With the upcoming spring season in the air, everyone gets excited for the warm weather, summer vacation, and the much deserved time off. For some it is all about rest and relaxation, for others it is about making the choice to buy a new home. Let’s face it: the slow time in the real estate market is from November to March. During the holidays, everyone has enough to do without going to showings, negotiating contracts, and most of all moving. Hence this activity is usually reserved for the warmer seasons.
Buying a home involves many options like a house or a condo, big or small, area and location. One major decision you have to make is about your mortgage. This is as important as how much you pay for your home. Making sure you save the most in interest, have the best terms and a mortgage that fits your needs are all important. The first important decision you have to make is if you will work with a bank or a mortgage professional. The decision is not easy, as going to your local branch is the first logical thought. Is it necessarily the best one?
Making a decision of this nature requires looking at various factors. You have to ask yourself questions like how much time you have, do you want a specialist helping you, what services you require and how much you really want to learn. With a process that can be overwhelming, what is it that you want.
When you deal with a Mortgage Professional, you get exactly that: a professional working for you. Mortgage originators are experts at their fields. This is what we do everyday. From updates on new products, new rates, industry news and changes, to continuing education and designation requirements, we are learning non stop. We have to, it is a dynamic industry that can change from day-to-day. Keeping on top of things, allows us to bring knowledge and perspectives not offered by your bank. Your banker is a professional, a professional that sells insurance, checking accounts, visas, and every other product the bank offers that they can charge fees. Are they better trained to sell numerous bank products or in your mortgage needs?
Who’s Working For You?
Every so often an article appears in the news with the following example: I went to my bank for a mortgage and got a high rate, then I went to see a mortgage agent and got a lower rate, but my bank matched it. What is wrong with that statement? The fact that the bank originally tried to rip you off and pad its bottom line. See your banker works for your bank, your mortgage professional works for YOU!!! Our lively hood is your happiness and your business. If we do not meet and exceed your expectations, you will go somewhere else. Bottom line is banks can always beat our rates if they value your business enough, but will they give you a better rate if one comes up after signed your commitment and before closing? No!!! Because they do not work for you, but some faceless stockholders.
Banks have everything from savings accounts, to stocks, etc. However, they only usually have 4-9 mortgage products. Since banks are risk averse, these products have very stringent lending restrictions pending approved credit. If you do not qualify for a loan, even after being a customer for 20 years, the bank can and does say no. It has happened to a few of my customers. This is where mortgage professionals excel. Mortgage Alliance for example has access to over 50+ lenders and growing. Everything from the very banks you use, to alternate lenders, equity lenders, and private and construction financing. With the availability of over 300 products, you can pick the one best for you.
Getting a mortgage is sometimes very confusing. Knowing what to expect and how things work will make the decision more comfortable and stress free. This is the best part of being a mortgage agent. That is working with consumers and educating them on how the process works, the ins and outs, what to expect and how to save money. With the internet being used by majority of Canadians, everyone is knowledge hungry. People are turning to the web in massive numbers, blogs and informational sites are flourishing. Everyone wants to be better informed.
Not only can your mortgage professional take the time to teach you something new, they are also learning themselves. Every interaction teaches us something about human character. At Mortgage Alliance, education is fundamental. Our brokerage spends numerous sums of money and resources to provide online broadcasts on MAC TV, weekly update conference calls, MAC University, and the weekly Success Series. We are constantly being informed of new trends, products, and services. CMHC, Genworth and other companies involved with mortgage financing present and educate our agents.
As mortgage professionals we are always working and always available. Yes it is kind of sad, but a faced paced industry requires that. With Blackberry or iPhone at hip, we come to your house, local coffee shop, library, or office. Days, nights and even weekends, we are available to answer questions or meet at your convenience. Your banker checks out at 3:59, at which point the company voice mail kicks in. I have personally had a stressful experience dealing with my bank. After being approved by my bank and submitting all paperwork the person responsible for my file was sick for 3 weeks. To no avail, I missed my closing and was fined by the developer. My file was finally given to someone else who reluctantly processed the file. Guess what, my bank did not refund any portions of my fine or apologize.
Being a professional, we are required to carry Errors and Omissions Insurance. This not only protects us, but it also protects you. If anything goes wrong, and error is made, and it costs you money. You can sue and make a claim against the professional. In the banks case, you can complain and get nothing but frustration. We are trained in ethics and quality standards. Offering ethical services, provides good will to the industry and repeat business. We care for your satisfaction, but also the satisfaction of our lenders and affiliates. Hey, should you need a lawyer or home inspector referral, we have those too.
The home buying process is an unforgettable experience filled with emotions like uncertainty and excitement. Envisioning yourself settling into your dream home induces a warm and tingly feeling in most buyers. Having some peace of mind that you are working with individuals that have your best interests in mind is required. You get that peace of mind by working with a professional. Get what you deserve, and that is the best.