Most people are scared of mortgage brokers – this is because mortgage brokers are still trying to make the bridge (in the public’s eye) from “the last place to go for financing” to the “first, and only place to go for financing”. Years ago mortgage brokers were the former (“the last place to go for financing”) – you would typically only go to a mortgage broker once you were declined by every bank in town. This was because most brokers were not paid by the banks to send them a client. Therefore brokers would have to charge clients – so, if you were bank-worthy, you would just go directly to the banks. Now – things have changed (almost every bank has a broker division that pays mortgage brokers for sending them clients). Now, you may ask, why would I use a mortgage broker in Calgary when I could still go to my bank? Well – everyone wants a good rate – so in order to ensure you are getting a good rate, you need to know what banks are offering as mortgage rates, so – you can go bank to bank (and see which one is offers the best rates OR you can go to a mortgage broker. The problem with going from bank to bank is that they will check your credit (and every time your credit is checked it appears as though you are applying and being declined, which then causes the credit bureau companies to think that there is something wrong with your situation and they will then lower your credit score to reflect this). Now, there is a simple argument (which all brokers use) which is – we shop the lender’s for the best rate, while only using 1 or 2 credit checks – so your credit doesn’t suffer. BUT I’m not going to argue that because no-one can offer the “best” rate – there are just too many lenders out there for anyone to guarentee that. My reason for going to a mortgage broker is as follows:
a) we filter – we review your situation and filter certain (irrelevant but damaging) details from getting to the lenders <– this especially helps when there is only one or two lenders who will consider your situation, as it prevents the lender from declining you based on information that they don’t need to know
b) We save time – if we are going to go from lender to lender, shopping, then we don’t save time; however, a good broker knows what lenders typically offers the better rates and therefore we can usually go directly to them, which saves you a lot of time
c) We know what certain lender’s like – we aren’t going to go to a lender, who is obviously not interested in financing your situation, which (again) saves you a lot of time
d) We often are paid by the lender’s – so (in many cases) we are free for you
Call me if you need anything! Thanks.
Related article: Bad Credit Home Equity Loans | Calgary Mortgage Brokers
Trevor Hickey, B.A.
Mortgage Associate
Concord Mortgage Group Ltd.
#107 – 1905 Centre Street NW
Calgary, Alberta
T2E 2S7
Bus: (403) 290-1990
Cell: (403) 860-8738
Fax: 1-888-587-1426
Email: trevor@concordmortgage.ca
Website: www.mortgagebrokercalgary.info
Popularity: 8% [?]
In defense of those who spend more than they make - YOU ARE NOT ALONE! Almost everyone does it BUT don’t just stop cold turkey, just as in dieting, you try and plateau, then decrease. I have included a diagram for explination.
How to diet effectively
Belive it or not, spending money is addicting – I think the addiction is quite simple – you spend lots, because it makes you feel important and you receive great things in return (ie. good meals, nice clothes, nice cars etc.) So remember that you can’t approach this just like a bad habit – IT IS GOING TO BE HARD TO BREAK (and Yes, you will fail a few times on your way to success – but don’t give up). Most North American’s don’t have a net worth (worth speaking about) – we need to change this!
Anyway – here are the main steps to quitting over-spending:
1) Stop the growth of over-spending
If you are spending more and more each month (which can easily be tracked if you watch your debt rise each month) – target this 1st, stop the growth in over-spending.
2) After you have done this for 1 month or two, start to reduce how much you spend each month (but don’t get so zealous that you exhaust your restraint and go on an expensive spending-binge).
3) Eventually you will get down to living within your means, but don’t stop there – KEEP GOING. Eventually you will have some savings and will be able to sleep at night. Just do your best!
Related article: Home Equity Loans Calgary
Trevor Hickey, B.A.
Mortgage Associate
Concord Mortgage Group Ltd.
#107 – 1905 Centre Street NW
Calgary, Alberta
T2E 2S7
Bus: (403) 290-1990
Cell: (403) 860-8738
Fax: 1-888-587-1426
Email: trevor@concordmortgage.ca
Website: www.mortgagebrokercalgary.info
Popularity: 2% [?]
I have been a mortgage associate in Calgary with Concord Mortgage Group Ltd. for approximately 4.5 years. In my experience I have found the industry to be a good one. One misconception about the industry, though, is that mortgage brokers in calgary are competing with each other. This is FALSE! Mortgage brokers are all part of a team – and we should act as such. When a potential client calls and tells me that another mortgage broker has offered them an interest rate – I will quote my best rate – and if I can’t beat it, then I leave it at that. BUT – if another broker has an approval from a lender (and it is a competitive one) I think we should give the client the option of who they deal with. If I can only beat the approved rate by a few point I will tell the clients that the other broker has done a lot of work for them and, if they want, I can work for them; however, a few points isn’t that much and I’d almost prefer it if they kept their other broker. The main reason behind this school of thought is simply that we (mortgage brokers) all have families and/or financial obligations – when 2 or more brokers work on a file, only one gets paid and the rest have just worked for free (and with no thanks).
It is with this respect to the industry that I make this salute to Calgary mortgage brokers. I recently had a friend leave the mortgage industry. And I can’t blame him, after sleepless nights, not making any money during the recession, and the stress that goes along with this job – I don’t blame anyone for considering different employment. Anyway, here is my salute to those who have fought the good fight, regardless of if they are still doing mortgages or not.
All the best!
Related article: Should I pay mortgage broker fees?
Trevor Hickey, B.A.
Mortgage Associate
Concord Mortgage Group Ltd.
#107 – 1905 Centre Street NW
Calgary, Alberta
T2E 2S7
Bus: (403) 290-1990
Cell: (403) 860-8738
Fax: 1-888-587-1426
Email: trevor@concordmortgage.ca
Website: www.mortgagebrokercalgary.info
Popularity: 2% [?]
