I am often asked to explain why a client should choose to work with a Mortgage Broker (versus their bank, credit union, etc.). The simple answer (the one that we’ve all heard) is that a mortgage broker offers a variety of mortgage products from multiple lenders and banks, whereas other financial institutions only offer their individual mortgage product. More choice means the client has access to more products, better interest rates, and a solution that better fits their needs.
The fact that Mortgage Brokers offer more choice is not news, hence why I call it the “simple answer”. There is, however, so much more that a Mortgage Broker can (and should) offer. Here are just a few of the services that a good Mortgage Broker will provide:
Explain ALL of the terms and conditions of the mortgage in plain language so the client knows what they are signing (including penalty clauses)
Provide clients with tips and strategies to help pay off their mortgage sooner
Remain in touch with clients throughout the term of the mortgage, not just at renewal time
Look for opportunities throughout the mortgage term to save clients money on their mortgage
Be easy to contact and returns calls/emails/texts promptly
I will be the first to admit that not all Mortgage Brokers will provide the services mentioned above, which is why I emphasize “good Mortgage Broker” in the blog title. I also can’t say that some banks and other financial institutions will not provide a client with the services mentioned above. That would not be fair.
The point is…If your current mortgage specialist (whether it be a Mortgage Broker, bank or other institution) is not providing you with some or all of the services mentioned above, then maybe it’s time to re-think who you will choose to handle your next mortgage. It’s not 1980 anymore. Your bank is not the only one who can provide a mortgage. There are so many more options out there. Choose wisely.