As the mortgage rules have changed over these past few years, so has the role of a mortgage broker. While offering low rates and access to the best products is still very much a part of what we do, our role has expanded as competition for your mortgage business increases.
Many Canadians see their financial institution as a one-stop shop for most of their financial services. The opportunity to cross sell to you is one of the reasons they aggressively go after your mortgage business as well. Once you're locked in with them, they have numerous opportunities to sell you other financial products.
While it's true that financial institutions have become more competitive with respect to rates, you, as a consumer and a client, should consider whether they are looking after your best mortgage interests.
Mortgage brokers on the other hand work for you and answer only to you. That's not to say we wouldn't place your mortgage with a bank or a credit union. We most certainly will, if after reviewing your financial goals, that financial institution has the best product to help you meet those goals.
Mortgage brokers are trained and licensed to work with you to make sure you are getting the best products for your needs. We won't try to cross-sell to you although we do offer many of the same products, like insurance, business equipment leasing, and commercial mortgage lending.
Because our education is ongoing we are up-to-date with changes in the industry and our services are relevant to you and your ongoing financial needs.
For example, we understand credit reports and know how you can improve yours. If you don't qualify for a mortgage right now, we can show you how to qualify for a mortgage in the future, and together, we can develop a plan.
First time homebuyers have the added benefit of our knowledge of the home buying process - we understand every step and can act as a guide from Offer to Purchase to closing.
We are invaluable to those who are self-employed. The mortgage rule changes hit this group the hardest, but many of you can still qualify for a mortgage. A broker has relationships with many lenders and can source mortgage products that fit.
As your mortgage broker, I don't disappear post-transaction. I stay in touch, checking in with you to see if everything is still on track. Life does change and I help clients manage those changes. And when it's time to renew your mortgage, once again, I will review your financial goals and shop for the best product.
In addition, I offer out-of-the-box thinking and strategies to help improve your finances. For example, if you want to pay off your mortgage quickly, I can offer solutions beyond the accelerated payment option.
And perhaps most importantly, I am easy to work with and very accessible -- I work when you need me! Mortgage brokers are an invaluable asset to your financial portfolio. Just call me and find out for yourself!