With the flooding and then the rebuilding, which is almost completed, it’s been a long four months and posts have been sporadic, I apologize.  I will be more diligent and consistent from this point forward, I promise!

While few people ever want to ask, I find that many people don’t understand what a Mortgage Broker does and what makes them different from someone who works for a bank.

Well first, we are a broker of loans SECURED by a property – we are not a lender, we do not lend, we broker a mortgage transaction between a customer and a lender.

We are also licensed and in addition to our Provincial License(s), we can get an additional professional designation, called AMP (Accredited Mortgage Professional), from our National Association which requires us to have time in the industry and additional education and then continuing education each year to maintain our AMP designation.

A Mortgage Broker is self-employed!  We are motivated to do everything we can to ensure that the customer is happy because much of our business comes from referrals and no one will refer someone who doesn’t work hard for them.

Just like a Realtor, Mortgage Brokers MUST work for a brokerage who controls the major lender relationships and all compensation to the individual brokers flows through the brokerage.  This ensures that brokers are not charging fees when we shouldn’t and lenders that we are not being compensated for things we shouldn’t be – i.e. being paid to refer customers to Realtors etc.

What does this mean to our clients?

  • We have options for services, product and lenders outside of the big banks
  • We are independent and experts when it comes to mortgages, it is what we do everyday, all day – we do not sell TFSA’s, GIC’s, RRSP’s etc.
  • No need for negotiation.  We get the best rates the first time and if, on a renewal, the lender isn’t offering a competitive rate, we can help you get one
  • We work days, nights and weekends so can work around the client’s schedule
  • While many of us have an office that we work in, we also meet clients wherever is convenient for them – i.e. their home, a coffee shop, their office
What can a Mortgage Broker do that the banks can’t?
  • Bruised and battered credit
  • Private lending – not all situations call for a standard bank product. Real Estate investment, self-builds etc. are difficult through the inflexible conventional lender products
  • Self-employed without provable income – while the mortgage insurers still say they have Stated Income programs, they are more and more difficult to get approved.  We have B Lenders who will do this kind of deal, on a good property, all day long
  • Borrowed down payment – another one the big banks just don’t like anymore but we have lenders who will look at borrowed down payments for well qualified borrowers
What additional services to I provide?
  • I ask the right questions to understand each client’s unique situation to ensure we put their best foot forward to the lender
  • I spend a lot of time educating clients to ensure they have all of the information and knowledge to make informed decisions
  • I provide analysis and option to aid in the decision making process
  • When the transaction closes my relationship with my clients is not over.  I ensure that I am with them throughout their mortgage to ensure they are making the right decisions about pre-payments and come renewal time
When it comes to your next Real Estate purchase, mortgage renewal or refinance, try out the services of a Mortgage Broker, you’ll be glad you did!
 
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