You may think that this article is self-serving bias, because I am a mortgage broker, but do not forget that I am also a home buyer. When I purchased my first house, my bank would not approve me for a mortgage and at that time I had been a customer for over 10 years. Thank goodness a co-worker had mentioned that I could try a mortgage broker. I did not even know who a mortgage agent or broker was. I got approved with no problem and I was able to close the deal on my house with no problem.
Do you stay with the same company / service (pharmacy, store, bank, grocer, barber / hairdresser, tailor, seamstress, lawn cutting, mechanic, etc.) even if you do not get what you want? Is it because it is convenient, it is a family or friend who referred you, you hate change, you cannot be bothered? Are you doing this person a favour or because it is a sound business decision? Do you prefer the known rather than the unknown? Why do you tolerate this pain especially when the price goes up and the service does not keep up?
I believe that the homeowner makes similar decisions about what is comfortable, what is known, and what is convenient when it comes to getting a mortgage and, sometimes, to their detriment. Being a mortgage broker, I have insights into the processes of the bank. I have helped many a homeowner who thought they had an approval for a mortgage for the purchase of their home. Throughout the process, which in a financing condition is only 3 to 5 business days -- quite short -- they submitted documents, had conversations with the bank mortgage specialist, and told they were approved. When it came time to review the mortgage approval so that the financing conditioning could be removed, they learned that no financing was in place at the bank. You can imagine the anxiety, disbelief, and enormous stress on the clients.
Owing to the close relationships developed with various mortgage lenders, I was able to arrange a mortgage for the client the same day so that they could meet the conditional financing and complete the purchase of their new home. Who knows what went on at the bank? There is no explanation or reason for the failure of the bank to not have mortgage financing for the client.
They were happy..... you will be too.Why is this behaviour tolerated? Are we afraid that the change to another provider will be the same or worse, we dislike change, or because we are creatures of habit? I am not shocked when someone comes to me, because the bank raised their interest rate without notice, arbitrarily made changes to their account, or took payments from the wrong account and created a NSF situation, because the chances of the client going elsewhere is slim to none. Yet, there will be enough of these behaviours when, ultimately, it necessitates a change.
Finally, the client learns that there are other possibilities and options, which can be better than the bank. And, yes, mortgage agents and brokers, like myself, offer great service, care about our clients, and work hard to earn their business. Take the plunge, discover a whole new world of mortgage lending with a mortgage broker. I want your business.