My Role as a Mortgage Agent
By: Melissa Kuczepa
You may have seen me post about rates or finding you the best product for your needs, but what does that even mean? As a Mortgage Agent, I represent you when shopping around for your mortgage, and my job is to make sure that the mortgage you agree to, makes sense for you, because not all mortgages are created equal. When I am approached about a mortgage, my first step is to have a conversation to learn about your goals. Are you looking to buy a house, refinance and take out some of your equity, buy an investment property, switch your mortgage to a new lender but keep the same balance or do you have a different goal? Then I gather specifics about your employment, sources of income, credit repayment history, debts, other people that are on title, and things that could change in your life in the foreseeable future. This helps me get an idea of where you are in your life and what is going to make sense for you. Getting the best interest rate should never be your number one concern. Yes, it may save you money short term on your mortgage payments but think of your mortgage commitment like the alphabet. Rate is only one letter in this alphabet, and in this case, we’ll call it the letter “R”. My job as the agent is to be concerned with A-Z, not just R. A mortgage commitment contains many important pieces of information that many people tend to gloss over when signing. But those pieces of information are even more important than your rate! Your mortgage commitment contains information about how the lender’s penalties are calculated if you needed to break your term early, how often and how much without penalty you can pre-pay on your mortgage if you came into extra money – like a work bonus, commission cheques, or even if you win the lottery. It includes information about what is required of you as the borrower, when your payments will begin, whether there will be an interest adjustment period, as well as the payment amount, rate, term, and amortization period. It will outline how much of your money will be paid toward principal and interest for each mortgage payment of your term, whether you have the option to skip payments, or change your billing date and it will outline additional fees if you default on a payment etc. My job is to provide you with guidance, support, and knowledge through the process to ensure your mortgage transaction is as stress-free and smooth as possible. I like to set myself apart by approaching each client with the goal to earn them for life, not just one transaction. If you have any questions or need help with your mortgage, let’s talk! I am happy to help and would be thrilled to guide you through the process!