A mortgage agent can make applying for a mortgage much easier on you, especially for first-time home buyers. A mortgage is one of the biggest investments you’ll ever make and the right mortgage could mean you can finance your dream home. Your point of contact for applying for a mortgage is either a loan officer from a bank or a mortgage agent. It may seem like two titles for the same job, but the reality is that they are quite different.
A loan officer is like a hockey coach: they want you to win, but in order to win they’re going to be intimidating and push you to the point of exhaustion. A mortgage agent on the other hand is like a tour guide, taking you along a path that you choose to go down. Along the way you’ll stop and hear fascinating tips and tidbits from your guide and if things are going too fast for you, your tour guide will slow down to allow you to catch up. With a more personal approach and the incentive to help you find what is best for you, it’s always a good idea to have a mortgage agent on your side.
1. Make it a learning experience
The first question you should ask yourself when undertaking a new endeavor is “do I know what I’m doing?” Full disclosure, applying for a mortgage and buying a home is a complicated process but it doesn’t need to be unnecessarily complicated. The job of a mortgage agent is to find you the best deal and connect you to the right lenders for your loan. But part of our job is also to walk you through the process, so that you walk away having learned something about the application and lending processes. We speak your language and can explain complex variables and terminology so nothing goes over your head. Trust me, I understand how frustrating mortgage jargon can be when you’re new in the game. If you learn the process as we go along, years down the road when you’re ready to upgrade from your starter home, you’ll know what to do and you’ll know what you want out of your mortgage.
2. It’s not just business, it’s personal
When dealing with a loan officer the first thing to remember is that their loyalty is not to you, it’s with the financial institution they work for. That’s who signs their commission cheques. Because banks aren’t incentivized to find you the best rates, neither are the loan officers they employ. You’ll end up wasting time negotiating with your loan officer, who is supposed to be on your team. A mortgage agent negotiates for you. We are concerned about you, and the reason we do what we do is to offer you as many options as possible. We fully understand that everyone’s financial situation is different, and we can offer you options that best suit you instead of turning you away. Mortgage agents encourage clients to meet face to face, so you can ask us all of your questions and we can ask you all of ours. And, we will ask a lot of questions! The better we know you and the more we know about your unique situation, the better deal we can negotiate for you with lenders.
3. We’re in it for the long haul
One thing about mortgage agents is that once the sale of your house closes, we don’t just disappear. Agents follow up in the months after the initial sale to make sure your rate is still competitive and we’ll help you find ways to pay off your mortgage faster. You won’t get that type of follow up from a bank loan officer.
Life changes and so do mortgage rates. When it comes time to renew your mortgage we’ll still be here with the same personal approach. We can negotiate the best interest rate and best length for the next term or your mortgage. Mortgage agents are always mindful of the things in life that change. Maybe your family grew by one or two since your first term and it is important to us that your renewal rates reflects those changes. Even though years may pass between that closing date, contact your broker a before your mortgage term ends and we’ll be just as helpful as we were the first time.
The rules and rates for mortgages are always fluctuating. Having a mortgage agent is a good idea because they can keep you better informed about market trends. My personal approach to the application process makes applying for a mortgage less intimidating than applying at a bank. I understand that everyone’s financial situation isn’t exactly the same and I work hard to negotiate the best deal for you. I speak your language because I want you to walk away having gain some understanding of the process. Mortgage brokers can offer you service that extends beyond your move in date. I will follow up and continue to work with you in the future to ensure you always have the most competitive rate that fits your needs, and you can pay off your mortgage as fast as possible.