What You Don't Know About Mortgage Agents

I discussed mortgages with a friend this week and he made the comment that he believes many people don’t really know what mortgage brokers and agents do.   I hope to clear this up for you.

When you deal with a bank, you are dealing with one mortgage lender.  Your bank has specific rules and policies, and if some aspect of your mortgage profile does not fit into their strict package, you will be denied, the deal becomes dead.  However, if you seek out a mortgage agent, you will find that we have access to over 40 different lenders, each with a variety of rates, programs, and different types of deals to benefit you, the client. 

In many cases, when a person is declined by the bank, they come to me, and usually, I can help.  Interestingly, if your first stop is a mortgage agent, then you will only have to access your credit bureau once—if your credit is checked too many times, this sometimes negatively effects your credit score.  See a broker, and you will avoid any added problems, like too many bureau “hits.”

Furthermore, this happens to be an opportune time of year to discuss why mortgage agents are a valuable resource to clients.  Each year, the government requires mortgage agents (some are Accredited Mortgage Professionals or AMPs) to upgrade our Broker/Agent License.  This means mortgage agents are educated about everything to do with the mortgage industry, including rules, regulations, laws, etc. 

This education process is to protect clients.  No one else in the mortgage business has to do this—your bank does not do this.

Honestly, by choosing a mortgage agent, especially an AMP,  you are choosing a person who has an up-to-date education, knowledge of and access to a multitude of lenders; ultimately, this will benefit you and get you the best mortgage possible.

Think AMP!

I believe an informed client is a happy client.  When you buy a home it is important to remember what a significant purchase it is.  In the future, for example, when refinancing or selling your first home to buy your next, if you discover information you never knew, the surprise can be shocking.  To avoid disappointment, I also believe an informed broker agent achieves better results for home buyers.  

I recently attended a training session and trade show sponsored by the Canadian Association of Accredited Mortgage Professionals (CAAMP).  The mortgage association sponsors education programs which issues a designation, entitled:  Accredited Mortgage Professional (AMP).  The association recommends home purchasers seek out agents who hold this title because AMP’s are the most up to date, educated, and informed professionals about everything to do with mortgages.  So, when you decide to buy or refinance, it’s in your benefit to choose someone who has industry specific knowledge about the entire process. 

http://www.caamp.org/