I have a love-hate relationship with my profession. The people I meet, my staff and happy customers make running a mortgage broking business a worthwhile adventure. Yet even with the many reasons to love my job, I find some stereotypes persist, meaning being a mortgage broker is not all rainbows and lollipops.
Here are 5 myths I live with being a mortgage broker…
- Mortgage brokers are snake-oil salespeople.
I’m not going to lie – there are a lot of shady mortgage brokers out there. But most have been exposed and moved out of the industry. Unfortunately, they’ve left the rest of us struggling with their reputation of being sleazy salespeople – which we’re really not. At SF Capital we care very much about our clients and our purpose, and will only recommend the home loan we think is best for you.
2. Using a mortgage broker will cost you more money.
Sure we work on commission. But above all, like any good business, we aim to provide great service to our clients. Our services are fee free for our clients, and we are only paid by the bank for successfully helping you with your loan. This means we only win when you win, and we’ll go above and beyond to provide expert advice tailored to you and you alone. If a home loan doesn’t work for you, we’re not going to put it forward – no matter the commission.
3. Mortgage broking is an unregulated profession.
Not just anyone can become a mortgage broker. To work in the industry we have to first achieve a Certificate IV and then a diploma in Finance and Mortgage Broking, and then gain industry accreditations so we have the knowledge and expertise to write loans. To remain the best in the field, we constantly keep on top of the latest legislation, products, policy and market changes. It’s not unusual to clock a 14-hour work day and we work tirelessly to ensure our clients are satisfied.
4. Mortgage brokers have hidden agendas.
We won’t recommend the wrong mortgage just so we can earn a hefty commission. Today you have complete freedom to search online and contact banks yourselves. What we offer is expertise, access to rates you wouldn’t be able to get otherwise, and the ability to negotiate even better rates. There’s nothing hidden about that – we couldn’t be more upfront about our services!
5. Mortgage brokers will work for the sale… then bail.
People think we’ll do anything – lie, cheat and schmooze – to get the sale, before leaving them high and dry. The reality is, our favourite customers are those who stay with us for life. That means, at SF Capital, we’ll do whatever it takes to keep our clients happy. Our goal is to make sure you have the best experience and mortgage for your needs, with a great client experience to top it off. Any reputable mortgage broker knows this is what will keep clients loyal – if not, you can simply refinance in a couple years using the bank or another mortgage broker.