I am doing a survey and would really appreciate your feedback. If you were looking to purchase a home or refinance your mortgage, what would you do? Would you go directly to your Bank or would you call a Mortgage Agent? I have assumed that people knew the difference but then if no one has ever explained the difference, why would they!

A client, Mary Smith, was referred the other day looking for a pre-approval on a Mortgage to Purchase a Home. She had applied to her Bank and was told she only qualified for a Purchase of under $400,000 because they could not use her disability income to qualify her and her partner. She spoke to an associate and they suggested she call me. Here is the difference between using a Mortgage Agent like myself and your Bank.

The Bank can only offer their own particular products were as I work with many different lending institutions and have access to various lending policies/criteria to get your Mortgage approved. To the Bank, you are just a number but to me, you are a person. Someone that I believe in and you have been referred to me by a trusted source that knows how diligently I will work for you. As I work with a number of different lenders, I will locate which institution would work best with you while offering the best interest rate and terms. In the case of Mary Smith above, I found a few lenders that could use this particular disability income and was able to get a pre-approval of $525,000.

Last month I had a referral of a client looking to Purchase a Home. The gentleman did not meet any lenders criteria because he was just upgrading his professional skills as a doctor and did not have a firm offer of employment in place. I absolutely believed in his ability in the future to repay his Mortgage so I had his file escalated to the highest source to get an approval.

In summary, I work for my clients and not the institution that I am employed by, I will go to the limit to give you the undivided attention that you deserve, will receive absolute honest feedback and not waste your time, your personal situation will be treated with utmost respect and confidentiality and in 95% of situations, there is no fee for my service as I am paid a referral fee by the lending institution. I hope this explains the difference in using your Bank and working with me!

Colleen Saunders is a 25 year veteran in the mortgage industry, serving Oakville, Burlington, Mississauga and Toronto and offering all mortgage related services such as 2nd mortgages, private mortgages and more

To contact Colleen, please fill out the form on  www.mortgagesbycolleen.ca  or call 416-459-2406