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  • Writer's pictureSteven Himelfarb

Master Your Mortgage. Use a Broker.

When you think of getting a mortgage, do you automatically think you need to walk into a bank? Before you commit to that, there is a better way - work with a broker.

A mortgage agent/broker is a licensed professional whose job is to help match the goals and financial needs of a client with the best lender and product based on the client’s unique situation.

Purchasing a home is typically one the largest financial decisions you may ever make. Ensuring you know everything you need to, not just to get the best mortgage product and rate, but to holistically understand how to achieve your goals while minimizing costs, maximizing the use of this asset, so you can build wealth and retire earlier, can be a lot to know and manage all on your own.

Can’t a bank do what a broker does? For some mortgage products, kind of. Banks are what we call A-lenders and you know them as TD Bank, Scotiabank, BMO, CIBC, and RBC. If your property value is over $1M, then a bank is where you need to get your mortgage product, but you don’t have to get it through them directly. Often, brokers with good relationships, have the ability to provide their products and beat the rates you may be able to negotiate directly at the Bank yourself.

Why Use a Broker?

To empower yourself to get the very best products, terms, and rates. Do you want to spend all that time and effort learning about the changing landscape, the lenders, the requirements, and making all those relationships to ensure you get approved and maximize your outcome? That’s what we are here for. To help you do better. We work for you and nobody else.

In my approach, I go above and beyond this. I am not just here to place a mortgage. Relationships matter. My goal becomes yours as you grow throughout your life. I am with you every step of the way. I ensure that you go even further to build wealth through real estate, while minimizing your costs, saving even more along the way, minimize taxes, and connect you with others who will help you do the same - all stress-free!

Especially during such a challenging real estate landscape, working with an experienced broker will help you do much better. A Bank might be convenient, local, and offer face-2-face communication, but with today’s technology, brokers can do that and more.

According to a 2017 CMHC survey, mortgage brokers are gaining market share as the way to obtain mortgages. The following are reasons why brokers are becoming more and more popular:

More Lenders. Better Options

Some brokers offer a one-stop-shop for all your mortgage needs – A-lenders, B-lenders, Alternative, and even Private Lenders. Depending on the broker, they have access to a number of lenders that may better suit your needs, not just the Banks. If you have good credit (a credit score of 650 or above), then a bank is a possibility for you. Below that and you are forced into the alternative and private world of mortgage financing. Here, risk, rates, and fees are higher, but may still help you get what you need most. Banks on the other hand, only have their products and your credit must be good to potentially qualify. I personally have access to the Banks, monoline lenders, alternative lenders, MICs, and over 60+ private lenders who I get to compete for your business driving down what you pay. You win!

Your Success is a Broker’s Success

We work for you, not the lenders. Do you like to negotiate? Are you prepared to make appointments at all 5 banks? Are you aware of all the other lender options out there that could be a better fit for you and offer you a better deal? We have regular contact with many of them so we can connect you and also ensure to steer you away from the bad ones who burry terms in their contracts. Do you know what to ask and how to know whether you are getting the best there is out there? Brokers love to win. We save you the legwork and help you do better. It’s our job to know all of these things so you don’t have to. We fight to get you the very best rate and product based on your unique situation.

Save you Time and Money

Aside from helping you get the best product, rate and terms, we help you save time and money. We are a one-stop shop. One application is all it takes. We handle the rest so you do have to do this each and every time with each lender.

It’s Free

Sometimes. Working with most brokers when you have good credit (above 680) shouldn’t cost you anything. They are paid by the lender that they bring you to, not by you. If you are being charged by a brokerage and you are getting a mortgage in this prime space, you may want to consider looking for another broker. Once you no longer qualify for this space, rates rise and fees begin. Knowing a broker with integrity and who knows where and how to minimize your costs is a massive asset. This can be a very challenging space.

Get a Mortgage Virtually Anywhere

You don’t need to walk into a branch anymore. You can get a mortgage virtually anywhere you have a smartphone or computer and an internet connection. Not only that, but brokers typically work during and outside of Bank hours of operation.

More Likely to Get Approved

We have a mortgage for that. Because we have access to all kinds of lenders, we will have a solution that meets your needs. You are never stuck when working with us. Banks have stringent guidelines and typically require more documentation, have more stringent qualification parameters, and less flexibility than other types of lenders. The banks only offer their products to people with good credit and on certain types of properties under their specific guidelines. If your situation deviates from that specific situation, there are still options available, but you need a broker to access them. To get approved, brokers use your story and details beyond the numbers to ensure you get approved.

The benefits of working with a broker go beyond personal benefits. If you are a real estate agent, financial advisor, accountant, lawyer, or other related professional to this space, it helps to connect and explore how we can help your clients better together.

When looking to secure a mortgage and do better, it helps to have a dedicated resource like me with experience and integrity who will go above and beyond. Are you ready to experience the difference? Call or schedule an appointment today. It’s free!

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