“I’ve been banking with (fill-in-the-big-6-bank-name) for over 10/20/30 years!” So why choose a mortgage broker Ottawa? Here’s why!
Mortgage Brokers give you choice
I hear this all the time. You’re loyal to your bank. Maybe your first savings account was opened at this bank. The first dollar you ever earned was deposited in this bank. You took out a student loan, a line of credit, your first credit card, bought investments, and yes, a mortgage, at this bank.
They’re your lender of choice. They’ve treated you well. You’ve got a relationship with this bank. One you’re proud of.
Except you don’t.
Oh, you THINK there’s a relationship there. But there really isn’t.
So when it comes time for your mortgage renewal, you may get a message from your bank that sounds like this:
“As one of our VIP clients, here’s a mortgage renewal rate just for you!”
“Great” you think. “I’m a loyal, long-time client, and deserve some VIP treatment and a good deal! Where do I sign?”
Feels good, doesn’t it? Makes you feel important. Makes you feel wanted.
And that’s the point.
The only problem is, you’re not getting a deal. In fact, you’re probably paying MORE than a first time customer.
You see, luring customers away from other banks requires some incentive. You’ve just proven that. You’re a long-time, loyal customer yourself. What would it take to lure you away from the bank you’ve been dealing with for most of your adult life?
But once a bank has you, they don’t need to give you a deal. They just need to make you feel good about banking with them.
How to get a mortgage that’s right for you
Unless you ask for a better deal, they’re not going to offer you one unsolicited. Not when they already know you’re likely to keep on, keepin’ on.
So when you sit down at the average branch to renew your mortgage, know this: The person you’re renewing your mortgage with is NOT a mortgage broker. They are NOT offering you a choice. They’re NOT interested in your short or long term financial goals.
They’re a bank employee. And they’re only offering their bank’s products with a PRESUMPTION of choice, such as a choice between a fixed or variable rate.
Think about it. Did the employee you renewed your mortgage with ask you about your goals, and go over the underwriting details so you understood the penalties in your mortgage?
Chances are they didn’t, because chances are, they didn’t understand the details themselves.
For help with getting a mortgage, choose a mortgage broker Ottawa!
The employee at your average branch doesn’t look at your goals. They don’t know or understand all of the options out there. All they know are their employer’s products. They’re relying on the fact you haven’t done the research or the legwork. They’re relying on you accepting the illusion that you’re a valued VIP client, who’s prepared to sign because they’ve made you feel good.
A good mortgage broker asks about your goals. They help you come up with a strategy. They find options from MULTIPLE lenders, many more than just the big 6 banks. And they present you with choices that are best for YOU, not what’s best for the lender.
Because when it comes down to it, having a choice is good. Why would you limit your options?