What does a mortgage broker do?

There is still confusion around exactly what I do as a mortgage broker and the services that I offer. Even my friends and family aren’t really sure what I do! Here is some information that may help you understand a little more of how I help my clients and why you might want to use my services.

I work with Canada’s leading Financial Institutions including Banks, Trust Companies, and Credit Unions. They include Scotiabank, TD Canada Trust, National Bank, and many others. Did you know that you can only access many of the largest mortgage companies in Canada by working with a mortgage broker? Many of these lenders have the most favourable terms available.

When you work with me to find you the very best mortgage, and negotiate on your behalf, there is no cost to you. The lender pays me a fee for finding and bringing them the business. Remember, it saves them from the cost of additional employees in wages, vacations, training costs, office space and benefits. There is no cost to you, and I only earn a fee if we arrange the mortgage for you. The Fee is the same, regardless of which lender I choose, and it is not built into the rate. The rate is typically lower than if you went directly to the lender, and the process is a thousand times simpler. And you are dealing with an expert as my business is only mortgages.

I also have lenders available that specialize in providing mortgages for clients who are self-employed, contract employees, have seasonal income, have trouble proving income, or lack some of the standard documentation. I am an expert in negotiating the best rates for all Canadians, but understand that sometimes you may have challenges in your past that I can work through with you, to get you back on track.

Many consumers think their bank will automatically give them the best rates because they have been loyal customers for many years, have multiple accounts with them, or have high account balances. Don’t fall into that trap. That kind of thinking has cost many clients thousands of dollars in unnecessary interest.

Often clients make the time consuming mistake of going to multiple lenders themselves, attempting to negotiate the best rate. Each time a Financial Institution pulls your credit report, your credit score actually drops. Sometimes the very exercise of trying to find the most competitive mortgage rate on your own actually disqualifies you from qualifying at all, or forces you into accepting higher interest rates.

I only pull a single credit report. I then send that report to my lenders electronically eliminating multiple inquiries. You deal with me directly through the entire process, from our very first conversation right until the mortgage process and funding is complete. I am also there after funding to manage your mortgage ensuring that you are paying the lowest overall cost on your mortgage going forward.

So if you are looking to consolidate debt, refinance your mortgage or purchase investment properties or your new home, I will work hard to ensure that you get incredibly competitive low rates, expert unbiased advice and fast, friendly service.

Contact me at 250-826-3543 or [email protected] if you would like me to work on your behalf.

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.