.