As a Mortgage Broker who has worked in the finance sector for 33 years, first with a major bank for 16 years and a Broker since then, I provide my clients with the best of both worlds. We discuss their goals, needs, and wants ~ in the now and in the future. But what I can offer that a bank cannot offer are real OPTIONS.
The bank has their products and only their products. If you don't fit their policies or just simply don't qualify for what they offer, then you have to start over with another lender (or even worse - you may not even know that another option could be possible for you, since many bank lenders tell the client that it isn't possible if the bank can't do it ... which is simply not true in 99.9% of the cases).
What drove me to leave that major bank and become a licensed Mortgage Broker (and Accredited Mortgage Professional) was the lack of options I could offer my clients - and my clients' and their financial well-being is what matters most to me in my business. I wanted to be able to have the discussion and truly be confident that my recommendation was in fact the BEST package available to them and their own personal circumstances ~ sometimes that's a bank and sometimes it isn't.
According to the CMHC’s Mortgage Consumer Survey 2023, 58% of first-time home buyers used a mortgage broker and they were more satisfied than those that went directly to a lender. Satisfaction rates on average were 77% with brokers, compared to 74% with lenders. More and more people are beginning to switch to using brokers because they realize they have a much greater access to different options.
This is what I do. I work for my clients - not a bank or a banner over my head (and incidentally, I don't get paid until the mortgage funds, which means my clients get my expertise and guidance at no cost to them, in most typical cases). My opinion and recommendation are unbiased and takes into account the full financial picture of my clients.
Are all mortgage agents and Brokers coming to the table with as much expertise, education, and experience? No, they aren't. All the more reason to reach out so we can explore your best options based on your own personal circumstances.
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