I just got off the phone with a potential client. This type of conversation happens way too often and I think it is time I set the record straight.
The conversation basically went like this. “Oh, well my credit is good so why would I use a broker when I can go to my bank?”
The client was declined by her bank not because she has bad credit, and not because she didn’t have enough income or she was self-employed and claimed very little. She was declined by her bank because she didn’t fit into their box. And if you don’t fit into their box and abide by all their rules, you will not get approved.
I began to discuss with her why she was declined and that I have 3 lenders that will do this deal at an even lower rate than what the bank was offering. The difference was in the way they calculated rental offset, which is something I will touch on in the future. Now, I’m a superstar… but she still doesn’t understand how this is possible because she has been a client of theirs for over 20 years.
I want to set the record straight once and for all and I want people to understand exactly what I do and don’t do.
What I do is provide solutions for my clients. The majority of these clients (92%) are great credit, good income “bank” clients that require a professional to put their financing together for a number of different reasons. Once they experience and see exactly what I can do for them, they never step foot in the bank again, except to do their day to day banking.
The myth that mortgage brokers and agents only deal with bruised credit and “difficult deals” is a complete myth. I spent last weekend with all the VP’s of all the major banks and lending institutions in Canada at my conference. When the VP of Scotiabank stood in front of the crowd and told everyone that 50% of Scotia’s mortgage origination came from the broker channel, everyone’s jaw dropped. If we only deal with tough deals and bruised credit, then how is this possible?
When you decide to use me for your mortgage, you will know exactly what I’m talking about.
The broker box is a lot bigger than the bank box.
Wishing you success,