Mobile advisors
Convenient access for home buyers to expert mortgage advice
Many home buyers might think mortgages are simply about getting the best interest rates and terms.
But there is a lot more financial planning that should come into play that buyers often overlook. A mortgage advisor can play a critical role in help- ing purchasers find an allround solution that works best for their needs, goals and financial situation.
A mortgage advisor’s role is to help potential home buyers understand what they can afford and guide them in optimizing their financial resources, says Scott Wambolt, senior vice-president, CIBC Mobile Sales Force in Toronto. “The biggest advantage is that they will work with you to understand the broader financial perspective and offer solutions to help you achieve your objectives.”
In fact, working with a mortgage advisor has become easier than ever. CIBC has an extensive mobile advisor network, which allows customers to get expert advice and services any time of day or evening at any location. “It all comes down to convenience,” Wambolt says. “People are so time-pressed, they simply don’t have the time to make decisions based on other people’s calendars. They want advice wherever, whenever they like — whether that’s at home or a corner coffee shop.”
They also have access to a full complement of banking services and solutions, from mortgages and lines of credit to registered education savings plans (RESPs) and registered retirement savings plans ( RRSPs ) . “That means they can look beyond your immediate needs to build well-rounded solutions that fit your circumstances,” Wambolt says.
Many people don’t understand there are additional financial areas that can be explored when engaging in mortgage discussions, Wambolt says. “An advisor will encourage customers to ask questions to make sure their full range of financial needs are covered. For example, a customer often won’t think about a line of credit. But as soon as they move in, they quickly realize they need additional access to funds for new furniture or other household needs.”
An added challenge is mortgage planning has become increasingly complex because of the varied offerings and rates. “The number of mortgage products and choices for consumers has grown in the past few years. That is a real positive for consumers but also speaks to the need for advice about which options makes the most sense for you,” says Todd Lawrence, senior vice-president, CIBC Products and Payments.
Anyone looking for a mortgage advisor can simply visit the cibc.com/mortgageadvisor website to find the one closest to their address. It’s also helpful to get referrals from friends, relatives or a real estate agent. When meeting with an advisor, it’s best to be prepared with as much background information as possible, so they can determine the best options.
The most i mportant thing is to involve a mortgage advisor as soon as you make the decision to buy a home, Wambolt advises. “Don’t do it at the last minute. If you decide you need to talk to one on the day of closing a deal, that’s not a good situation. The sooner you talk to an advisor, the sooner you can learn your options. So when you meet with the realtor, you will already know what you can afford, and what fits your life circumstances. Then you can make your decisions with confidence.”