http://LeahCoss.ca
Hi everyone, it's Leah Coss with The Mortgage Center. I wanted to talk about the differences potentially between one mortgage broker and another because this is somewhat a question, especially people who have been jaded in the past because they've used a mortgage broker and they weren't happy with it or something like that. Well, obviously, yes, there is going to be differences between mortgage brokers, and the obvious one is some of them you are going to like and some of them you're not, much like there's a difference between two realtors, there's a difference between two plumbers, there's a difference between two car wash stations. Even though they're franchised, you go to two different McDonald's and you may like one over the other simply because of the personalities that are within that job or company. So, yes, there is that obvious one.
But some of the more technical things are how important is it for you that they are tech savvy. There's some people that I know and who are clients of mine who need someone who is all about the tech. They want to be able to text me information. They want to be able to email me everything, fax and so forth. They don't want to have to meet me in person. They don't want to have to take time out of their schedule to have a conversation face to face. They want to be able to do it on the phone. They love that I've got videos simply because now they can learn on their own time about questions that they have.
So, that is definitely something that is worth taking into consideration as well if you aren't tech savvy and everything must be by picking up in person because you don't own a fax machine. Maybe, you're in a small town, and there isn't even a Staples close by or somewhere that you can fax from. Then, you are going to need someone who is able to meet with you. So, those are things to consider.
Then, obviously, the knowledge, like with any industry, right. It depends on not just how long they've been in the industry. This is really important. You are going to have mortgage brokers who only understand a business and lastly you are salaried or hourly, full time. Unless your down payment is conventional, they don't know anything outside of that box. They only do a business.
But if you're someone who's got bad credit or you are looking to buy a unique property, there's mortgage brokers out there who I could say, "Hey, there's a guy with a mobile home who wants to refinance it or wants to purchase it" or a previous escrow operation or a home with rental suites or even people who don't even know how to do rentals or if you're self employed or you're a new immigrant.
There's a lot of different niches within our industry, and if you don't know about them, then obviously you're not going to be able to provide the best service to your client. So, if you have any questions about my expertise in any of those niches that I just listed, you can definitely check out my video blogs on them, and hopefully that will give you some information.
Then, obviously, you've got things that are very, very technical that you definitely won't ever see, but it is a difference. The office that a mortgage broker is with is very important. Now, that's not to say the umbrella, such as The Mortgage Center which is what I'm with or Mortgage Alliance or Invis or Dominion.
It's not to say that the brand is important. The actual office is very important, and the volume of business that they do is definitely important. So, the higher the volume that an office has, the more they can spread it out amongst many lenders, and the higher your volumes are with lenders, the better underwriters that you get, the more designation you get.
So, you get fast response, but most importantly, the better discounts that you are getting on rates. So, if a mortgage broker is a one man show or if he isn't with an umbrella or if there's only three people in their office, unless that person is an absolute rock star, chances are they're only going to have a designation at two different lenders which means if you need to go anywhere other than those two lenders, you're not going to be getting the best rates.
http://LeahCoss.ca
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iPad for Mortgage Brokersby ScottDawsonMortgages515 views
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