As told by Kris Crawford, Owner and Mortgage Broker at Innovative Mortgage Solutions
I was recently contacted by a couple who were looking to purchase a new home. A Realtor® I work closely with had previously referred them to me, however they decided to just go through their own bank as it seemed like the easier option.
They started the mortgage application process with their own bank and when it was time to get an appraisal done, their application was declined because the value came in lower than expected. Despite their requests to get another appraisal done, their bank refused as it was against their policy. This is when they reached out to our office to explore their options.
Because they had dealt with so much back and forth from their bank, we were on a very tight time frame and the couple was at risk of losing their new home. After looking into their situation, we decided to send their application to another bank. I was able to reach out to a contact at that bank to let them know the application was urgent, and within 24 hours we had them approved. This lender was able to give them an automatically generated appraisal based on comparable properties, so the approval went through without needing to send out a new appraiser to their home. They were also given a better interest rate than their own bank had offered.
Contrary to popular belief, dealing with your bank is not always your easiest option; nor do they always offer you the best deal available just because you are a loyal client. Brokers are paid by lenders for the work that we do, which means we do not get paid until your mortgage deal is complete. This means that, as your Broker, our interests are very much aligned with yours in finding the best product available for you. Our business is based on referrals from our clients and we are always willing to put in the extra effort to ensure you are taken care of.
If you have any questions about your mortgage or your options, please feel free to contact our office for a free mortgage consultation.