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25 May

Why Use a Mortgage Broker During COVID-19 Restrictions?


Posted by: Jenni MacDonald

Going to your Bank is a hard habit to break.  We are used to going to our bank for all things mortgage, but is this really the best option when you are searching for a mortgage during the COVID-19 restrictions?

Here are some reasons that my clients would recommend using the services of a Mortgage Broker:

1. Reduces Your Stress – A Mortgage Broker can complete the full application process online and with phone and text so there is no need to leave your home or stand in a separate line up at your branch.  We can collect your paperwork via email and fax and text.  We keep in good communication with you (often even late nights and weekends!) so that there are no surprises on closing day.

2. Saves You Time and Gives You More Options – Mortgage Brokers have relationships with many lenders. We work with lenders you have heard of and some you probably haven’t.  Mortgage Brokers already know most of the products that are out there to choose from so you don’t have to spend the time researching them yourself and wondering if there is something better somewhere else.  Also, mortgage payments can come from any of your existing accounts so there is no need to change your regular banking habits no matter which lender you decide to work with.

3. Finds a Lender That Will Consider Your Current Income – Not all lenders will accept income that is not guaranteed during COVID-19 restrictions, so your branch may not be able to approve you until your income is back to normal.  A Mortgage Broker has access to lenders that will accept your pre- and post- COVID-19 income.

4. Saves You Money – Mortgage Brokers often have access to rate discounts because of a high volume.  In many cases, a Mortgage Broker can get you a better rate at your branch than you can.

5. Services Are Free and Your Opinion Matters – Mortgage Brokers are paid by the lender and not by you.  If you, as a client, are happy, you will tell your friends about the service. Mortgage Brokers rely on referrals to succeed in their business so your opinion of their service will always matter.

6. Studies Mortgages and are Regulated – When you visit your local bank branch, you meet with someone that is well versed in all of the products available to you from that branch.  Their training includes a broad spectrum of products so that they can offer you the best product for your needs.  When you work with a Mortgage Broker, you are working with someone that has studied only mortgages and has completed annual mandated courses that are required to maintain a license to sell mortgages.

7. Have Access To Private Lender Options – There are specific situations (especially to get through the COVID-19 restrictions) where a short term private mortgage may be needed to get through.  Mortgage Brokers have access to Private Lenders that will accept less stringent documentation than a Bank will to approve a mortgage.

8. Considers All Situations – As Mortgage Brokers, we see every scenario out there. Damaged credit, low household income, low net worth might be a deterrent for the bank, but a Mortgage Broker knows lenders that consider all types of unique situations.  A plan and strategy are usually suggested to make sure there is a mortgage option available in the future.

Rather than traveling to your Bank, why not try a Mortgage Broker now?

If you are interested in finding out more, I’d be happy to look at your mortgage options with you.

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