A question that I often receive when meeting with mortgage clients is “why is it that you do not have an online mortgage application?” I think today is a good day to write about exactly why I do not employ this tool in my mortgage operation, and I think it is food for thought for everyone searching for a mortgage on the internet.
The Argument for Online Mortgage Applications
We live in a connected world, where we can do many things without leaving your home. Great applications exist for this, such as online shopping, which can save people money if they are willing to wait for the shipping of the product and it is not a product that you need to look at and touch to assess quality.
Clearly, an online mortgage application is convenient. It is also true that they are usually secured quite well. For some mortgage brokers, it is ideal. They actually get someone (the mortgage client) to do part of the work for them without even taking the time to meet with the person!
So Why Do I Not Have an Online Mortgage Application?
There are several reasons why I do not employ the online mortgage application.
- You do not know who I am, and you do not know where your VERY personal credit and contact information is going. While I do have my name, picture and contact info on every page of my website (unlike many other mortgage brokers and lenders) I am old fashioned in that I think it is appropriate to at least have a telephone conversation with someone before obtaining their sensitive personal information. Wouldn’t you, as a mortgage client, want to know who you were dealing with? Fraud is a significant problem in the mortgage industry in Canada. I think it is fair that you as a consumer should know a little about the person who is handling your mortgage financing.
- I feel it is very important for me to know who I am working with. Mortgage fraud, as I had mentioned, is a significant problem in Canada. There are unscrupulous mortgage agents and brokers working for the banks as well as mortgage brokerages. There are also many cases of fraud on the part of mortgage borrowers. Meeting and talking to your client is an important part of ensuring that mortgage applications are legitimate.
- If mortgages could be arranged by themselves, there would be no need for a mortgage broker. Simply put, when someone thinks about information such as their income, the way a borrower looks at their income is not the same way a mortgage lender will look at their income. It often takes a time sitting down and discussing these matters to really sort through those questions and ensure accurate information to structure a successful mortgage financing.
- Better service and a more personalized service. I will meet clients in places convenient to them, I am mobile and so it is not like they need to go somewhere to meet with me. I also meet clients on evenings and weekends, so that you do not have to skip work or interrupt your day to meet with me.
If I were shopping for a mortgage, and I came to a website where there is no face on the website, no name besides a company name, and I had no idea who would be looking at or working with my personal information, I would be very suspicious of the legitimacy of that site. They may be legitimate, but would you really want to take a chance?
When you come to my website, you see who I am. I am the one in the picture on the right hand side of the screen. You see my business address where I spend most of my days. I handle your personal information, and I do it with the care and respect that it deserves. I am not hiding behind my company logo, and your mortgage application will not land in the hands of 1 of 1000 people, 10 of which may not be legitimate (maybe less, maybe more). When you fill in a mortgage application with a bank, it is not assured that your information will absolutely land with a good, honest agent.
My strong suggestion is to know who your mortgage broker is, and to meet them. It won’t ensure that a fraud will never happen, but it will definitely improve the odds in your favor. If you receive a call and its a mortgage broker in Toronto when you live in Vancouver, how can you ever know who you are working with?
Eliminate the chances of an unscrupulous broker working on your mortgage. Even if you are out of town, you know who I am and you can contact me easily. Fill out the form below to receive a quick callback from me personally.