A frequently asked question
People often ask about my line of work and what exactly I am able to do for them when it comes to helping them invest in real estate. “What does a mortgage broker actually do?” they ask.
It is an easy question to answer in that I look for the best financial options that exist for my clients looking to buy, refinance or renovate property, residential or commercial. However, I like to outline what I do in a few simple steps.
1) Build Relationships
As a mortgage broker, licensed with Dominion Lending Services, I build relationships with you and some of the country’s largest financial institutions including chartered banks, credit unions, trust companies and private lenders in order to secure the best mortgage rates that are specific to your individual financial needs. Our lending partners compete for your business, updating daily rates and products so that you are always guaranteed the best mortgage.
As a broker, I am able to provide these services freely to individual investors. Lending partners then compensate me for bringing you to them, hence they compete for your business. A mortgage professional, broker, avoids the costly overhead that financial institutions require to develop and market to new customers. Those savings are then passed on to you.
By using a broker, you are also able to shop around for the best mortgage rates but I am able to help protect your credit rating score. Each time you submit a mortgage application at a different financial institution, your credit is checked, which then drops your credit score. With a mortgage professional, I do the shopping for you requiring only one credit check.
As a broker, I also research the best solution to fit your financial needs, whether that solution comes from your personal bank, or from one across the country. Typically, your financial institution is restricted to the products and policies of that institution, limiting your options. Mortgage brokers are very knowledgeable on a variety of products and can help explain some of the nuances of mortgage rates, reverse mortgages and term rates. Two mortgages with the same interest rate aren’t necessarily the same. I can clearly explain the differences and provide the best unbiased advice based on your financial needs helping ensure you get peace of mind.
So what does a mortgage broker do? I would be happy to answer that question in person. But I will have some questions for you, and they will be, “How can I help you build stronger relationships with those around you? How can I help protect your financial well-being? And, how can I help you research what financial options work best for you and your family?”