Todd Veinotte: Should I go to a broker for my mortgage renewal?

Talking about mortgage brokers

Talking about your mortgage renewal. Don’t feel like listening? Check out the audio transcript below.

Todd: [00:00:00] We have a caller. Jean is calling, Jean how are you?

My mortgage is up for renewal

Jean: [00:00:04] I’m good. Good morning. Good morning. My mortgage is up for renewal the first of February. Anyways, I’m a senior and I wanted to know about mortgage brokers. I had a mortgage broker and he put me with a company and then he put me with a bank. OK, after four years or whatever. So when you go with a mortgage broker the bank or the lender does pay for you people but doesn’t the bank charge us?

Clinton: [00:00:37] No, mortgage brokers are one of the only things in life that’s free.

Jean: [00:00:41] I know, but I’m saying doesn’t the bank or the bank paid out the money for you.

Does a mortgage broker cost me more?

Clinton: [00:00:46] It’s not charged back to the client. So the reason that banks pay mortgage brokers is because we very well could take this to any bank or any mortgage lender out there in the industry. The reason that they pay the mortgage broker is it’s actually cheaper to deal with a mortgage broker than it is with their own employees, when you think about it. They pay us once. So, we don’t get paid over and over again. Where at the bank branch they have to pay salaries, and benefits, and pensions, and rent on the building and maintenance. And, you know, they have to pay those bills if they do a mortgage or not.

Where with us we only get paid when we originate the mortgage and I think that’s why, you know, unbiased mortgage professionals are so motivated too. We only get paid when we lend the consumer money and it’s not charged back to the client. The clients don’t get charged a higher interest rate. If anything they get a lower rate because it’s really economies of scale. Going to a mortgage broker is like going to Costco or Walmart where when you go to the bank branch it’s like buying your toilet paper at the gas station.

Is it time for a second look?

Todd: [00:01:49] Jean let me ask you this? So you say you’re renewing, when again?

Jean: [00:01:52] In February and I just wanted to know if it would make a difference. Even though I stay with that bank what to get my mortgage renewed would it be better, would I get a better rate from a mortgage broker?

Todd: [00:02:03] Ok Jean, here’s what you need to do, you need to call Clinton Wilkins and he would love talk to you.

Clinton: [00:02:08] Call me, i’d love to help you, and in the meantime Jean if you are online you can visit our website at teamclinton.ca/radio there’s tons information on the website around mortgage renewals and rates and all my contact information is on there or if you do want some more contact information Amber can certainly give that to you.

Todd: [00:02:24] Absolutely, Amber can. So maybe I’ll put you on hold and Amber can fix you up with that, does that sound fair to you?

Jean: [00:02:29] Thank you, have a good day guys.

Saving cash

Todd: [00:02:33] So it comes down to this. People are often saying I like to go to my bank I’ve been there forever and my question is, So do you like spending thousands more dollars? Are they worth thousands more dollars?

Clinton: [00:02:44] Often, often times I see clients and they save like five thousand dollars.

Todd: [00:02:48] Exactly.

Clinton: [00:02:48] Easily. Easily, without me even trying to do any magical work.

Todd: [00:02:53] That’s real money.

Your bank is a business

Clinton: [00:02:53] It’s real actual cash and I’d rather have the cash in my consumer’s pocket than I would in the bank’s pocket. I think anyone would want that. One thing that we need to remember is Banks are businesses and they’re some of the most successful businesses in this entire country. The reason is because they’re making money off me and they’re making money off you.

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