There are many myths to dispel in regard to mortgage brokers. Many people question the need for a mortgage broker when purchasing a property, some are not aware that we offer other products like home equity lines of credit. Many people every year who have great credit and documented employment income, simply show up at the bank and either negotiate a rate, or take the rate they are offering them.
There are many benefits of using a mortgage broker, not the least of them being the lowest possible rates. We work with a large number of banks and other financial institutions and through sheer volume we are able to get the lowest possible rates. We negotiate on your behalf and work with multiple lenders to ensure that you get the best rate available. That begs the question – How do we get paid? The answer is simple: The financial institutions pay us. Why would they pay us if they have their own mortgage agents? An industry was created as a result of under-serviced clients, it just took one financial company to start the ball rolling. Essentially we hand them a complete application and with little work on their part and they fund your mortgage (where they unfortunately usually makes hundreds of thousands over the typical lifetime). They happily pay us a commission and give us the lowest rates in return for our consistent business. The dollars and cents reason why to use a mortgage broker is we will get you the lowest possible rates that will save you at a minimum thousands over the term of your mortgage.
Service is another reason to use a mortgage broker. Yes we are saving you money, but we will also bend over backwards for you to ensure the mortgage process is as simple and clear as possible. There is sometimes confusing jargon in the contracts from the bank and we work hard to demystify the language and the entire process – every lender is different, as is every client. We also realize you are moving, and whether it’s your first time or fiftieth time we realize you are in an incredibly stressful situation. The last thing you need to worry about is money. It is our mission to secure financing and ensure it is delivered on closing day with little effort to you. Have an uncomplicated closing, and save at the very least thousands while we do it for you.
Another reason why people turn to mortgage brokers is they are self-employed. These people come in two categories: great credit with no proof of income or the other way around. We have lenders for all situations and are able to make almost all situations work. We also work with a range of private lenders who are sometimes engaged in situations where the story on paper does not necessarily match up with the story in real life.
The final reason is for our refinancing products. For a variety of reasons people need to take out some equity from their homes. This usually (not always) requires and appraisal and a credit check. This is another situation where a mortgage broker can help almost everyone; if you have equity in your home and you need it we will help you get it. There are second mortgages, home equity lines of credit, and other take back options that we can explore together.
We try and focus on service. It is our goal to add value to each and ever person we are put in contact with. Some people are looking for information, some are looking to secure a deal immediately; the crux of the mortgage industry is keeping people happy, when your renewal comes up in 5 years, we want to be who you go to in order to renew your mortgage, or if you move again in the meantime and were happy with our service we hope you come to us.
