BANKER OR BROKER WHY CHOOSE A MORTGAGE BROKER?
BY TAMARA VALLIS
I n today’s hot housing marketing I get a lot of people ask me these questions: • “Why should I use a mortgage broker over my other financial institution?” • “My parents say I should use a tradition- al financial institution. What can you do for me?” Well, the response usually begins with, well did you know I deal with all types of lending institu- tions but also work with most major banks. But let’s face it, back when our parents pur- chased a home, and their financial institutions were more “local, more relatable, they know me, and I know them!” I could not agree more that at one time it felt safer and more appropriate to go to someone you knew and trusted when possibly making the largest transaction of your life. Unfortunately, today is not the same as it was, thirty, twenty or even ten years ago. Yes, you can go to your financial institution, like your parents recommended, make an appointment with a mortgage specialist, but then what? Then
Canadians have been using mortgage brokers more and more over the years. That is because clients get to know their mortgage broker and their mortgage broker gets to know them and their needs. Mortgage Brokers have access to all the different products from many differ- ent lenders, but one of the main reasons is that you are able to build a relationship with one person, who is always working for you, which is key because you want them to understand your needs and guide you through the process from the time you first start thinking of a mortgage, to answering the many questions you will most likely have in the process, to most likely being the first person to congratulate you on becoming a homeowner! Over 35 percent of Canadians use mortgage brokers now compared to 28 percent in 2018, according to CMHC and these numbers are only going to continue to rise as more and more people enter the market for their first or forever home. Regardless of the market you are in, no two mortgages are the same; this is not a simple cookie-cutters process, nor should it be treated that way.
they will take all your information and send it off to another person, who you or your parents do not know, who will most likely send it off to another person you do not know. Then if you have any questions while all these emails are taking place, well I recommend that you, take a number and wait to be called back when it is
convenient for them, because they work for the financial institution not you. However, when you work with a Mortgage Broker, we work with you and we work with all types of lenders to get you the best mortgage possible to meet your needs.
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MARCH/APRIL 2022 • SPOTLIGHT ON BUSINESS MAGAZINE
SPOTLIGHT ON BUSINESS MAGAZINE • MARCH/APRIL 2022
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