Tuesday, 21 February 2012

The Role of a Mortgage Broker in Purchasing a Property By Guest Blogger April Dunn of Mortgage Alliance Homeline Mortgage

Hi All,

In these times of buyers markets and  lower interest rates, I know some of you may be thinking of purchasing a new property.

As part of that process you will be looking at how to finance that purchase.

To help you with this decision I have invited guest blogger April Dunn, a Mortgage Broker from Mortgage Alliance Homeline Mortgage to write about the role of a Mortgage Broker.

I hope you find this article useful?
I realized recently that there is still confusion around exactly what I do as mortgage broker and the services that I offer. With today’s uncertain economic climate, the record debt levels Canadians now have, and the interest rates at their lowest point in history, I am fielding more questions than ever before. I thought it would be a good time to remind you exactly what I do and why you would use my services.
Here is some information that may help you understand a little more of how I help my clients: 
I work with Canada’s leading Financial Institutions including Banks, Trust Companies, and Credit Unions. They include Scotia, Toronto Dominion, National Bank, CIBC, ING, and many others. There is a list of a few of our lending partners on my website at  www.aprildunn.com 

When you use me to find you the very best mortgage, and negotiate on your behalf, there is no cost to you. The lender pays me a fee for finding and bringing them the business. Remember, it saves them from the cost of additional employees in wages, vacations, training cost, office space and benefits. There is no cost to you, and I only earn a fee if we arrange the mortgage for you. The Fee is the same, regardless of which lender I choose, and it is not built into the rate. The rate is typically lower than if you went directly to the lender, and the process is a thousand times simpler. 

I also have lenders available that specialize in providing mortgages for clients who are self employed, contract employees, have seasonal income, have trouble proving income, or lack some of the standard documentation. I am an expert in negotiating the best rates for all Canadians, but understand that sometimes you may have challenges in your past that I can work through with you, to get you back on track. 

Many consumers think their bank will automatically give them the best rates because they have been loyal customers for many years, have multiple accounts with them, or have high account balances. Don’t fall into that trap. That kind of thinking has cost many clients thousands of dollars in unnecessary interest. 

Often clients make the time consuming mistake of going to multiple lenders themselves, attempting to negotiate the best rate. Each time a Financial Institution pulls your credit report, your credit score actually drops. Sometimes the very exercise of trying to find the most competitive mortgage rate on your own actually disqualifies you from qualifying at all, or forces you into accepting higher interest rates. 

I only pull a single credit report. I then send that report to my lenders electronically eliminating multiple inquiries. You deal with me directly through the entire process, from our very first conversation right until the mortgage process and funding is complete. 

If you, like so many other Canadians, have high interest credit card debt, department store debt, line of credit debt or other outstanding payments, now might be the ideal time to refinance your existing mortgage and consolidate it all into one simple payment, at the lowest rates of all time. This consolidation can sometimes reduce your monthly payments by more than a thousand dollars per month. I would be happy to calculate the savings for your specific situation. 

There has never been a better time in history to consolidate debt, refinance your mortgage or purchase investment properties. I will get the lenders competing for your mortgage business, so that you get incredibly competitive low rates, expert unbiased advice and fast, friendly service. 

Contact me for a complete mortgage review at your convenience, but remember, the lowest rates in history won’t last long. 

April Dunn is a Mortgage Broker who has been assisting clients to purchase, refinance or renew their mortgages for over 15 years.  April is the Managing Broker of Mortgage Alliance Homeline Mortgage, an independent franchise of the Mortgage Alliance network.  April provides a full range of residential and commercial mortgage financing for clients all over the province of British Columbia. April can be reached at 250-826-3543 or april@homelinecanada.com

Kind Regards

Trish Cenci

Tel 250 864 1707

Email trishcenci@shaw.ca

1 comment:

  1. Great post, Mortgage rates are varying regularly as compare to other interest rates. Pay attention to trends and keep in mind those present mortgage rates changes frequently. Instead of trying to pinpoint a day when the mortgage rate is at its lowest, ensure how the rates vary from one day to the next.