If you’re purchasing your first home, getting through the mortgage process is just one of the challenges you’ll face. To make sure you’re saving as much money as possible, you need to shop around for the best mortgage rates. Luckily, there’s also a way to ease the entire process.
Mortgage brokers will not only shop and negotiate the best rates for you, but they’ll also handle any related paperwork. Best of all, you don’t need to pay for a mortgage broker’s services. Instead, the mortgage lender with will pay your mortgage broker a fee for connecting them with you.
One mortgage broker you’ll find in the Greater Toronto Area is Dominion Lending Centres Top Producers. Dominion Lending Centres Top Producers. Tony Della Sciucca has been a mortgage broker for approximately 10 years, four of which were spent as a mobile mortgage specialist with TD Canada Trust and the last six as a broker with Dominion Lending Centres Top Producers. Here’s our interview with this expert in the field:
Q. What is it about your brand/business that sets you apart from other mortgage brokers?
A. With respect to branding, Dominion Lending Centres Top Producers has done a fantastic job in marketing and educating the public about the broker community. It’s exciting to be a part of such a great team with so much support. I think it’s also important that we [the broker community] work closely together to ensure we’re doing the best job in promoting the benefits and features available to clients when they use our services. We all benefit by doing so.
In terms of differentiating myself from other brokers, I try to ensure that each client is handled with the utmost professionalism. With so many good brokers, it’s not enough to just be knowledgeable about the products and services you’re promoting. Instead, you need to take the time to put yourself in your clients’ shoes and do the best possible job in meeting their needs. Each mortgage has its own unique story. Contribute to that story as best as you can. Over time, these characteristics have helped me differentiate myself from other brokers.
Q. What’s unique about the market you serve?
A. I predominately serve the Greater Toronto Area, specifically Toronto. Suffice to say, Toronto continues to be a hot, bustling market and I’m excited to be a part of it.
Q. What’s the most common problem clients come to you with and what advice do you give them?
A. One of the most common and recurring problems seems to be the level of inexperience and professionalism clients are receiving when dealing with their current financial institution(s). My advice to any client would be that they shouldn’t feel pressured, forced, or obligated to work with any particular financial institution when it doesn’t meet their financial needs or goals. There are a handful of lenders to choose from and therefore, clients can work with an experienced broker who will take the time to find the lender that best suits their needs.
Q. What should people look for when choosing a mortgage broker?
A. I think it’s important to try and identify a few attributes in any good broker. To name a few:
- Tenure—How long have they been a mortgage broker? Are they licensed?
- Level of expertise—Are they familiar with the mortgage products you’re inquiring about? Are they able to identify your needs and meet your financial goals?
- Recommendation—Were they recommended by someone you trust, and what was that person’s experience when using their services?
- Testimonials—Was there a positive or negative review about them?
- Likability factor—Do you feel comfortable around them? Are they sincere? Are they taking the time to answer your questions, reply to your emails and pick up the phone when you call?
Q. Mortgage rules have been changing a lot lately. What do people who are saving to buy their first home need to keep in mind?
A. It’s important for any homebuyer to keep in mind that aside from saving for the down payment for a home, there are often additional costs involved that they may not be aware of, particularly if they’re a first-time homebuyer. To name a few of these additional costs: Land transfer tax, legal fees, appraisal costs, home insurance, title insurance, and property taxes. Be sure to speak with your mortgage broker, realtor, and real estate lawyer to ensure that you’re being made aware of some of the aforementioned expenses. Don’t be shy, ask questions.