One of the more common frustrations I have in the mortgage industry are the deals that I have lost because clients have stopped in to their bank to compare my offer with their own bank. Before you do this, there are probably some things to consider:
Have you stopped to think about how many files your bank mortgage officer has on their desk to process? Banks draw high volumes of mortgage business every day. How comfortable are you knowing that the person processing your file has 20 other files to work through. I usually only have 1-2 per week allowing me to give very high level of attention to a client's file. You will probably spend more time waiting for service when 20 others are waiting in line for an answer or a phone call.
If something goes wrong with your mortgage file, are you in a position to escalate your bank or to have your issue immediately addressed if something goes wrong? A Mortgage Broker acts as a mediator between you and the bank and if something goes wrong, a Mortgage Broker has direct access to higher levels of management that you may not necessarily have.
Clients who visit their bank are usually offered posted rates and posted rates are not the best rates. If you have excellent credit, you are entitled to receive the best rate the first time and spending time badgering your bank for a better deal is not the best use of your time. Mortgage Brokers receive discounted rates because of the volume of business that they bring to the banks. Remember that a Mortgage Broker has the ability to compare the rates and products of ALL lenders in the market whereas the bank only has the ability to offer you their own set of rates and products.
This article was written by Elizabeth Blair, a Mortgage Consultant with Mortgage Edge. You can contact Elizabeth directly at (905) 510-5785, or by email at eblair@mortgageedge.ca or visit her website at: www.missmortgage.ca
Elizabeth is a member of the Member of IMBA (Independent Mortgage Brokers Association of Ontario) www.imba.ca
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