This week’s episode gives an outline and history of the different lending options in the Canadian mortgage marketplace. If you’ve seen a mortgage broker, you’ll know of these mortgage finance companies like First National and MCAP, but the majority of people still only think of the big banks as the optimal lending options. Have a listen to this week’s episode to learn more about the backgrounds of these mortgage finance companies and how they came into fruition. Pay special attention at around the 25-minute mark where we explore the concept of open banking. Many countries around the world have been able to leverage the idea with innovative fintech solutions, but not Canada. The big banks have so much lobbying power with the federal government and they stand to lose a lot of the control they have over the Canadian consumer if their data were to be shared and used in innovative products. Hopefully Canada doesn’t reach this point embarrassingly late.   If you're looking for a stable investment, take a look at the Cannect Mortgage Fund. Subscribe for more! PODCAST: =============================== Apple - Spotify - iHeart Radio - Podbean SOCIAL: =============================== ♪ - TikTok - FACEBOOK - TWITTER - Instagram - LinkedIn       0:00 - Intro 2:02 - Marcus outlines the different types of lenders in the Canadian mortgage market, how they differ, and their history. 11:22 - Iain recalls when he learned the true intentions of the banks. 16:34 - Sarah calls in to ask about the rate offer she received from a mortgage finance company through her broker. 20:27 - Marcus summarizes the advantages Sarah is facing by going with a mortgage finance company like MCAP. 21:52 - Jack calls in to ask about the service mortgage finance companies can offer compared to the banks. 25:05 - Marcus explains how the banks are holding fintechs back from leveraging open banking. 29:36 - Tina calls in to describe her situation and to ask if a renewal or a HELOC is the better option. 36:23 - Justin wraps up the show by reminding listeners that they should be breaking their mortgages.

This week’s episode fielded several caller questions. The Cannect team went over strategies to help get a better rate from your bank, the reasons people may have for breaking their mortgage, and dove into the bank’s true motives when dealing with their most loyal customers. Marcus, Justin, and Matthew outline their stories of how they got into the mortgage industry and what qualities and skills can help people thrive in it. Have a listen to the episode below:   If there is one thing to take away from this episode, always tell your bank that you are rate shopping. Your bank counts on you to not look anywhere else for your mortgage renewal. As soon as you tell them that you are looking at other options, even if you aren’t, you’ll see that the banks will have wiggle room in the rate they can offer you. Their obligation is to their shareholders, not you. So if they know they might lose you and take a profitability hit because of it, it’ll usually be in their best interest to reduce the rate a bit.   0:00 Intro 0:42 - Marcus, Justin, and Matthew explain how they got to where they are today. 6:10 - What skills and qualities can make someone a good mortgage broker? 10:45 - Alex calls in to go over whether it is worth it for him to go to other lending options to consider breaking his mortgage. 15:15 - Why do so many people break there mortgage? 19:12 - Nancy calls in to ask about commercial mortgage rates. 24:06 - Ahmed calls in to ask why the rate his bank is offering him at renewal is more than what other institutions are promoting. 33:07 - Steve calls in and Cannect explains asset-based lending. 36:47 - Justin explains why borrowers should always tell their banks they are shopping around.