When people are investing $200,000, they almost always seek professional advice before making a move.
Brian Field wonders why they don’t take the same precautions when they are borrowing a similar amount. When looking for a mortgage, most people go directly to their bank, but not all mortgages are alike. The variations are usually buried in fine print and unintelligible to most consumers. With 30 years in the banking and mortgage business, Field has seen some of the differences first hand and his advice could have saved some mortgagees thousands of dollars in fees and interest. He would like to help more of them.
After graduating from the University of Western Ontario, Field joined Canada Trust’s management training program where he participated in his first mortgage transaction in 1989. He has worked in the Mastercard department, acted as Manager of Executive Banking, managed branches in affluent areas of Toronto including Leaside and Forest Hill, and later joined Scotiabank, moving to Millbrook in 2012.
He became disillusioned with banks and in 2014 became an independent Mortgage Agent serving the Peterborough, Northumberland and Durham area. He works under the banner of Mortgage Alliance, which is a member of the M3 group of companies. With more than 8,000 brokers, it is the largest non-bank mortgage provider in the country, and has more than 100 lenders funding their mortgage products.
Some customers come to a mortgage agent because their situation does not fit into traditional lending restrictions. They include self-employed individuals or young professionals who do not have the two year T4 income history most banks require. Many arrive after seeing their pre-approved mortgage limit from their bank evaporate as they tried to close a real estate purchase. The two-minute pre-approval process that had given them the confidence to bid on a property makes several assumptions that can prove false when the bank proceeds to approve an actual transaction.
This experience drives many customers to approach a mortgage agent like Field. Realtors are a large source of referrals to help them avoid situations where a deal falls through because of financing. With his access to wide range of mortgage suppliers, Field can match clients with lenders who are comfortable with different situations. That does not mean these clients have poor credit scores or are more risky. Some are high net worth individuals with low traditional income. Others are purchasing income or cottage properties or making a significant, long-overdue renovation. Some are looking for affordable break fees in anticipation of a significant transaction that could mean that the mortgage is no longer required. Even better, the rates Field can secure for his customers are often lower than those quoted by the banks.
As an independent, Field sets his own hours which can be helpful when customers are competing with other bidders and need confirmation they can bump their mortgage value during heated negotiations after hours.
Brian Field believes the mortgage should fit the client, not the bank. Before you assume a bank is your best source for mortgage financing, a little research through an agent like Brian Field could prove you wrong. For more information, visit www.mortgagealliance.com/brianfield or call him at 905-442-1236. KG
