Transcript of Video Blog:
Hi, everybody. It’s Rowan Smith with the Mortgage Centre. I want to talk today about being aware of armchair critics.
A lot of times a client will come to me with a very unique situation like a very hard to do file, and I have to pick and choose very carefully as to which lender will approve it. I go out and get the approval. Maybe the completion date isn’t for a month or two down the line.
In between the time I get the completion and the time I get the approval, I keep getting questions from the client that are odd because I feel like they’re being guided by somebody else, let’s say, “Well, my friend said that they got such and such a product”, or, “My mom said I should only be going with an open mortgage”, or, “My dad said that fixed rates are much lower now, and I should be getting a lower rate.”
All of that may be true for them in their exact situation. You don’t have their situation. That’s why, mortgage brokers are in business is because we know how to look at each individual borrower and set them with a lender and a product that’s the best for their situation. That’s a key point — the best for their situation.
If someone is self-employed and doesn’t declare any income and doesn’t have a great credit score but they have a sizable down payment, not every bank will do that. Not every bank will want that deal.
So if someone got a fantastic deal through Royal Bank, six months ago, has very little bearing on what we can get for them today and what we can get for this different borrower today.
I’m making mention of this because I had a recent situation where a client used to be a Realtor many years ago back in the ’80s and was complaining to me about why they couldn’t use a vendor take-back mortgage.
I’m going to cover that in a separate blog post which is going to follow in a couple of days, but the bottom line is what used to work in the ’80s doesn’t really work now. Especially, this fellow was from the U.S., so stuff that applies in the U.S. markets doesn’t apply here.
The bottom line to this whole post is be careful who you’re getting that information from. Your mortgage broker, myself, is an accredited mortgage professional. I have the AMP designation, which is the highest designation that you can get in Canada when it comes to mortgage origination.
I’ll help you look at your individual situation and get you the best possible deal based on that. I get paid essentially the same no matter where that mortgage goes. There might be small variances, but it’s not enough that it’s going to sway me one way or another.
Besides, I have a fiduciary duty to look out for you and your financial best interests. If I don’t give you the best possible deal and you can just walk in and get a better deal somewhere else, nobody would use me. So of course I’m going to be looking to get you the best deal I possibly can for your situation.
For the Mortgage Centre, I’m Rowan Smith.