My opinion on Financial Specialists. I love a great mortgage broker. They know all of the products out there including all the major banks/A-lenders as well as any B-lenders or creative financial options when needed.
The difference for me in choosing a mortgage broker over a bank employee is that they know ALL of the programs, options, promotions or whatever all of the lenders might be offering, so they can shop around on your behalf and get the right fit. They also know all of the governments programs and rules that you can or cannot take advantage of which seems to be ever changing. So, it’s not JUST about getting the best rates which we all want...it's about the right the product for whatever you are shopping for. A home, an investment or income property, commercial property or vacation property. As far as rates go, they often do have the added bonus of being able to get best or better rates if they are doing volume business with a particular lender.
Mortgage Broker's are commissioned based so they are working hard for you and want to get the deal done right. They ARE NOT going to just give you a pre-approval (meaning a verbal over the phone or email chat about what you might qualify for based on how you answer the questions) they are going to ask you for all of your paperwork and proof of income and debt and actually PRE-QUALIFY you for the maximum amount of money you are able to spend on a home. This is what you want. You want to know what your power is…and as your Realtor, so do I. Once you know your numbers you can confidently make an offer on a home. The last step once you have this pre-approval is having the financial institution approve the home you have chosen…so all of the offer paperwork goes to them and you most likely get a bank appraisal on the home to ensure you did not buy at an inflated price and that are still willing to give you the money!
Not all mortgage brokers are the same. Experience counts because they (lenders) can be tough on buyers with all of the new rules, and they may require more paperwork from you than ever. A good mortgage broker has a long term relationship with all of the lenders and has first-hand experience with any complications that may arise.
BTW…I can’t say anything negative about a bank employee…but, a random employee you walk in to see at your branch is getting paid whether they put together your deal or not. I have some fabulous mobile mortgage specialists from a number of the major banks and they as well are working very hard for you. Often they will meet off site at your convenience...as well, they will place your mortgage with your own branch…but they are DEDICATED mortgage specialists so that is all they do! No nonsense!
If you have a great contact at your branch that you trust you can stick with that, but if you are not attached to them, please let me know if you would like a referral to a great morgage broker or mobile mortgage specialist from your fave bank.
Lori 416.891.5674