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Ten Most Exciting Reasons for Working With A Mortgage Broker

Ten Most Exciting Reasons For Working With A Mortgage Broker

  1. Get independent advice - The Canadian financial industry relies on a customer base that sticks to what is familiar and comfortable. If you are one of those customers, it is probably costing you money. The simple act of seeking independent, professional advice will put you one step ahead of the crowd.

  1. Cut through the noise - Much of the information that you rely on for your mortgage and business financing decisions and advice is sourced from one vendor or another. Your favourite media sources may be misinformed or out-of-date and you certainly do not want to rely on biased hearsay that you overheard at a social function that took place three months ago. Get your information from someone who is plugged into the fast-moving mortgage industry.

  1. It makes a difference - A full-time mortgage consultant spends long hours navigating a fast-moving market that you and your friends visit only on occasion. It is our pride and job to understand the range of options available to you and to recommend one choice or another, depending on what is best for you.  

  1.  Machine vs. person - The Canadian financial industry has a customer base that relies on household brand names. This means that the industry may skimp on the qualifications and experience of the people who meet with customers to assist with mortgages and other financial products. Mortgages are the largest financial obligations of your life. You would do well to discuss them with someone who has experience and expertise in this niche. 

  1. One-stop shopping - Depending on your situation, there may be dozens of options for you. Or there may only be one and finding it will be like finding a needle in a haystack. With your mortgage broker, you have someone to find the options for you and assist you with making the best decisions.

  1. Let’s make a deal - There is sometimes an element of going hat-in-hand and pleading when borrowing money. Or taking the entirely opposite tack of over-exaggerating our importance as a customer to multi-billion-dollar financial institutions. When you have an experienced mortgage broker negotiate on your behalf, the other side of the negotiation understands that if the rates and terms are not favourable to you, the broker will take your business elsewhere to one of the other many financial institutions that regularly solicit business from us.

  1. FREE! - Yes, that’s right. The typical mortgage broker client doesn’t pay. The lenders pay us for bringing them business. 

  1. Bargain Extravaganza - We regularly receive email blasts with all kinds of special, one-time, time-limited deals for our mortgage clients. When your mortgage is coming due, it pays to let us know and find out what kinds of deals are coming up this week.

  1.  Bespoke service - Your mortgage broker will tailor your application and documents for the particular lenders who will be interested in lending to you. Each lender has their own requirements and these requirements change regularly. This week, we learned of a sudden, unannounced change that will have an enormous negative impact on some borrowers who choose that financial institution. The handling of your application and documents can make a tremendous difference to your rate, terms and renewal.

  1. Ongoing support - Your mortgage broker is motivated to stay in touch with you, knowing that you are likely to need another mortgage, sometime over the next one to five year period. Unless you are very busy with property purchases and sales, there probably isn’t much reason to speak to your mortgage broker very often. But when you need help, you want us available and ready to answer your questions and discuss strategy with you.   

Jay Brennan

May 28, 2020

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