Dr Sam Wylie

And the reason for that is your interest and the mortgage broker's interest are not perfectly aligned.

You want the lowest interest rate.

What they want is to get the transaction done quickly.

On your $500,000 mortgage, they'll get paid $3,000 by the bank.

And then they'll get $1,000 per year

2.2% as a trailing fee.

So they'll get $3,000 for getting all the paperwork done and the whole thing underway with the bank.

Then they'll get $1,000 a year every year that the mortgage exists.

So the mortgage broker just wants to get the job done.

And what you want is the lowest interest rate.

And it might be that if the interest rate's a little bit higher, it'll be a bank that's easier for the mortgage broker to deal with, less paperwork for the mortgage broker and happens faster

So there's less chance for the whole thing to fall over before they get their $3,000 a year.

So you go to the mortgage broker and you just want the lowest interest rate.

They want the most convenience.

So you've got to do your homework before you go.

Get the lowest interest rate in your mind.

Go to the mortgage broker and say,

I'm looking at ratecity.com.

I can see this interest rate, and really low interest rates are around 2%.

I said 2.4%, but that was typical.