You’ve been a loyal client of XYZ Bank for years.
At age 18, you opened your first savings account with them. Now it’s years later, and you’ve got multiple products with them such as a chequing/savings account, line of credit, credit card(s), GIC’s, RRSP’s and personal loans.
So why wouldn’t you get your mortgage through them?
Here are just a few reasons why my mortgage clients have felt good about me finding them financing from a source that is outside of their day-to-day lender:
• Your Eggs, Two Baskets. You’ve probably heard of diversification, as it’s a popular strategy touted by Financial Advisors and Stock Brokers.
It’s also a sound strategy for your mortgage, because it allows you exposure to the products and policies of several different lenders rather than just one.
If you have your mortgage with the same lender where you do your day-to-day banking, you may end up being ‘handcuffed’ by that lender’s policies when they tighten or change in a way that is not in your favor.
If you have your mortgage with one lender and your financial products with another, it may allow you more flexibility with your investments than you would’ve otherwise had by holding everything with one institution.
• Protect Your Privacy. While it may initially seem convenient, it might not be advantageous for one lender to know everything about your finances.
If you choose to do something creative with your mortgage, you may not want it to be known by the same lender that holds your chequing accounts, GIC’s, credit cards or lines of credit.
Keeping your financial products at several different lenders may allow you to be more creative with specific products to suit your goals.
The same holds true if you encounter a temporary obstacle with your finances.
Say you miss a payment or two with your credit card, for example, and you recover quickly from this. You might appreciate having this information separate from your mortgage-holder, especially if you’ve been flawless with your mortgage payments.
• Preserve Your Credit. As many of you know, your credit score plays a huge part in getting good financing approval.
The higher your score, the more competitive mortgage a lender will offer you.
Ironically, each time you apply with a lender for financing, they run your credit. And each time your credit is run, your score decreases.
When I become your Mortgage Broker, I only run your credit once, no matter how many lenders I talk to on your behalf.
Therefore, I can shop the entire lender market for you while preserving and protecting your credit score.
• My Mama Told Me, You’d Better Shop Around. As a consumer, it’s smart to shop around for larger purchases before making your final selection.
For most people, a mortgage will be their largest liability, and yet, the process of shopping for one can be both overwhelming and time-draining.
-What do you look for? (Hint: A competitive interest rate is only one important factor)
-What questions do you ask?
-What are the best lenders to go to and why?
-What recent changes in lenders’ policies bode well for you or could hold you back, based on your unique circumstances?
These are all valid questions that are tough to know unless you have industry experience.
As your Mortgage Broker, these are factors I employ when I’m actively searching the market to find a good mortgage solution for you.
• Keep Your Bank Sharp. Sometimes, organizations can take their existing business for granted.
It seems that the longer the organization has had that client’s business for, the more danger there is of this happening.
Many times, clients will come to me because their bank does not appreciate their business. This often shows up in lack of service, limited flexibility and poor solutions to existing challenges.
These people are very pleased when I find them a new lender who appreciates their business. There is tremendous peace-of-mind in knowing that you are valued as a customer.
• Service With A Smile. Good service doesn’t just mean availability or getting back a timely response to your email or voicemail. It also means getting guidance from someone who has expertise, integrity and a genuine caring for your well-being.
If you obtain a mortgage through your existing bank, you may be subject to being sold a specific term or rate that does not necessarily benefit you first. For example, perhaps the bank has a monthly volume push and needs to bring in a certain amount of sales by a certain date.
After all, your bank’s internal mortgage agent is an employee of that bank, and will be inclined to keep the interests of their employer in mind.
As an unbiased, independent Mortgage Broker, I do not answer to any one bank and I’m no one’s employee.
Therefore, I ensure that I find a good lender who will offer you the right mortgage solution. I ensure that I look after your interests first, not those of the lender.
• Real Peoples’ Hours vs. Bankers’ Hours. These days, many people work long hours and have intense work schedules. For them to find time to leave work during the day to accommodate the bank’s schedule is not always easy or desirable.
As an independent Mortgage Broker who is not tied to a bank, I can offer you the convenience of “real people’s hours”. This means that I can meet with you and/or answer your questions during times that work with your schedule.
I can offer you exceptional service at your convenience, not someone else’s.
• Negotiating, Made Easy. Many people experience anxiety around doing their own negotiating.
Whether it’s a strong dislike of conflict, a lack of effective negotiating skills, a lack of industry/product knowledge or an inability to avoid taking rejection personally, many people appreciate having a seasoned negotiator working for them.
As your Mortgage Broker, I become your personal Negotiator with lenders.
Besides knowing these lenders personally through ongoing business relationships, I have the industry experience and the assertiveness to negotiate competitive mortgage solutions on your behalf.
• Square Peg, Round Hole. Your bank has specific policies and products that may differ in varying degrees to those of other lenders.
At the same time, your situation has unique aspects to it that may not fit these guidelines, such as credit challenges, unique income sources, and specific goals that may be ‘outside of the box’.
Why restrict yourself to one lender’s products when you could have a professional search the market and find the right lender that fits you?
As your dedicated Mortgage Broker, I ensure that I find a lender whose policies and products fit your unique situation.
These are just some of the many advantages available to you by engaging me as your Mortgage Broker.
If you have further questions about my services or would just like a free consultation, please feel comfortable contacting me.
Ms. Anat Stapleton