Okay, you've done your homework. You didn't simply accept your bank's posted mortgage rate. One question got you an immediate one percent reduction. You even shopped around at a couple of competing banks. Now, with pre-approval in hand, you're a mortgage savvy consumer ready to go house hunting.

But wait a minute. What if you could evaluate not four but 40 different financial institutions? What about comparing products designed specifically for self-employed people or that take into account your basement mortgage helper?

Guess what? You can. And it's far easier, more convenient, and more accurate than what you just put yourself through. Introducing the new expert you need on your home buying team - a mortgage broker.

Make no mistake, these highly trained professionals are worlds apart from your grandfather's mortgage broker. "At one time, mortgage brokers were perceived as a lender of last resort," acknowledges Troy Alexander, a broker with Verico Select Mortgage and an 11-year veteran of the banking industry. "No longer. Today, top clients often choose a broker because they know we have the expertise and connections to find not just the best rate, but the product best suited to their needs - after all, it's what we do all day, every day."

With so many innovative products now available, Troy notes it would be virtually impossible for an individual to keep track of them all. "For example, people think the zero down mortgage is too good to be true, but many lenders along with insurers CMHC, Genworth, and AIG - one of the largest financial institutions in the world - all offer 100% financing."

A new tool he's particularly excited about is the 40-year amortization mortgage. "In round figures, on a $350,000 mortgage, taking a 40- year rather than 25-year amortization will drop your monthly payments almost $350 a month.

That can make all the difference - especially for first time buyers," he says.

But he stresses it's important to plan your long-term mortgage strategies just as carefully. "Say you take a 40-year mortgage with a five year term. By the time you renew, your income will most likely have gone up, so you'll be able to afford higher payments. By dropping your amortization to 25 or 30 rather than 35 years, you will quickly bring the amortization back into line so you don't still have a mortgage on your 70th birthday."

With self-employment still rising dramatically, ‘stated income' mortgages provide one solution for the longstanding challenge entrepreneurs often face. "A self-employed electrician can easily make $100,000 - especially in today's market," Troy explains. "But many traditional lenders only look at the bottom line on his tax return - which could be as little as $30,000 after business expenses. Mortgage brokers can connect you with lenders who are willing to base a mortgage on what you actually earn."

And he has good news for buyers with a mortgage helper. "Many financial institutions only include half the amount from rental revenue when they calculate your allowable mortgage. As a broker, we know who will let you use that extra income to full advantage."

For more mortgage information and strategic planning advice, Troy can be contacted at 250-370-7601. Or visit on the web at http://www.alexandermacleod.com/.