Mortgage Finesse
Why you should use a mortgage broker by JASON ELDRIDGE your financing via phone, fax and/or email. Generally speaking, you can be pre-approved for mortgage financing the same day you apply.
For years, people wishing to purchase or refinance a home have always gone to the same place… their bank. Is this the best option for everyone? Not necessarily, but it is the one option that most people have been aware of, or felt obligated to use – perhaps until now. In the past, mortgage brokers were often called upon in cases where the client(s) did not qualify under traditional criteria, or they needed money quickly, and hence had to borrow from a “loan shark.” While mortgage brokers still assist clients with bruised credit or other qualifying challenges, the vast majority of our clientele is made up of clients just like yourself, with good job stability and excellent credit.
So why exactly should you contact a mortgage broker? Firstly (and probably the biggest reason for most clients) – rate, rate, rate! When you go to your bank, more times than not, you will be put into the common situation of having to negotiate with your banker for a better rate. When you work with a broker, if you qualify for the best rates (based on your credit history), you automatically get the best rates. And the best part is, it doesn’t cost you a thing. There is no charge for our service and no negotiation is required. Just remember, even a .25-per-cent lower rate can save you thousands of dollars in interest over your mortgage term. Secondly, you have more lenders and options to choose from. When you go to your bank, you have access only to their suite of mortgage products. Mortgage brokers have access to more than 30 lenders, including many of the chartered banks, so we have access to a vast array of mortgage options to suit your particular needs and goals. While there can be subtle differences, something such as better prepayment privileges may be a reason for choosing one institution over another. Thirdly, mortgage brokers cater to your schedule, not the other way around. Don’t you enjoy the process of calling your bank and then you are told that they can’t see you for a week or so because they are already “booked up” with appointments? Mortgage brokers will meet with you where and when you prefer, or at the very least offer you the convenience of arranging
Finally, mortgage specialists are able to offer their clients a more relaxed qualifying process. If you don’t happen to meet all of your banks’ criteria, they will often turn you away, whereas a broker will continue to source your application to as many lenders as required to find you the financing you require based on your personal situation. If you are looking for a change, and would like to experience the convenience and value of working with a dedicated mortgage professional, ensure that they have their proper accreditation. As a mortgage planner working with Axiom Mortgage Solutions, I am governed by the Alberta Mortgage Brokers Association (AMBA), and the Real Estate Council of Alberta (RECA). As always, I welcome any questions or comments you may have regarding the information contained in my articles. Until next month…
Jason Eldridge P.F.P, B.Admin Mortgage Specialist, Axiom Mortgage Solutions (formerly Unisource Mortgage) Cell 403.630.1718 Fax 866.708.5807 Email jason@axiommortgage.ca Web/apply online jason.axiommortgage.ca 36 calgary communities fall 2012