A home is the biggest purchase most of us will ever make. And a mortgage can be a powerful financial tool. No surprise, then, that a growing number of Canadians have started to ask some smart questions about their mortgage. In fact, more than 30% of all Canadian mortgages are now arranged through mortgage Agents. Why? Here are 10 great reasons:
1. Choice. An Agent has access to mortgages from a huge range of lenders – so their clients have by far the best choice of rates and mortgage options. With partnerships in a vast network of over 50 lending institutions, including banks, credit unions, trusts, national and regional lenders, and non-traditional lenders, your Agent can help design the perfect mortgage for you.
2. Independence and objectivity. A mortgage Agent actually works for you, not for any one lender. That kind of objectivity means that you – the client – are the focus. They fit the mortgage to the client, not the other way around.
3. Negotiating power. Mortgage Agents have negotiating power because the lenders compete for their business. You’ll get the best rate for your situation.
4. Access to rate promotions. You may not realize it, but there are sales and promotions in the mortgage world, too. Lenders often offer special rate promotions, for example. Your Agent will know about these special offers, and whether they might work in your situation.
6. A focused specialist. A mortgage is a very significant financial event. Mortgage Agents are in only one business, and they do it exceedingly well. That’s what you want: someone who’s focused on the mortgage marketplace and your needs.
7. Rates. Getting a lower rate can potentially save you thousands of dollars. That’s why more homeowners are more likely to call a mortgage Agent to check out their options for their first mortgage and at renewal. Call early; your mortgage Agent can usually guarantee an interest rate for 90-120 days.
8. One credit inquiry. Rate-shopping on your own can actually be hazardous to your credit. Every time a lender checks your credit, the credit bureaus take notice. Too many inquiries and your credit rating can weaken, possibly affecting the rate and terms of your mortgage. Your Agent does one inquiry only, regardless how many lenders you’re looking at.
9. No cost to you (o.a.c). As a rule, the winning lender pays compensation to your Agent for the services and solution provided.
10. Personal attention. You need a mortgage plan that is a custom fit for you, and a Agent who keeps in touch with you during your mortgage years. Keep in mind that their business is built primarily through referrals from satisfied customers, so your positive mortgage experience is essential for their ongoing business growth.
Your mortgage is a big decision and a powerful financial tool. For your next mortgage, contact us to speak with an Agent who is trained and ready to help you achieve your financial and homeownership goals.