Alan Kennedy, Mortgage Consultant - Verico Select Mortgage

Alan Kennedy, Mortgage Consultant - Verico Select Mortgage

Question: What does a mortgage broker do?

Answer: Very basically, they work on your behalf to find you the best deal possible through their network of mortgage lenders, and work with them to get your mortgage completed on time & as promised. Some brokers only work with one lending institution, while others work with several. Generally speaking the more mortgage lenders they work with, the more the products & rates available, and the better it is for you.

Question: Who pays a mortgage broker?

Answer: Almost all of the time the broker is paid a finder’s fee by the mortgage lender. Many financial institutions prefer clients going through a broker because it can actually save them money. If a mortgage lender got all their business through brokers they could spend less money on advertising & marketing of their products, they would need less salaried loan officers sitting in branches waiting for business to walk in the door, and they could even have smaller branches. With a broker, they only pay a tiny finder’s fee compared to the interest they make off the loan, and they only have to pay when they get business. This is one of the reasons mortgage brokers can offer better rates and products than they normally offer in financial institutions. There are a few occasions where a broker fee may have to be paid by a client, but those are special circumstances that would be explained right from the start, and it's usually to the client's benefit.

Question: How would a mortgage broker benefit me?

Answer: Purchasing and financing a piece of real estate is likely the biggest single investment you’ll ever make, and having a skilled broker on your team to help you through that process is a huge asset - especially when you don't even have to pay them! Your bank or credit union has only its own mortgage products and mortgage rates to offer. A good mortgage broker has access to mortgage rates and products from dozens of mortgage lenders. Mortgage rates vary, but so do mortgage products, and brokers can help match the right mortgage rate, lender, and product with your needs.

Question: What is the future of the mortgage brokering industry?

Answer: As of right now, close to 1 in 3 mortgages in BC go through a mortgage broker, and that is a trend that will likely grow. A mortgage broker is not just for clients with bruised credit histories. Our clients are from all backgrounds, and include: average families, professionals, first time buyers, the self employed, buyers of rental & vacation properties, new immigrants, and clients who are refinancing or renewing their mortgages. Anyone who wants to be sure they are getting the best mortgage product and mortgage rate for their situation, is now using a mortgage broker.

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Hi, my name’s Alan Kennedy and I’m a mortgage broker in the Victoria area working for the Verico Select Mortgage brokerage. I am a full-service broker that offers solutions for:

Home purchasing / Pre-Approvals

Mortgage refinancing

Low or no down payment*

Equity lines of credit

Business-for-self or commission-based careers

New home construction

Investment properties

Specialty financing (bridge financing, chattel mortgages, etc.)

Challenged credit

Mortgage questions (I love what I do and enjoy talking about it )

And more…

* 100% financing is no longer available, but cashback options still are for qualified applicants.

As an advisor to my clients on one of the biggest investments they’ll ever make, I concentrate on using excellent customer service (patience, listening, & communication skills included), unbiased financial & mortgage advice, and a commitment to long term care of your mortgage. I do not have a sales background, and I don’t have a salesman’s mentality. I do my best to understand my clients' needs, help them understand what I have that best suits them, and then let the client decide what’s in their best interest.

Housing markets change over time, mortgage needs change over time, and believe me, the mortgage industry changes all the time. I see my role as a partnership over the life of the mortgage and to keep my clients in the best possible position. A low rate is important, but it’s not the only factor in finding the right fit.

As a Verico Select Mortgage broker, I have access to dozens of lenders, ranging from local credit unions to international financial conglomerates, and almost everything in-between. The rates and products available to me are phenomenal, but if a client's best option was not through me I wouldn't hesitate to advise them of that.

If you feel like you could benefit from my assistance with your mortgage, or if you’d like to know more about mortgages and mortgage brokers, please contact me anytime.

To find out more about me feel free to visit my KIV profile (Al Kennedy) or my website: www.alankennedy.ca