There is still confusion about what we mortgage brokers actually do and how our services differ from the banks. I‘ve also heard numerous times, misconceptions about our practices and what we can offer. I would like to take this opportunity to omit any myths about my profession and inform on the benefits you will gain from utilizing my services.

Allow me to start by defining the purpose and the intent of my business. The primary practice of my business is focused on self-employed individuals. My goal is to improve the quality of their lives so that their future is empowered. Being one myself, I know the restraints and restrictions imposed by lending institutions and how a self-employed individual may encounter several constraints when leveraging a real estate asset. As a Mortgage broker, my job is to identify the best financing products in the market for my clients’ objectives.  I am a freelancer and most of my business is generated through referrals. Thus, my clients’ satisfaction is essential to stability and longevity of my career. My clients’ best interest is always my number one priority and I take pride in the value I add to their lives.

Why me and not the bank?

Myth 1: My bank will take care of me because I’ve been a loyal customer for many years and have several accounts with them.

Reality: Although, many borrowers with solid income and good credit will get approved at the bank and look no further, it does not merely indicate that they have received the best approval rates and terms they qualify for. In the case of self-employed individuals, even if they have a solid credit rating, approvals cannot be solely based on that. If they don’t meet banks lending guidelines on income documents requirement, they will be turned down, never mind getting the best approval terms.

As a mortgage broker I have access to Canada’s leading financial institutions, including Banks, Trust Companies, Credit Unions and private lenders. This means I have all the offers from all institutions on the table and depending on your credit status and available income documents, I know what mortgage product from which lender you qualify for. This fact actually corroborates my disputation of the next misconception.

Myth 2: Mortgage brokers “Shop” for the best rate.

Reality: Actually, it is often the clients who make the mistake of going to multiple lenders in an attempt to negotiate for the best rate. Not only this action is time consuming but also every time there is an inquiry on the credit report, it causes the credit rating to drop.  A drop in the credit score may very well disqualify the applicants for the most competitive mortgage rate out there and in may force them into settling with higher interest rates.

When you choose me as your mortgage broker: 1. Your credit bureau is pulled once and the same credit report goes to the potential lender, even if we decide to send your application to more than one institute. 2^nd, as a mortgage broker I have access to various mortgage products.  I search for the best product, which fits your qualifications and negotiate on your behalf, thus I save you the unnecessary time span of waiting on different lenders to give you back a response.

Myth 3: Mortgage brokers charge high fees.

Reality: 90% of the time when you work with a mortgage broker the services are absolutely free! The lenders compensate us for bringing our clients and them together. In some rare cases when a mortgage needs to be arranged with a private lender or it does not meet the conventional mortgage guidelines and needs special structuring, Mortgage brokers will charge a fee for their service and long hours they put in order to get you the financing you require. Any fees involved will be disclosed to you by me prior to your final commitment. I make sure the value you gain when you accomplish your financing objectives is far more greater than if any fee amount. You have absolutely nothing to lose but all to gain!

There has never been a better time to purchase real estate, refinance your existing property, consolidate debt, or think of investment properties. Interest rates are at lowest rates they’ve ever been in history.

Contact me for a free consultation of your complete mortgage review.