Hi everyone! I hope you’re all enjoying the end of October! Halloween is right around the corner – and if you’re a home owner, that means trick-or-treaters are right around the corner as well. I hope you’re all stocked up on candy!
But maybe you’re not a home owner – or at least not yet – and you’re who this post is really directed to (for all the people hoping for a breakdown of my favourite chocolate bars, I’m sorry to disappoint). You see, I meet with a lot of first time home buyers who don’t necessarily know all the different options available to them. And that’s not their fault at all – buying a home can be an overwhelming process, and it’s likely the single biggest purchase many of us will ever make. So there’s a lot of pressure involved to get it right, and that’s why there are so many people who make a career out of alleviating that pressure. Real estate agents, for example, facilitate the process of finding the perfect home. A lot of people are very comfortable with that idea, and it’s easy to understand why hiring one might be good practice. But mortgage brokers are another group dedicated to home buyers, and it’s sometimes less obvious how our services are helpful.
So to all you first time (or not!) home buyers out there, let me make it a little clearer: mortgage brokers don’t just get you a mortgage, they get you your mortgage.
I’ll break that down a bit, and I’ll compare it to real estate agents again. It’s not that you’re not capable of finding your own home to buy (you absolutely are!), it’s just that real estate agents are able to tailor your search to your specific needs. They know your buying limit, the size of your family, your location preferences, and they match that up to every home on the market to provide you with the options that fit only with what you’re looking for. In short, they find you your home, and they do so in the most efficient way possible. Mortgage brokers do the exact same thing, but for your mortgage. Our knowledge of the industry, our years of experience, and our relationships with multiple lenders give us the ability to fine-tune your mortgage search, and to provide you with the most perfect option. It’s not that you won’t be able to find a mortgage on your own (again, you absolutely can!), it’s just that it’ll be a much longer, less accurate process.
And unfortunately, you have a lot to lose if you sign a mortgage that doesn’t work for you. Ultimately, and in the simplest terms, that’s exactly what I (and mortgage brokers) do: we make mortgages work for you. Not everyone fits in the same box, but if you walk into a bank looking for a mortgage they’ll give you the same form they give everyone else. That’s the problem I help solve – not only do I provide tailored service, I can get you better rates (and if there’s one reason to use a mortgage broker, it should be that).
Since I’ve opened my store in downtown Dawson Creek, I’ve had several clients come in who were freshly turned down by the banks. This happens for a variety of reasons – not being able to borrow from their unsecured line of credit, for example – but to me it doesn’t matter. I have access to over 40 lenders besides the Big 6 Banks, and I can find you your perfect mortgage no matter what.
Here’s something else I want everyone to know, and especially those of you first time home buyers who may not be aware of it – if you have good credit, and you qualify, you can borrow the down payment from an unsecured line of credit. Again, that’s something I can help you with, and it’s the kind of useful information you might not come across without a mortgage broker.
So whether you’re a first time home buyer, renewing your mortgage, or a seasoned buyer, I’m here to help you with all your mortgage needs. The title of this post is “What Does a Mortgage Broker Do For You?” and the answer, in short, is this: whatever you need us to.
Lori Lalonde, Your Northern BC Mortgage Broker