Home buyers benefit in many ways by using an independent mortgage broker who is not tied to any one financial institution. The major benefit is that an independent mortgage broker works only in the best interests of the client. Meeting the buyers needs is the absolute measure of a success business such as Welbanks Group? And using the services of a mortgage broker costs nothing in the vast majority of cases because lending institutions pay for the mortgage broker’s services.
There are over 40 major lending institutions in Canada – Canadian banks, credit unions, trust companies, finance companies and individual private lenders – who benefit this way. More independent brokers mean less inside mortgage sales representatives at the lending institutions. The resulting savings are passed down through the independent brokers to their customers. These institutions bid on the business opportunities Lee brings them, resulting in the lowest available mortgage rate at the time of closing.
Successful Toronto mortgage brokers like Lee Welbanks provide customers with clear insight into various mortgage options. There are over 400 mortgage products in the Canadian mortgage market and this number is growing all the time, recently with a surge in innovative products for the growing number of self-employed homeowners, first time buyers, and low or no money down offerings. Each product has its own unique terms, rates and benefits that an expert like Lee can lay on the table.
Today, across the GTA and the country it is estimated that more than 1 in 4 Canadian homeowners are now using independent mortgage brokers for all their home financing needs – buying, selling, renegotiating and equity financing. Beneath this trend lies a simple formula that Lee Welbanks understands and adheres to – lower mortgage rates make happy customers, happy customers spread the good word, and business grows.