Lenders' Early Offers Vs. Brokers' Tactics

We recently invited Colin O’Loughlin, Director and Mortgage Broker of Arch Brokerage to the webinar. Here’s what he said –

“What we’re sometimes seeing, and not great from my point of view as a mortgage broker, but sometimes we can start an application for a client and then they can turn around and say, ”Hey, we lodged the discharge form”.  We tell them that they’re going to be leaving, and then they’ll try and trump potentially whatever’s made available to you.

So, one sort of thing that we are using is we are trying to leverage against your existing lender and say, “Hey, this is what’s available out there in the market. Can you come and meet this?”.

I also know that lenders are getting better at providing their best pricing upfront and stopping that toing and froing. Obviously, from a mortgage broker’s point of view, we don’t want to start doing the work whenever they’re going to come along and then try and beat the business. 

We will try and put you in the best position possible to get the best rate. Whether that’s staying with the existing bank or leaving, it just comes down to the research that’s conducted at that starting point that’s going to yield you your best interest rate available.”