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7 Reasons to Use A Mortgage Agent

“Why would I use a mortgage agent when I can just go to my bank?”

is the question many people ask when looking to get approved for a mortgage.

While it may appear to be standard practice to work with a bank, they are not your only option, and not necessarily your best option.

Whether you’re planning to purchase your first home, or you intend to renew your mortgage, this article will give you 7 reasons why you should use a mortgage agent.

  1. Speed and Efficiency

Mortgage agents can get you a mortgage pre-approval, sometimes within in 24 hours.

Most big banks are pre-approving borrowers with a wait time of up to three months because of the many clients looking for a mortgage. With the current home prices rapidly increasing, I will make sure you are on your way to purchase a home as soon as possible.

  1. Convenience

As your mortgage agent, I can provide the information that you need at a time and place that is convenient and comfortable for you.

I am accessible during times the banks are not available, including after hours and weekends, so as to present you with all the options available to you and helping you understand them all.

  1. Personalized service

You need someone to work with you in assessing your individual needs from start to finish, in a timely manner.

I understand the need to serve according to your expectations, such as:

  • Acting in your best interests to make sure you get the best loan and rate program
  • Completely analyzing your needs
  • Making appropriate recommendations based on the borrower’s needs
  • Personally help facilitate the transaction from pre-approval to funding, as I don’t need to pass your file to multiple departments such has the big banks.
  1. Accessibility to a Wide Choice of Lenders

One benefit to hiring me as your mortgage agent is that I have access to multiple lenders to provide you with a greater choice of mortgage loan options.

While the banks may provide options, they are limited to that bank and may not cater to all clients.

Some of the clients our lenders continue to fund mortgage loans for include:

  • clients with multiple properties,
  • new to Canada clients, self employed clients,
  • construction mortgage clients
  • bruised credit clients
  1. More Competitive Rates 

This is the part that people focus on when looking for the best mortgage for their needs. Going hand in hand with the point above, I deal with many with many lenders, which in turn means many rate options. Most of these rates that are not widely advertised, and are usually lower than what the banks car currently offering. See for yourself here.

 

  1. Minimal Credit Checks

When you decide go to your bank to fill in a mortgage application, there are times that they refuse you for some reason.

While you can simply go to another bank and re-apply, your previous application will have a mark on your credit file, and that may complicate things when looking for another loan.

This is where hiring me as your mortgage agent works to your advantage.

I will build a comprehensive profile of you that we can use to check for applicable and competitive loan products in the market, and what is required of you before we submit any application.

This allows me to determine your probable borrowing power without impacting your credit score, as I only submit applications that are expected to be funded.

  1. Transparency

You need to know who you are working with. With that said, my record and current standing can be found here, at any time, for your convenience.

This is to ensure that you are protected as I am governed by the Financial Services Regulatory Authority of Ontario (FSRAO), which regulates all agents, and serves to protect you, the client.

Conclusion

A mortgage agent such as myself can offer you benefits including a wider choice of mortgage loan programs, lower rates, and impartial advice. I can help you through not only the entire home loan process but also your future needs in the coming years, such as reminding you when it’s time to review the health of your home loan to perhaps obtain a better deal. Our testimonials show that clients that have used our services can confirm that our services are indeed valuable.

For help in understanding how your FICO score affects your mortgage please feel free to contact me.

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