Why Use a Mortgage Agent? Well...Why Not??
May 9, 2017 | Posted by: Don Chen
“Don, give me a few reasons why I should get a mortgage with you instead of with the bank?” That’s a question I get asked more than a few times. I have simplified my answer to “Well...is there any reasons not to?” End of story. Today, I can confidently say that I’m just better than the banks. I give great rates, great advice and phenomenal service. I beat the banks 3-0. This blog could just end here, but I feel like there are gonna be a few people reading this thinking I’m just being arrogant and cocky. At least I owe you an explanation to back up my wild claims.
Let’s start with what a mortgage agent/broker does. A mortgage professional is the intermediary person between the client and multiple lending institutions (including, monoline lenders, banks, credit unions and etc). We are tied to a broad range of lenders in order to offer a multitude of mortgage products to meet each client’s specific needs. Now I’d be lying if I told you that we work with all the lenders on a consistent basis. Business 101 teaches us that in order for great business relationships to flourish, both parties have to offer something that is beneficial to each other’s growth. We do our homework and find out which lenders offer the best-in-class mortgage products to cover our client’s needs, and we bridge the clients with the few chosen lenders. We have many tools in our toolbox but we also have our favourite go-to ones that we can count on to get the job done cleanly and efficiently.
Rates! “I just want the best rates!” Rate information is readily available everywhere. In today’s market, it doesn’t take a genius to find out what the best rate is. But, is the low rate the best product for you? Would you take a mortgage rate of 2.29% and face a potential $15,000 penalty in the long run or would you take a rate of 2.59% and deal with only a $5,000 penalty. How much do you know about your mortgage product? A mortgage is a large loan, and interest rate is only a small portion of the fees you pay. Penalty fees, discharge fees, bank fees, transfer fees...these are all part of the overall cost of borrowing that most buyers are not aware of. Oh, and how is your mortgage registered? Because it could cost you a lot more in the long run. Do not get too attached to a low interest rate, and find out how much the mortgage is going to cost you in the long run!
My job as a mortgage agent is to assess your overall financial strength, look at your long term goal and match you with the best mortgage product. Someone that is investment savvy is not going to get the same mortgage product as someone that just wants to pay off their mortgage as soon as possible, and someone with a family expecting a newborn probably won’t be getting the same mortgage as someone who is buying his/her first home. A mortgage has different features, different terms, repayment options and qualification criteria. The mortgage industry is constantly going through changes. Late 2016 through the first months of 2017, we have seen drastic changes that affected almost everyone. We don’t just push monthly promotions for low interest rates. We understand the products and guidelines and give buyers the best chances to purchase their dream homes.
Doesn’t this sound like I’m trying to convince you how awesome it is to work with a mortgage agent than the bank? Well in a way I am. Also, I feel like I’d be doing a disservice if I don’t share this because I know you can be better cared for with a mortgage agent. To conclude this blog, I would like to make one more point. If you call me at 1am, I might have to get back to you early next morning. If you call me at 11pm, I might still pick up your call. But if you call me at 9pm, I’m all yours. You will never reach anyone from any banks in Canada at 9pm, and that is fact! If you let me work with you, you will get the best. I inform, I educate, I perform, and I’ll be your greatest mortgage resource for life...well...until I retire at 49 and go travel the whole wide world :)