Thursday, November 11, 2010

Wow, 50 Lenders - Who Cares!

There's one super-broker who used to advertise they could arrange your mortgage with any one of more than 50 different lenders. Wow, fifty lenders! Seems impressive, doesn't it?

In reality, it's of little or no value to have that many lenders to send business too.

In my years of experience, I've learned that typically, borrowers are looking for the 3 things:

1) Great service
2) Competive rates
3) A mortgage product that suits them

(If you think I've missed anything, let me know, I am interested in hearing from you.)

You don't need fifty lenders to deliver on these points. In fact, having too many lenders can detract from your ability to deliver. As a broker, it's best to have a just a handful of lenders you send repeat business too, for a number of reasons.

First of all, if you send a lender repeat business, they will get to know and trust you. If your work is good, they'll respond in a more timely manner, so you get faster approvals. They'll also come to make exceptions on more challenging files too, approving files they might otherwise not approve, once they've come to count on your volumes. Finally, you get preferred rates that you can pass on to borrowers, once you reach certain volumes with your lenders.

Do you need to get approved/pre-approved for a mortgage?
I have the relationships in place with my lenders to get you/your buyers the service they deserve and expect!

Call me at 416 876 2031 to the service and personal attention you deserve! I look forward to hearing from you!


David Grossman MBA
Tel: 416 876 2031
Mortgage Specialist (Agent Lic. M08005924)
Mortgage Loans Canada (Broker Lic. 10100)