Skeptical of Using a Mortgage Broker?
We've scripted a conversation between a mortgage broker and a client who is skeptical of using a mortgage broker for the first time:
Mortgage Broker: Hi, thank you for considering using a mortgage broker for your home loan. Can I ask, is this your first time working with a mortgage broker?
Client: Yes, I've always just dealt directly with banks in the past. I'm a bit skeptical of using a broker.
Mortgage Broker: I understand. Many people have that initial skepticism, but let me assure you that working with a mortgage broker can actually save you a lot of time and money in the long run. We have access to a wide range of loan products from various lenders, so we can find the best deal for your specific situation.
Client: Okay, I'm willing to hear more. How does it work?
Mortgage Broker: The process is quite simple. First, we'll have a consultation to discuss your financial situation and what you're looking for in a home loan. From there, we'll search through our lender network to find the best loan options for you. We'll present you with those options and help you to compare and contrast them. Once you've chosen the loan that's right for you, we'll handle all the paperwork and communicate with the lender on your behalf.
Client: That sounds like it could be helpful. How much does it cost to use a mortgage broker?
Mortgage Broker: In most cases, our services are free to the borrower. Lenders pay us a commission for bringing them business. So, you'll pay the same interest rate and fees whether you go through a broker or directly to the lender.
Client: That sounds fair. Can I ask, are there any risks to using a broker?
Mortgage Broker: The only risk is that you may not find the loan that's right for you. But, as your mortgage broker, I'll be working with you every step of the way to ensure that you get the best deal possible. And if you ever have any concerns or questions, my door is always open.
Client: Alright, I think I'm ready to give it a try. Let's schedule a consultation.
Mortgage Broker: Great, I'm glad to hear that. Let's set up a time that works for you.
The meeting occurred at a convenient time, over zoom or over the phone and the mortgage broker requested a few basic documents to start the process of finding them the best refinance solution from over 35+ lenders.
Speak to a mortgage broker today about refinancing to set yourself up to pay off your home faster and avoid paying unnecessary interest.