Banks are a necessity in many of our lives but why would you limit yourself to a single person in a single bank offering a single product?
Good mortgage brokers EDUCATE their clients so that they can make informed decisions.
Good mortgage brokers have a REPERTOIRE of lenders that offer different rates, different conditions, different products depending on the clients’ needs.
Good mortgage brokers LISTEN to their clients and their needs and match them up with the best lender – not just the best rate. What good is a great rate if you don’t qualify because you are a self-employed small business owner looking to buy an investment property to rent? Which bank would do that deal? A good mortgage broker knows.
Aside: did you know that Robert Floris is even recommended by certain banks when they can’t do a deal? It’s true! A client will walk into a branch and ask for a mortgage and on many occasions the bank will decline them but refer them to Robert. Funny isn’t it?
Good mortgage brokers can advise how to STRUCTURE a deal to make it work. For example, a client’s income may not be sufficient to afford a mortgage mainly because too much of that income is going towards making payments on a car loan or a student loan. Good mortgage brokers can figure out which loans to pay off (if any) to keep the cash flow at a level that will allow the mortgage to be approved.
Good mortgage brokers will ASSIST the clients to acquire all the necessary documentation to satisfy the lender like NOAs (notices of assessment), T4s, T1 Generals, Paystubs, Discharge Statements, Gift Letters for downpayments etc. etc.
Good mortgage brokers will FIGHT with the lenders on behalf of their clients. For example, the lender may ask for paperwork that is unreasonable and/or inconvenient for the borrower to obtain. A good mortgage broker will recognize this and reason and convince the lender that it is not necessary.
Good mortgage brokers will EXPLAIN all of the costs involved.
Good mortgage brokers will ADVISE the client – even if it means that getting a mortgage is a bad idea for that client at the time. There are countless examples where clients have come in to Robert’s office and Robert has advised them that although they will qualify for a mortgage, they would be stretched so thinly that they would not have a life anymore. Remember, Robert only gets paid when people borrow money – so giving this kind of advice will cost him the sale. Good mortgage brokers are HONEST.
Good mortgage brokers do not PRESSURE their clients. They educate and let the clients make their own informed decisions.
In short – everyone should use get a free consultation with a mortgage broker that they trust. No borrower should EVER walk into a bank without having first at least spoken to an experienced, honest mortgage broker.