Ratehub.ca is committed to providing Canadians with a platform to compare the lowest mortgage rates in the country. In addition to aggregating mortgage rates from all the major lenders, we also partner with the best mortgage brokers in the nation. We ensure that our brokers are able to provide competitive rates and deliver outstanding customer service. Every once in a while we take time to provide a deeper look into one of our mortgage brokers in Ontario.
Name: Mitch Thibodeau
Brokerage: The Mortgage Professionals
GETTING TO KNOW MITCH
What did you do before you were in the mortgage business? Anything interesting?
Prior to working in the mortgage industry, I spent a couple years working for a life insurance company and it was not very exciting to say the least. Prior to that, when I was fresh out of University, I spent a year in Mont-Tremblant, Quebec working for Intrawest. Living in a resort town with easy access to ski hills and golf courses had its benefits…but made it hard to get work done!
What first got you interested in the mortgage business and how long have you been in it?
Growing up, math was always a subject I enjoyed in school. I knew I wanted to work with numbers in some way, shape or form. Since I also had an interest in real estate, mortgage financing seemed like an obvious fit for me. I have now been in the industry for over 5 years.
Why do you think you’ve been able to achieve success?
I believe my success stems from always ensuring my client’s best interest remains my top priority. If you can keep your clients happy, everything else will fall into place.
Your biggest success story.
I worked with a young couple last year that came in to see me for a straight mortgage renewal. After reviewing their application, it was clear they had a lot of high interest debts that were impacting their monthly cash flow. Instead of a straight renewal, I consolidated all of their debts for them. I also created a detailed plan and budget for them to show them how to properly direct all of the money they were now saving. By going one step further and providing the clients with an actual financial plan, I have more than likely gained two new clients for life.
Have you helped a client escape a horrific situation?
I recently worked with a client who was in a really difficult financial situation. They were self-employed and their business had slowed down significantly in the past couple years. They had fallen far behind on all of their financial obligations. They were able to make their interest payments but could not make up any ground on their debts. It seemed as though they would have no choice but to sell their home of 30 years. After a lot of persistence, however, I was able to help them pay off all their major liabilities and significantly reduce their monthly payments. I am now working with the clients to help repair their credit so they can obtain a better interest rate on renewal. The process was long and gruelling, but helping the client keep their home made it all worthwhile.
What’s the biggest mortgage you’ve ever closed? What did you do with the commission?
At this point in my career, I have not had any mortgage amounts worth bragging about. If I ever did, I would obviously use the commission to make a lump sum payment on my mortgage!!
HELP US UNDERSTAND YOUR BUSINESS
Who’s your ideal mortgage client?
It’s hard to pin point what makes an ideal client. I guess I love a client that is loyal and trusts me. At the same time, however, I believe it is up to me to create that loyalty and trust. I know that I will do right by my client and do what’s best for them, but I need to prove that to them. Over time, I hope to accomplish this with each and every client I meet.
How do you market your business and brand?
My marketing strategy is fairly simple. I do very little advertising in the community. My focus is on my existing clients and my referral sources. The majority of my business comes from them so I focus on keeping them happy and informed.
What’s your favourite thing about RateHub? How does RateHub help your business?
I really like RateHub because it goes beyond simply listing mortgage rates for its users. RateHub takes the process one step further and allows it users to connect with Mortgage Brokers that can guide them through the mortgage financing process.
LET’S GET PERSONAL
When you take a break from helping clients, where can we find you?
When I’m not working, I’d like to say I’m on the golf course but it’s not always easy to find time for that. Otherwise you’ll likely find me at the gym, at the hockey rink, home with my wife, or out for a beer with friends.
Fill in the blank. ‘If I weren’t in the mortgage business, I’d be __________
A professional golfer.