Every once in a while something in the real estate industry bugs me. Do not get me wrong I love being a REALTOR®, I love dealing with people and helping them make an informed decision on their most important life choice – their home. Over the years I have dealt with 100s of clients who have gone through the process. The thing that bugs me is the long distance mortgage brokers. I have had a few clients use mortgage brokers in other provinces, brokers that work for a subsidiary of a large bank that work in other provinces that the client gets assigned to. The process starts with the client going onto a website, searching for a mortgage, applying and getting assigned to a broker.
The problem is that the client and broker never sit down and chat. When you are buying a house you should sit and talk to all the professionals involved. A good REALTOR® will save you money, make sure you are not making a poor decision and paying to much for a house. A good mortgage broker will tell you your options, whether it’s a shorter term, a longer term, the best interest rate and other choices. What I have found is the long distance broker and client does not have that relationship. A local broker will meet with you, tell you your options, your limitations and look out for you better than someone on the other end of an email. I know a lot of local mortgage brokers and they will look out for your best interests by sitting with you and explaining the process.
Anyone who knows me knows that I am techie. I get questions from other REALTORS® about new advances in technology and I find it fun but technology is there to enhance and help not to do the work. A face to face meeting in probably the most important part of any home purchase. You the buyer will earn more from sitting with your realtor, mortgage person and lawyer than you will ever learn from an email.
All this rant came about because a recent experience I had. The buyers used a mortgage broker out of Ontario and through emails and the occasional phone call got approval on their mortgage. The only issue was the clients were confused and thought they could do 'extra stuff'. If they sat and discussed this with a local broker I am sure the questions would have come up before it was to late. Like I said earlier I know a lot of local mortgage brokers. I use the services of only a few and send my clients to a particular one based on personalities, I want you to get along with your broker and feel comfortable with asking questions.
There that’s my rant for today
Thanks for reading
Ken Devoe – Century 21 Advantage