With Mortgage Brokers, Speed Comes With Experience
“Your Choice of Mortgage Broker Can Make All The Difference In Getting Your Mortgage Financing Arranged Quickly
Like anything else in life, experience does account for something and that’s no different when it comes to the mortgage broker business, especially these days.
Perhaps in a more settled market, it’s more possible to collect the basic application information for a mortgage financing request, pump it into the system to a number of lenders, and get back a result that’s acceptable to the borrower.
Perhaps.
But now more than ever with the new rules that have come into place on mortgage insurance and an overall tightening down on mortgage commitment policies and procedures by lenders, more finesse and knowledge tend to be required to get deals done and get them done in the time required.
More established brokers on average will have more established relationships with mortgage underwriters. So when there are concerns or questions, a direct conversation can keep a deal a live versus a quick no.
There is also a greater demand on brokers to keep up with the trends among lenders in terms of what they are approving and what they are staying away from and how the information needs to best be presented and packaged for the best results.
This can only come with time in the saddle, doing deals for several years. And speed is not necessarily how fast you move. Its more about making sure that any one particular deal is being presented to the most relevant lender with the best potential positioning.
Obviously, for straight forward deals, this is not going to be required in most cases. But most of the deals these days are not straight forward by definition and therefore require a certain amount of expertise to get the deal done in the time required.
The alternative of not working with someone with sufficient experience is no approval in the time you have to work with and deal failure. And while all mortgage brokers and mortgage agents are fully qualified to provide mortgage placement services, they come with varying degrees of experience which can impact how things go in the current market place.
As a general rule, if you know you’re real estate deal or mortgage requirements are going to be somewhat or a lot challenging, then make sure you’re drawing on a greater level of experience when selecting a mortgage broker.
There is nothing worse than a failed deal or suboptimal deal that could have been avoided with a better approach to the market.
About the Author Joe Walsh
I'm a Toronto Mortgage Broker that arranges mortgage solutions on residential and commercial real estate property. With over 30 years of mortgage financing experience, I'm able to quickly assess your financing requirements and provide relevant solutions for your immediate consideration. Joe Walsh Google+ YouTube Channel