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Anyone can tell me what is the purpose of this ?

From what i understand, this is the time when you shop around to get a better rate and maybe switch from fixed to variable or vice-versa.

Is there anything else to be aware of ?

I took this mortgage with a broker and got a pretty decent rate (variable, currently at 2.4%). What is the general consensus about using broker for mortgage ? Unlike mutuals funds peddlers, they dont cost you a dime.
 

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Being a Mortgage Broker myself I can tell you there is no drawback to using one at all. We will shop around for the best rate available for each clients particular situation. Sadly, only about 30% of the mortgage market is served by brokers.

The public need to understand the alternatives to the big banks.
 
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