Hey everyone! Lori Lalonde here, your Northern BC Mortgage Broker, with my second blog post in as many days. I don’t usually do more than one a week, but I just got a phone call that made me realize how important these regular updates are. My goal in writing them, of course, is to give Canadians a better understanding of the mortgage market – because as I’ve often said and truly believe, the best consumer is an informed consumer. That said, it’s unreasonable to expect Canadians to have a full, complete understanding of the mortgage industry (considering that not only is it pretty complicated, but it’s also always changing). So really, for as much as I want my readers to learn something from every post, I also want them (you!) to understand that it’s not realistic to learn everything on their (your!) own.
That’s where I come in. And yes, I’ve said that a few time before, but it’s true – my job as a mortgage broker, by definition, is to make getting a mortgage as easy as possible for you. It’s a job I love to do, and it’s a job that’s more necessary than ever. As far as I’m concerned, 100% of people applying for a mortgage should do so through a mortgage broker (though as my last post mentioned, the real statistic is drastically lower).
Now, I know what you’re thinking: of course I want everybody to use a mortgage broker, because as a mortgage broker, I stand to gain from that. And sure, I always appreciate getting new business, but this post isn’t meant as an ad. In fact, I’ll go so far as to say that you should always use a mortgage broker even if it isn’t me – the important thing is that whoever you go with has an in-depth understanding of the mortgage industry. No matter how much you know personally, no matter how many of my blog posts you read, it won’t be enough – but a good mortgage broker will always be an expert in the latest products and policies.
As a matter of fact, I’m in Vancouver right now participating in information sessions with a wide variety of lenders (including TD Bank), for the sole purpose of keeping up to date with changes in the industry. I’m always learning in this job, because if I’m not, I wouldn’t be doing justice to my clients. That’s the single most important quality of a mortgage broker, and it’s why I recommend you use one (even if it isn’t me!) whenever you apply for a mortgage. Yes, it’s a given that I can get you the very best rate, but it’s my knowledge and service that makes me absolutely invaluable. And most importantly – and I’m putting this next part in all caps – MY SERVICES DON’T COST YOU A DIME. Sorry to yell, but this is the reason I can’t understand why so few Canadians use a mortgage broker. We have access to the latest knowledge and the best rates and we don’t charge a thing – why would you not use a broker?
Now at the start of this post, I mentioned getting a phone call that prompted me to write it. It’s the same call I get several times a week, from a potential client who’s been misinformed by their bank, but this one just pushed me over the edge. I can’t tell you how many times I’ve picked up clients simply because they’ve been promised something by the bank (or indeed, another mortgage broker) that just hasn’t been delivered. I’m not complaining – again, I like getting new business – but it just frustrates me to see people wasting their time when I can help them out so easily… and for free! That’s really what this post is all about, and I just can’t stress it enough: if you’re thinking about getting a mortgage, always consult a mortgage broker first. It’s that simple. I’d love it if that broker were me, but if it’s not, then consult someone else. Think of it like going to get your teeth cleaned: if you’re willing to pay a dentist to do a better job of something than you could do yourself, then wouldn’t you be willing to not pay a mortgage broker to get a better mortgage for you?
This post has run a little long (I had to make up for being brief last time, I suppose), but I hope that just supports how serious I am. To be as blunt as possible, call a mortgage broker. Just do it. And if you’re looking for a good one in Northern BC, my number is (250)-782-9665.
I can promise you won’t regret it.
Lori Lalonde, Your Northern BC Mortgage Broker