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11 ways we are different than you dealing with the bank directly

General Angela Calla 8 Nov

1. We are licensed, trained professionals governed by a licensing body that requires us to continue our education to ensure we stay on top of the market-working in your best interest.

2. Banks can only sell you their products. Bankers and “mobile mortgage specialists” are employees of a bank and are paid by that bank for selling the bank’s products. We are independent professionals. We have access to hundreds of products from dozens of banks and lenders. The lender pays us a finders’ fee for bringing them business, but we only place you with the best available product.

3. We protect your credit. We only use one application to shop all the lenders. If you shop on your own, however, a new credit report is required for every lender you approach. This pulling of multiple credit reports can negatively impact your chances of receiving the best possible rate.

4. We have your best interests in mind throughout the mortgage financing process and over the long term. We look for the best solution for YOU to become mortgage-free faster, as opposed to turning a profit for the banks.

5. We are proactive. We continually educate you on how and when to take advantage of the market. We build a plan so you know how we’re planning to stay in touch (IHS Protection from Payment Shock, Market Optimization and Debt Restructure, just to name a few). A borrower operating lender direct, in most cases, is only going to get the best solution that is most profitable/beneficial for the lender. Don’t be upset by this – it’s their job! When borrowers know better, they can do better! Ask yourself this: when was the last time your provider followed up suggesting a way for you to save money (and them to make less)? Can you say with absolute confidence based on results there is a specific plan in place from your lender for you to use the market to your advantage? Are you confident you didn’t miss any money-saving opportunities?

6. We offer a vast selection of mortgage products. Having access to multiple lenders, we know the ins and outs of all of their offerings and restrictions. Why make the process frustrating for yourself? Our service is free!

7. We provide timely information. When there’s a change in the market, we can execute a plan faster due to our extensive financial education – not only of products, but also the market, government and insurer changes, and so on. Have you ever heard the saying: “It’s all in who you know”?

8. We understand the entire home-buying and mortgage-financing processes. Most lenders have layers of staff with different knowledge and oversight capabilities. As your mortgage originator, we oversee dozens of people on your behalf right up until your mortgage is funded.

9. We don’t sell you products that are more profitable for the bank. We see borrowers receive bad advice from lenders all the time. For instance, they take a short-term borrowing solution. These generally come at higher rates with no amortization and people fall into debt traps as a result. This is because part of bankers’ goals/target reviews and opportunity for advancement are based on cross-selling products that are more profitable for the bank.

10. We are here for the long haul – this is our career. Have you ALWAYS dealt with the same people at the bank? Some, yes, but most people find that bankers change departments and relocate often. And those people are not always replaced with bankers who have a level of knowledge that should be prudent when dealing with your LARGEST debt – your mortgage. Consider the change of a doctor or dentist. You want long-term, and when you have a good one and they retire, usually it’s a disappointment if they were great at their trade! That’s the type of relationship we strive to build with our clients!

11. We are transparent. This should be most important to ANY borrower. How can someone who is getting compensated from their employer – who only had access to 1-3 products on average – be expected to know they have the best solution for you, when there are over 100 out there AND they change DAILY??!!

We’re not saying the banks are bad. Thank goodness we have so many wonderful lenders to choose from to compete for your business! We simply want to point out the differences so borrowers can understand what’s important to them when making a an educated decision. We don’t want you to have to learn the hard way, as we often see borrowers after they’ve been to their bank and have to help them correct their situations.

Angela Calla, AMP

Dominion Lending Centres-Angela Calla

Host of ” The Mortgage Show” Saturdays @ 7pm on CKNW AM980 Phone :

604-802-3983 Fax: 604-939-8795