Why Your Client Should Choose Mortgage Agent Over Bankers

As a Mortgage Agent, especially new one, one of the most common questions we got ask is, “Why should I choose you, and not just walk into the bank and get my mortgage done?”. This is a question that WILL come up sometime during your career, so you might as well think of an answer to respond when being asked.

Many clients think that all the banks and lenders are the same, so they just blindly walk into any banks and apply or inquire about their possibility of getting a mortgage approve. Little do they know that each lenders has their own unique niche target clients and audience, as well as unique lending products to suit their needs. For example, some banks and lenders have lending program that is favorable to Business Owners, others, High Networth clients, and others, seniors.

So if your clients are not familiar with the industries, he or she may spend many valuable time to just “walk in” to the banks, just to get rejected after a week or two.

For me, I think one of the biggest reason why clients should choose us over a particular bank’s mortgage specialist is, that we are like a Family Doctor, and that when a client come to see us, we can direct them to the appropriate lenders and banks, as we are associated with many lenders, with various different niche lending program as well as different rates. So it is a “One-Stop Shop”. It saved their time, and time equals money.

There are also other myths floating around that makes clients afraid of choose mortgage agents over bankers, such as “Brokers always need to charge a fee, and bankers don’t.” This is not the truth. We have funded many cases that we do not charge a fee. Sometimes we even buy-down the rate for the client (what that means is, we cut our commission to lower the interest rate for the client. We don’t do it for all clients but for some situation, we do.)

In conclusion, we Mortgage Agents as an industry, need to provide positive image to clients so when they think about mortgage financing, we should be the first choices and not a backup plan.

Calvin