There’s more to consider about your mortgage than just the interest rate. As an independent mortgage specialist my interests only lie with what is best for you, and offering the “best rate” upfront is a given. In fact this is why I don’t even advertise rates on my website. I believe by posting rates online and simply quoting a rate over the phone or email is doing my clients a disservice.
When discussing mortgage options with potential clients the first topic of conversation we have won’t be about the rate! And here’s why:
There’s more to consider about a mortgage than just rate. Terms and conditions of the mortgage and understanding the home buying process are equally important.
If the first question I’m asked by a prospective client is, “What’s your best rate?” I respond candidly with, “Is rate the only thing important to you?”
This is a difficult question to answer while ensuring you are also truly helping your client, without knowing more information. It is important to know what my client’s needs and goals are, what will the property be used for, what is your tolerance for payment fluctuations, how long do you plan to live in or keep the property, so on and so forth. Without the answers to these as well as a number of others, simply getting a client a mortgage with the lowest rate possible will likely not be ensuring all of your best interests are being looked after.
What I do assume is that all of my clients would like the lowest and best interest rate available, however, I do not assume anything else about them, their situation, or their future plans.
As a consumer you will receive the absolute same rate no matter what mortgage broker you work with. We all have access to the same lenders and products. Calling around just to ask “What are your rates?” or “Can you beat what my bank is offering?” doesn’t really do yourself any favors in the long run. If you call around to multiple brokers and they know you are shopping around you won’t receive their best service and you’re missing the point of using a mortgage broker.
Be loyal to someone you trust
I encourage you to use a mortgage specialists services not as leverage with your current lender or with other brokers but instead use us as trusted advisers over the entire life of your mortgage. You’ll be glad you did.