The process of becoming a homeowner can be long and arduous, and your mortgage broker is one of your key allies in getting a mortgage in order to buy a home. But if done right, the relationship between you and your broker doesn’t stop once you have the keys.
Depending on how your individual mortgage is structured, you’re going to be up for a renewal at least twice over the life of your mortgage – and, for many people five or more times. That means many opportunities to reconnect with your mortgage broker, not only to get you the best interest rates available at the time, but to evaluate where your mortgage falls in your overall financial picture.
A good mortgage broker will definitely want to keep you as a client over the lifetime of your mortgage, so your broker will probably already have their own efforts in place to reach out to you every so often and checking in on how your mortgage payments are coming along. They might even have a newsletter of some kind, with helpful tips for homeowners. Either way, it’s only to your benefit to have a good relationship with your broker; here are some ways that you can make the most out of that relationship over a long period of time.
When getting your mortgage, there’s no point in lying about your occupation, your income, or your debt. It’s all going to come out in the wash anyway, and your broker can’t place your mortgage application with the best lender for you if they don’t have all of the facts. Not to mention that you’re going to have to come clean eventually when the lender does their due diligence on you. If you don’t tell the truth and lie about details on your mortgage application, then you’re committing mortgage fraud, which is something that you want to avoid at all costs. This holds true after you’ve gotten your mortgage as well – be honest when it comes to what you want and don’t want for your next mortgage term. Remember that your broker works for you and is paid (by lenders) to deal with the situation that you present to them, not the situation that works best for them and/or is easiest to place.
Keep in touch
Months, even years, may go by, but don’t let your mortgage broker become a stranger. As mentioned, your broker may – and should – reach out to you every so often, but if they don’t, don’t be afraid to initiate contact with them, even if it’s just dropping a quick email to say hello or asking a simple question. This way, when you actually need something or it’s time to discuss renewal, your mortgage broker won’t have to think, “Who is this person?”
Don’t be shy
Things change. Your broker doesn’t expect your financial realities to be the same 10 years down the road as they were when you got your mortgage. If you’ve changed your plans and now want to own a farm or move out of province or even start thinking about investment properties, don’t hesitate to let your broker know. They can only help you develop a mortgage plan if they know what your plans are; otherwise, the options that they suggest for you might not work for your short-term and/or long-term goals.
If you’re happy with your mortgage broker, don’t keep them to yourself! A large part of a broker’s business is referrals, and often those referrals come from clients who they’ve previously worked with to get mortgages. If you know someone who is looking for a mortgage, maybe even someone who is unfamiliar with the role of a mortgage broker, offer to put them in touch with yours. It’s really a win-win-win situation: good for your friend who needs a mortgage, good for your broker who needs the business, and good for you, who just bought some goodwill from both parties.
Part of the reason it’s beneficial to speak with a mortgage broker is so that you can learn about the wide range of products and services in the market that they can get for you. But if you do your own research into a mortgage product or subject before speaking with them about it, then you can have a much more productive conversation about the products and see how they apply to your situation. You’ll be able to ask more detailed questions, and will probably understand your broker’s responses a bit bitter. It never hurts to do some preliminary homework.
Just like your relationship with your realtor, the relationship with your mortgage broker is a long-term one. Knowing how to make the most out of that relationship over the life of your mortgage can really work out in your favour.