We all know life can get very busy, and having to deal with additional situations – such as a mortgage – can be very time consuming, stressful and sometimes cumbersome.
Working with the right Mortgage Professional is a significant factor in the outcome of your experience.
Firstly, you need to ensure that you are working with a Professional that is licensed, experienced and has an excellent track record if you want to have a smooth process. Working with someone who checks these off can reduce your time requirements significantly, remove the stress and simplify the process for you.
As a qualified broker for your mortgage in London, Ontario, allow iMortgageBroker to get you the results you need. We can achieve this by shopping your mortgage needs around on your behalf to get the best deals and lowest rates for your specific needs and circumstances. We get the lenders to compete for your business!
At iMortgageBroker Inc., which is a member of Dominion Lending Centres, we pride ourselves on providing excellent service and unbeatable results for our customers and clients. Every person is valued and treated like a VIP – the way you deserved to be treated and cared for, no matter what.
We consider it a pleasure and a privilege to assist you with your real estate mortgage financing needs and to provide you with exceptional service, experienced counsel, the best available financing options, and lowest rates for your mortgage needs.
A Mortgage Broker does all the legwork for you to shop your needs around to all the lenders. This includes dealing with banks, trust companies, credit unions, mortgage corporations and insurance companies to get them to compete for your business. We also educate our clients and will provide you with all the knowledge and information you need so that you can make the best decision that’s going bring the most financial benefit. Most of all, our expert service to you is FREE! A fee may only be discussed and charged for commercial deals and alternative lending solutions for credit and income challenged borrowers.
Are you curious to know why working with a London mortgage broker protects your best interests and is of such great benefit to you for your mortgage needs compared to going to your bank? We put together a Broker vs. Bank below explanation that will answer most of your questions.
Working with a Bank
A bank agent or bank mortgage specialist is a representative of that specific bank. This person has knowledge of that bank’s specific suite of mortgage products, and can only offer one of their own mortgage products to you.
The purpose of the bank as a publicly traded company is to create as much profit for its investors and to generate as much money off consumers and borrowers. How this is done and affects you, you’re probably well aware of, and that’s another discussion of its own.
Banks offer bank posted rates and are only willing to give discounts, called discretionary pricing, to clients on discretion to compete and retain business. The bank representative is motivated by funding ratios, as this is what is required for performance and promotions, and sometimes commissions. Mortgage specialists and bank agents have limited education and training as they operate and function under The Bank Act.
All of these factors limit the borrower’s options, lending solutions, and results, and it may not be to your best interest.
Working with a Mortgage Broker
A mortgage broker works for the client and not for the bank. Brokers have a fiduciary responsibility to care for and look out for the best interest of the borrower. Perhaps the biggest gain with working with a broker is that their service is free of charge, meaning no fee and no cost to the consumer.
Additionally, a mortgage broker has in depth knowledge of their local markets and all the products that different lenders are offering, including banks, trust companies, credit unions, mortgage corporations and insurance companies.
A broker finds the right mortgage product that is best suited for the client’s needs with the best terms, conditions and lowest rates. The purpose of a mortgage broker is to negotiate on the client’s behalf to ensure the best interest of the client is cared for and that they get only the very best mortgage in London, Ontario, for their unique situation.
Furthermore, a broker is client-performance and result-driven, meaning we are highly motivated to perform exceptionally well you. We only get paid by the lender through referral fees and commission-based income after a mortgage funds on closing day.
Most importantly, the successful career of a super mortgage broker in London is very much dependent on positive client reports and reviews, which only happens when a client is happy with the service they received and achieved outstanding results.
If after meeting with your broker you decide that you still prefer to have your bank fund your mortgage, your broker can still do all the legwork for you and have your mortgage funded through your bank. This will originate your bank’s best financing for you upfront.
However, don’t be surprised if you find that your mortgage broker’s discounted rates at your bank are even lower than the best your bank offered you.
If you have any questions regarding a mortgage or which product may be right for you, reach out to us today! We would be more than happy to answer your questions.
We look forward to hearing from you and assisting you!