Mortgage Brokers Explain How to Profit From The Banks!

This week’s episode fielded several caller questions. The Cannect team went over strategies to help get a better rate from your bank, the reasons people may have for breaking their mortgage, and dove into the bank’s true motives when dealing with their most loyal customers. Marcus, Justin, and Matthew outline their stories of how they got into the mortgage industry and what qualities and skills can help people thrive in it. Have a listen to the episode below:

 

If there is one thing to take away from this episode, always tell your bank that you are rate shopping. Your bank counts on you to not look anywhere else for your mortgage renewal. As soon as you tell them that you are looking at other options, even if you aren’t, you’ll see that the banks will have wiggle room in the rate they can offer you. Their obligation is to their shareholders, not you. So if they know they might lose you and take a profitability hit because of it, it’ll usually be in their best interest to reduce the rate a bit.

 

0:00 Intro

0:42 - Marcus, Justin, and Matthew explain how they got to where they are today.

6:10 - What skills and qualities can make someone a good mortgage broker?

10:45 - Alex calls in to go over whether it is worth it for him to go to other lending options to consider breaking his mortgage.

15:15 - Why do so many people break there mortgage?

19:12 - Nancy calls in to ask about commercial mortgage rates.

24:06 - Ahmed calls in to ask why the rate his bank is offering him at renewal is more than what other institutions are promoting.

33:07 - Steve calls in and Cannect explains asset-based lending.

36:47 - Justin explains why borrowers should always tell their banks they are shopping around.