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Mortgages Corner Brook Life Insurance
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Are banks really the best option for you? Are banks the only option for you….? I think not….! Read this page and get my thoughts of 20 plus years of experience working with clients in not only the Investment and Insurance industry, but also in the Mortgage Broker industry. For most of us the biggest purchase we will ever make in our lifetime is our home. The first decision we make is to buy the house that we want. Once we have made that decision it just makes sense to me that the second decision should be to get the best deal possible from our financial institutions. We are going to pay for this piece of real estate for a long long time and overtime the rate differential can be quite significant.Basically “Dollars for thee and not for me “if you don't shop around. My philosophy for mortgages is the same philosophy I use for my clients for investment and insurance purposes. It is all about educating the clients on what's available to them, how the mortgage industry works in Canada. If you understand there are more and better options than the five big banks ,(over 50 to be exact )that work exclusively with mortgages in Canada..then you have the opportunity to pick not only the best rates but also the best terms available to you. It doesn't cost you a dime to hire a mortgage broker to work for you. Did you realize that banks, yes banks….. train their staff internally to sell specific products such as mortgages…?Bank staff are not required to be licensed mortgage professionals.Why would you want to put the largest purchase of your lifetime in the hands of a non licensed Bank employee….? Like everything else…not all clients fit the banks guidelines…maybe you cant get a mortgage at the bank..? You do have somewhere else to go..! Did you realize that a Mortgage Broker has to be licensed and cannot discuss mortgages with you unless they are licensed…? The Mortgage Broker Industry is monitored by governing bodies. For Mortgage Brokers it's extremely important to have principles and values that are based on the best interest of the client. For Mortgage Professionals to become license the Mortgage Professional needs to be very knowledgeable in the ethical and upstanding values that are outlined through the Financial Institutes Commissions, a provincial governing body that is a watchman for this industry. Taking just 10 minutes to educate yourself on best options available to you when you make the most expensive purchase of your lifetime could be a wonderful gift to you and your family. Let me just add…like everyone else we deal with in our lifetime,mortgage brokers do not come in “one size fits all “ just like Insurance and Investment Advisors you have to form a relationship and have a feeling of trust. If you don't feel right about the first guy or gal…. move on… and find one that makes you feel comfortable. This is the person you will have a relationship with for as long as you have your mortgage.Its kinda like a 25 year marriage…would you want someone you didn’t feel good about hanging around that long…? If you are unhappy with your bank…kick them to the curb…..there are lots more Mortgage companies waiting in the line-up for your business…take control..! If I had a dime for every time I hear clients or friends or family say things like….. “Oh I hate banks“ and then they list the many reasons they dislike banks. So I say..”why are you dealing with an institution you dislike..?”Then they say “what options do I have ..? “that’s the opportunity for me to do my job and educate them on exactly what options they have. Once informed………. people are very smart, they understand what is important to them……at least they can make an informed decision. Here is just one reason…..and it is a big one…. that you should obtain a Mortgage Broker. Credit Check….!!!! Each time you go to a bank they check your credit and they see that you have gone to other banks ..not only does it affect your credit score but it could also play a role in determining if you get the mortgage or not…! Mortgage Brokers pull one credit check and shop around all the institutions …including the 5 big banks…! If that isn’t enough to make you stop and think…it should be…! TOP 8 BENEFITS OF USING A MORTGAGE BROKERWhen shopping for a mortgage, many home buyers enlist the services of a Mortgage Professional. There are several benefits to using a Mortgage Broker and I have compiled a list of the top 8:
1. Saves you time – Mortgage Brokers have access to multiple lenders (over 50!). They work with lenders you have heard of and lenders you probably haven’t heard of. Because their relationship with lenders is ongoing, Mortgage Brokers know what is available in mortgage financing and will be able to advise you on what your lending options are without all the leg work that you would have to do in order to find a small percentage of information that a Mortgage Broker already has in hand. 2. Saves you money – Mortgage Brokers, if they are successful, have access to discounted rates. Because of the high volume that they do, lenders make available discounted rates that are not available directly through the branch of the lender that you go to. 3. Saves you from becoming stressed out! – It can be very daunting to find a mortgage. A Mortgage Broker takes on that stress for you. Your Mortgage Broker will make sure all the paperwork is in place. They will keep in good communication with you so that you know what is going on with your mortgage and will keep you up to date with any complications so that there are no surprises. 4. Gives you access to lenders that are otherwise not available to you – Some lenders work exclusively with Mortgage Brokers. In these circumstances, the layman does not have access to these lenders and, therefore, does not have the option to use discounted rates and mortgage products that these lenders offer. 5. Services are free – Mortgage Professionals are paid by the lender and not by you. This is not a disadvantage to you. A good Mortgage Broker will ALWAYS have the best interest of the client in mind because if you, as a client, are happy, you will go tell your friends about the service you’ve received from the Mortgage Professional you work with. Mortgage Professionals rely on referrals, which means that if you are a happy customer, and you got the best deal available, you will tell your friends and family about them which will result in referrals and potential future business. 6. Take on every challenge – As Mortgage Professionals, we see every scenario out there and work to make sure that every client knows what is available to them for financing options for a mortgage. Damaged credit and low household income might be a deterrent for the bank, but a Mortgage Professional knows how to approach the lender and has the relationship to make sure every client has a plan and strategy in place to make sure there is a mortgage in their future. 7. The Mortgage Brokerage industry is monitored by governing bodies – Nowadays, as Mortgage Brokers, it is extremely important to have principles and values that are based on the best interest of the client. In fact, in order to become licensed, the Mortgage Professionals need to be well versed in the ethical and upstanding values that are outlined through the Financial Institutes Commission, a provincial governing body that is a watchman for this industry. FICOM’s mandate is to make sure every Mortgage Broker walks in integrity and in the best interest of their client. 8. The Mortgage Broker has a better understanding of what mortgage products are available than your bank – Interestingly, a Mortgage Broker has to be licensed and cannot discuss mortgages with you unless they are licensed. This is unlike the bank who can “internally train” their staff to sell the specific products available from their bank. The staff at your bank do not have to be licensed Mortgage Professionals. While this is not an exhaustive list on the benefits of using a Mortgage Professional, it is compelling to see the benefits of using a Mortgage Professional rather than putting a mortgage together on your own. |
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Discover why so many Newfoundlanders and Labradorians have put their trust in Corner Brook Life Insurance for their Blue Cross Health Insurance needs and continue to refer us to their families and friends, and for good reason! We are here to Help You: Help You– gather information on health insurance. Help You – with expert advice to choose the health insurance PLAN that makes the most sense to you and fits your lifestyle and budget. Help You – obtain quotes Help You – with the application process Help You – manage your plan, once it has been put in place. We are always here for you! Local advisors – right here in your community – here to Help You every step of the way. 
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