There is a common misconception among Canadians that large Banks always have their best interest in mind. The unfortunate reality is that banking products are not designed to suit each individual’s personal circumstances and this was reflected when we met Mr. Daniels.
As a first time buyer and loyal bank customer, Mr. Daniels approached his financial institution for a Pre-Approval prior to searching for his new property. He was provided with a basic Pre-Approval guaranteeing a posted bank rate and standardized product details. Feeling dissatisfied with his institution and at the recommendation of his Realtor, he approached us for alternative options. We were able to match him with a lender that offered him better pre-payment privileges, a reduced interest rate and enhanced flexibility as he expected his needs to change going forward.
When Mr. Daniels wrote an offer on a new property he felt pressured out of loyalty to return to his financial institution for his Mortgage application. Three days after the application was submitted he was advised that his application was declined. It was explained to Mr. Daniels that he was declined based on internal credit guidelines that assumed his payments would become unmanageable if he were to use his accessible but untouched unsecured line of credit. Frustrated that his home bank would offer little reprieve during such an important financial decision, he returned to our Broker for guidance.
Innovative Mortgage Solutions had Mr. Daniels Approved for his financing within 12 hours of his call. We leveraged our unique ability to negotiate on behalf of our clients and this enabled us to work with a lender that used a reasonable strategy for debt reduction.
As Brokers, we can strategically shop for each client as every individual has a unique financial circumstance. Our successes are measured by the ability to focus on our clients needs and advocate on behalf of the individual.