My sister and her husband recently bought a new house and, despite my strongly-voiced opinion, opted to go with their bank when choosing a mortgage. The bank gave them a good rate, but they suffered numerous headaches that I don?t remember experiencing at all when I obtained my mortgage through a mortgage broker.
The whole ordeal made me think about what I appreciated most about my mortgage broker experience, and I thought I’d share my list with you. Our broker got us a good rate and had access to a wide variety of products, but those two factors didn’t even make my top five.
1. Brokers accommodate my schedule and needs.
When we first applied for a mortgage, my mortgage knowledge was a little more advanced than your average consumer, thanks to my time spent writing for Axiom and Canadian Mortgage Professional magazine. To catch up, my husband wanted to meet with our mortgage broker in person to get a Mortgage 101 primer. Not only did our broker happily accommodate our request but, because my husband’s work schedule was a little crazy, she met us after work hours as well. Awesome.
2. Brokers explain stuff (and they don’t leave anything out).
My sister and her husband had a few difficult hiccups – the most notable being a surprise $5,000 fee charged to their new mortgage, because their old home closed before they took possession of their new one. One thing about our broker – she explained everything to us. Like, everything. And if there was anything we were at all confused about, she was just an email away – and replied promptly that same day. As a result, when it came to closing day, we had absolutely zero surprises.
3. Brokers have your back.
My sister and her husband had to wait seven excruciating days for their pre-approved mortgage to be formally approved after they put an offer on their dream home. During that time, they bit their nails and worried that the bank was going to come up with some absurd excuse to not give them a mortgage. When we went with a broker, our mortgage wasn’t only approved in a ridiculously short amount of time, but I never once felt it would fall through. Our broker was on our side – she wanted us to get a mortgage. If this lender didn’t work, she’d find another who would. Simple as that.
4. Brokers are well-connected.
If you’re looking for a real estate agent, or an interior decorator, or a good moving company, they usually know. Or they can find out. I somehow doubt bank reps have those same professional connections.
5. The relationship doesn’t end when the mortgage is signed.
I’m not sent quarterly newsletters or bombarded with post cards/Christmas cards, but when I have a random mortgage question, I know I can send an email and receive a prompt reply. And that’s exactly how I like it.