Deal Of The Month October 2019
One of my favorite challenges being a mortgage broker is to work alongside a client who has already been told no. Either by their banks or another mortgage specialist. A file that comes to mind is a client that resides in Surrey who was informed by his primary bank that because he was 7 months out of a Consumer Proposal, they would not be able to support him with any type of mortgage products.
After speaking with the client and gaining some insights I started working on his file believing there was a product for him. Upon reviewing his Equifax I discovered that a trade line was still registered as outstanding. I instructed the client to contact Equifax and ask for the correction. The client went from a 520 to 669 in a month. That is a 149 point increase in less than a month.
The client, after writing a supportive narrative, qualified for B lending guidelines and was able to purchase a condo that he had his eyes on for months.
The goal is to shift the client to an A lender in the next 12-24 months which we will be supporting him with along the way.
What made a difference in this case:
- Looking at the file with solution based focusing(If bank say no there could be other options)
- Reviewing trade lines to ensure that current trade lines are accurate(520 beacon – 669 beacon)
- Getting the entire story and narrative(client had a great job, great income and a sizable down payment)
- Support and guidance from a Mortgage Broker(ensuring I provided the client clear instructions and my professional guidance to meet and exceed lenders guidelines)
- Follow up, the support of a great mortgage broker doesn’t end after the funds are released. Its an ongoing commitment and I aim to deliver the best service I possibly can.