What Does A Mortgage Agent Do?

I get asked this question a lot and it’s as simple as “what does a mortgage agent do?” or “what is your process?”. So, allow me to run you through both questions and provide some clarity.

What does a mortgage agent do?

A mortgage agent acts as a liaison between the borrow and the lender during the mortgage process. The mortgage agent will work along side the borrower to assist them in securing their mortgage lending from financial institutions. My goal as a mortgage agent is to always put my clients wants, needs and future at the forefront. Every step I take is in the best interest of my clients. I aim to take all the anxiety, confusion and fear that is associated with a mortgage and turn it into a stress-free, educated, and empowering experience. Throughout the process, I encourage clients to always ask as many questions as they need to, as it is extremely important to understand what is going on right from the beginning. It’s my promise to always leave the borrower in a better situation than they approached me in.

What’s the process?

For me, it’s very important to stick with my process. This is because if you follow a process, you ensure that no corners are cut. When no corners are cut, you provide the most consistent, clear, and seamless service guaranteeing successful results every time.

Step 1: Discovery Call

- We’ll set up a meeting so that we can get to know each other, and I can learn more about what the borrower wants to achieve moving forward.

Step 2: Application

- We’ll set up another meeting where I will take the application.

- I will collect information regarding:

• 3 years of employment history

• 3 years of address history

• Any additional income sources

• Your Assets

• Your Liabilities

• If you own a property, details surrounding that property.
  

Step 3: Supporting Documents & Credit Report

- I will send a list of documents that are specific to the borrower and their situation. Because everyone is unique, documents will vary depending on the situation.

- Once received, I will pull the credit report.

Step 4: Loan Strategy Report

- This is where the real work begins. I will analyze all the information and documents provided me.

- From there I will put together a list of formal recommendations, we’ll set up a new meeting and I’ll present the borrower options in a report format.

- We will go through the options in detail, ensuring each one is understood in great detail.

Step 5: Pre-Approval

- Once the borrower has thought about the options, asked any remaining questions, and made a decision, the they will let me know which option will fit their wants, needs and lifestyle.

- I will then submit a request to that lender and in a few days the pre-approval will be confirmed!

- Once pre-approved, the interest rate will typically be locked in for 90-120 days, depending on the lender.

- This is an important step because it will set the borrowers expectations moving into the next step. The borrower will know exactly how much their budget will be, as well as an overview of their terms and conditions.

Although the process of getting a pre-approval may feel time-consuming, and document heavy, it is all worth it in the end. Having a mortgage agent do the heavy lifting, working in the clients best interest, providing the maximum mortgage amount with the best rate and conditions, is a benefit that is unmatched.

Note: Pre-approvals do not guarantee funding, the lender that pre-approves a borrower will do one more check upon closing of the property. The reason for having to submit the deal again is due to the fact that the borrowers situation could change, so the lender wants to do their due-diligence once more.

For more on pre-approvals, check out my previous blog here.

Step 6: House Hunting!

- Now that the borrower understands what they are pre-approved for, the fun part begins – finding the dream home!

- Once the borrower and their realtor have found their home, and go through the purchase process, I will officially submit the deal to the lender, and get their final commitment, and official stamp of approval.

Step 7: Deal Closes

- At this point I will ensure that the lenders have everything they need from my client, and then I will take a back seat.

- Here is where the lawyers do what they need to do ensuring all conditions are fulfilled, and they are on top of all the paperwork. I will always check in with the lawyers to guarantee everything is on track.

- Soon enough the deal will close, and it’ll be move in day!

Although the process ends once the deal closes, that does not mean the borrower and mortgage agent lose touch. It’s very important to me to keep in touch with all my clients, continue to educate them, and provide them with industry updates as time goes on. I take pride in being a constant and an advocate for my clients, pre, during and post deals.

Note: Not all mortgage agents work in this manner and the process may vary depending on the brokerage.

You can watch my Instagram reel which sums up this entire article.

Book an 18 minute meeting with me to get the process started!