Why use a Mortgage Broker?
January 17, 2025 | Posted by: Sherry Corbitt
You may have seen me post about rates or finding you the best product for your needs, but what does that even mean? As a Mortgage Agent, I am licensed to broker mortgages. Meaning I represent you when shopping around for your mortgage. My job is to make sure that the mortgage you agree to makes sense for you because not all mortgages are created equal.
As a Mortgage Agent, I have access to MANY different lenders with many other products. So, when I am approached about a mortgage, my first step is to have a conversation to learn about your goals. This allows me to narrow down which lender's product will work best for you. For example: Are you looking to buy a house, refinance and take out some of your equity, buy an investment property, switch your mortgage to a new lender, or do you have another goal entirely?
During the conversation, I gather specifics about your employment, sources of income, credit repayment history, debts, other people that are (or will be) on the title, and things that could change in your life in the foreseeable future. This helps me get an idea of where you are in your life and what will make sense for you. It is also essential to mention, getting the best interest rate should never be your number one priority. For a moment, think of your mortgage commitment like the alphabet. Rate is only one letter in this alphabet, and in this case, we'll call it the letter 'R.' My job as the agent is to be concerned with the whole alphabet, not just one letter.
A mortgage commitment contains many vital pieces of information that many people tend to gloss over when signing. But those pieces of information are even more important than your rate! Your mortgage commitment contains information about how the lender's penalties are calculated if you needed to break your term early, how often and how much (without penalty) you can pre-pay on your mortgage if you came into extra money – like a work bonus, commission cheques, or even if you win the lottery. It includes information about what is required of you as the borrower when your payments will begin, whether there will be an interest adjustment period, and the payment amount, rate, term, and amortization period. It will outline how much of your money will be paid toward principal and interest for each mortgage payment of your term, whether you have the option to skip payments or change your billing date, and it will outline additional fees if you default on a payment.
My job is to provide you with guidance, support, and knowledge through the process to ensure your mortgage transaction is as stress-free and smooth as possible. I like to set myself apart by approaching each client to earn them for life, not just one transaction.
If you have any questions or need help with your mortgage, let's talk! I am happy to help and would be thrilled to guide you through the process!
Melissa Kuczepa, Mortgage Agent
