THE RIGHT MORTGAGE BROKER CAN SMOOTH YOUR PATH TO HOMEOWNERSHIP
Pineapple CEO Shubha Dasgupta explains how to choose the right mortgage broker, and why it matters
You’ve found the home of your dreams. But that’s just the beginning. Your choice of a mortgage product is almost as important as your property, according to S hub ha D as gupta, CEO and founder of the digital mortgage company, Pineapple. The right mortgage broker can guide you through the entire process, saving you time and reducing stress, and can help you pick the product and provider that are best for your circumstances.
WHERE TO FIND THE RIGHT BROKER
Digital mortgage platforms with brokers at the helm, such as Pineapple, are changing the game when it comes to finding a mortgage. “We have over 450 highly experienced and welltrained mortgage agents in our Canadawide network, available through our tech platform,” said Dasgupta. “They all go through a rigorous interview process as well as validation and background checks before they can be listed. We provide more than 45 hours of live training every month, as well as a fully digital platform to ensure they deliver best-in-class and proactive service.”
When deciding which broker to work with, consider whether they’re happy to advise you at every step of the mortgage application process; whether they offer a quick, seamless turnaround; whether they will act in your best interests, proactively, even after you’ve signed your mortgage, keeping a close eye on the market and rates to look out for opportunities to save you money through refinancing or renewing; and – most important – whether they put people before numbers.
PEOPLE-FIRST, CUSTOMIZED MORTGAGE SOLUTIONS
When shopping for a mortgage, many Canadians simply hoof it down to their local bricks-and-mortar bank. But that may not be their best option, said Dasgupta.
A bank will offer you one product: their own. But a mortgage broker can access conventional lenders (like the big banks), as well as several other options – such as smaller banks, trust companies and mortgage-only companies that deal solely with brokers – allowing you to access a wide range of products, terms and rates. Plus, as more digitally-savvy brokerages emerge in the market, mortgage-seekers benefit from having a broker that is leveraging technology for better, faster service and even more mortgage options for their clients.
Your broker should be able to efficiently walk you through the most suitable mortgage options and clearly explain the terms and how they impact your personal circumstances and savings patterns. They should look beyond getting the lowest interest rate as sometimes, flexibility is just as important.
“A good mortgage broker can assess your situation and find the right product,” said Dasgupta. At Pineapple, brokers have the training and data-driven tech tools to find and offer customized solutions and a made-to-measure mortgage experience. If bonuses are part of your salary structure, for example, you might want to keep your monthly payments low but have the option to pay a large lump sum yearly. Or, you might need to find a mortgage provider who doesn’t penalize you for being a new Canadian or selfemployed.
Look for a broker who works with digital tools. Pineapple’s leadingedge proprietary data-driven platform streamlines every step of the mortgage application process, allowing you to get preapproved for a mortgage in minutes. You can also upload documents from your bank or the CRA to a secure online portal that tells you exactly what documentation to submit, and when. The result: easy, fast and clear communication between you and your broker.
“With the largest digital database of mortgage information and guidelines available in the industry, Pineapple agents are able to quickly determine what options and solutions best suit the client’s needs. We are also able to analyze market conditions throughout the life of each of our client’s mortgage to ensure they stay in the right mortgage for them,” said Dasgupta.
This digital platform also allows brokers to continuously anticipate your mortgage needs, offer you moneysaving opportunities, and send you reminders so you’ll never be scrambling to renew at the last minute and taking whatever rate and product you can get. “With Pineapple, our brokers are notified when your mortgage is up for renewal and prompted to reach out with a better deal,” said Dasgupta.
You can check out Pineapple’s platform and get preapproved for a mortgage at gopineapple.com.