As part of our Guest Blog we have asked Erica Vincelli, a licensed Ottawa Mortgage Agent, to share her knowledge and expertise with you!
Why use a Mortgage Broker?
Going to your bank for a mortgage is like going to a Ford dealership and asking what kind of car to buy. If that’s not a good enough reason, here are my TOP 5 reasons why you should work with a mortgage agent versus working with your bank.
SAVING MONEY IS ALWAYS THE BEST REASON
In many cases the interest rates I get my clients are less than at the bank. This is because I have more lenders to chose from. I work with some banks but I also have access to non-bank lenders who are only accessed through the broker channel. Their rates are usually lower but more importantly their penalties are much lower. Also, because I have special relationships with many lenders across Canada due to the amount of volume I send them each year, I always have undisclosed rate discounts over and above the going rates to save you even more money.
OPTIONS ARE GOOD
If you don’t qualify for a mortgage with a bank of non-bank lender, I have the ability to find an alternative or private mortgage to meet your needs for the short term and work with you to graduate you back to the bank. I care about each client and am proud to have been able to secure financing for the toughest applications.
KNOWLEDGE IS POWER
I take the time to explain each component of your mortgage, from the application to funding and everything in between. Since I work with first time buyers ever day, I know what you need to know even if you don’t ask the question. One of my favorite thing is when a client gets the lawyers office and knows more about their mortgage then the lawyer.
I HAVE JUST AS MUCH TO LOSE
Truth be told, I only get paid when the mortgage is funded so I am very motivated to get your mortgage approved. I don’t have the luxury of relying on a pay check each week. I earn my income and have built my reputation on happy clients and funded mortgages at a time. In most cases, the bank is the one that pays me my commission so my services are FREE to you. I am very honest with my clients and explain that if I want to eat and pay for my own mortgage, I don’t give up until the yours is done!
EDUCATION DOES MATTER
I am licensed and undergo ongoing educational courses to build my knowledge so I am at the fore front of mortgage trends and updates. I only focus on your mortgage and protection of that mortgage. Bankers are trained…in fact, they are mostly trained on how to sell you more debt. They work for their stakeholders and shareholders who impose extreme sales targets to make the bank more money. I am here to make sure you are mortgage free as soon as possible.
Contact Erica Vincelli for any questions or if you need more information!
Contact Terra Firma Real Estate to help you find the home of your dreams or in need of a change!