Donald Trump on Mortgage Brokers

In Donald Trump’s book “Think Like a Billionaire” he talks a bit about his view on mortgage brokers. All through out my blog I talk about and promote the use of mortgage brokers. In the U.S. the use of mortgage broker is approximately 76% for everyone looking for a mortgage, here in Canada the amount is only around 26%. This number needs to change and will change over time. So if people don’t believe us, being in the industry, maybe they’ll listen to The Donald!

What’s intriguing is that even with his financial power and level of real estate knowledge, he still relies on mortgage brokers to get his mortgages! Here is an excerpt from his best selling book.

“A good way to get a mortgage is to pass the buck to somebody else. Shopping around and comparing mortgages can be time-consuming, so it may save you time to pay someone to do your shopping for you. Get a mortgage broker, but get a good one. These people are engaged daily in the world of mortgages, which means that they have to know where to get the best rates, who is offering the best conditions, and generally, where it’s advantageous to apply. In the long run, you will probably pay less for everything if you get a good mortgage broker, since the broker will know what kind of hidden charges there are and steer you clear of various problems. Not only that, but mortgage companies want to keep in the good graces of anyone who is in the habit of referring business to them. There are certainly technical considerations, such as the length of the mortgage, whether guarantees are involved, conditions of default and all kinds of other things that a mortgage broker and a good attorney will inform you about.”

I hope this helps and persuades you into using a mortgage broker the next time you need financing in real estate!

*Sterling
Your friendly mortgage broker
sterling@xpx.ca
877.979.4979