Why use a Mortgage Broker or Mortgage Agent?

There are numerous reasons why a using a Mortgage Agent or Mortgage Broker would be right for you. Following is a short list of the benefits of using my services:

Ease of Use
When you choose to use my services, I will assess your individual situation and get to work on finding you the right mortgage. I do all the leg work with the information you give me, and all you have to do is sit back and relax until the time comes to make the final decision. Instead of going from bank to bank, trying to

No Direct Payment: It’s Free!
Mortgage Broker and Mortgage Agents are very rarely paid by the client, as we work on a commission system from the lenders. There are some circumstances when a fee is paid by the client, but these situations are quite rare.

You get the right mortgage for you
I am fully motivated to provide you with the right mortgage. If you are happy with my services, then I’ve truly done my job and there’s no reason you would want to go anywhere else to continue down your mortgage and equity path!

Mutual Best Interest
As mentioned above, your interest is my best interest! I want my clients to continue to come back to me for years to come, and my clients will only do that if they’re happy with my work and products. It is prudent to retention that I only get paid if you are successful, creating the mutual best interest. While not always the case, some representatives of the larger financial institutions in Ontario are paid whether or not you are successful, which does not provide much motivation to continuously look for the right mortgage for you.

Transparency
I present my clients with all of the available information throughout the process, good or bad. Not all mortgages go off without issue, and often times, things can change positively or negatively fairly quickly. By keeping my clients informed throughout the process, it allows them to make the best decisions for them. Often times, the advertised lowest rate from any lender is extremely hard to achieve, and are designed for people that have the highest of credit ratings, and multiple upper echelon variables in their financial past. While I always get my clients the lowest rate for them, there are other variables to consider for each individual case (E.g. Open or Closed status). These are all things that are discussed with each client to ensure they receive the right mortgage and knowledge about that mortgage.

Product Diversity
I work with many different lenders, and have access to hundreds of mortgage products. This allows me to “shop around” for the right mortgage for you. While not all lenders work with Mortgage Brokers and Mortgage Agents, the vast majority do! If you were to make the choice to go to your local big bank, they may have a handful of products that you are able to qualify for, while I could potentially have access to a much larger and diverse group of products. In some circumstances, you may even be turned away from the local bank that have no products to offer you due to their limited selection available.

Competition
The competitiveness in the mortgage world is very strong, and part of my job is to help facilitate the benefit of this to my clients. I do my best to make the market compete for your business!

Continued Service
From the time you choose to use my services, I will be there with you. When you call with a question, I’m the one that will pick up and answer. And every year we’ll schedule a time for a free mortgage audit to make sure everything is on track!

There are always cons to any decision, so let’s explore the cons as well.

More documentation
There may be more documentation that Mortgage Brokers and Mortgage Agents require, as we rarely know our clients like their banks will. The difference between the documentation collection is mainly time. Your bank will collect the same information over years. And if you go to a bank that does not manage your personal finances, they will collect similar information, but potentially less. This is do to the different risk assessment and insurance requirements for banks over different lending sources, as well as they are used for limiting the chances of fraud occurring throughout the process.

We do not work with all lenders
There are 2 major banks that have made the decision not to work with Mortgage Brokerages Ontario wide. There’s simply nothing to be done about that situation, but the silver lining of losing 2 is to gain and consolidate the majority. Not only do I have access to all of the other big banks, I have access to many alternative, B Lenders, and Private lenders. This means that when you make the choice to come to me, you have access to the same vast number of diversified products that you may be eligible for, all in one place. NOTE: If a Mortgage Broker or Mortgage Agents tells you they work with all lenders, this is the moment to consider a new Broker or Agent. Unfortunately, like in all things in life, there are some Brokers or Agents out there that are not honest, or are not well informed.

Trust is earned, not given
Trust is a key piece of what I do. My clients trust me because I don’t give them a reason not to. One of my main goals is to have lifetime clients that come back to me for years after we start working together, and are comfortable referring their family and friends to my services when their time comes. I have understood since a young age that trust is earned over time, and is not something that is given lightly. I earn the trust of my clients by ensuring that they are provided the right mortgage, respect, and good service.

We do not control the lenders
As mentioned before, the lowest advertised rate of a lender can be difficult to achieve, and the lenders change details on an individualized basis, rates can change based on your individualized circumstances. While Mortgage Brokers and Mortgage Agents do their best to secure the best possible outcomes, sometimes we have to attempt multiple lenders before we achieve the right mortgage proposal for our clients.

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