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When shopping for a mortgage a broker can be a better option than a bank

Discover the advantages of dealing with Lorie Burke, Mortgage Agent Level 2 with Centum Financial King Mortgages

Lorie Burke came from a long, successful history in finance, with a 36-year banking career prior to entering the mortgage broker world.

One of the most significant deciding factors in the move from a corporate career to being self-employed was options, both for her and her clients. Lorie Burke says, “It meant having the flexibility to work from home on my timeline rather than on an 8 to 5 schedule. It provided a better work/life balance and the ability to help everyone, not just those the bank had a program for.”

For her clients, without a doubt, it meant better customer service. Lorie has always been customer service focused and she was finding “sorry I cannot help you” trying at best. The choice to align herself with Centum Financial Services King Mortgage was an easy one, because it’s a large corporation with offices across Canada with a goal of providing all clients with the best customer service. Working with a company that is family-oriented was an easy choice. She says, “I chose a brokerage in Midland because the team was one of the best in Ontario and the two team owners treat their team like family.”

Lorie currently works out of her home office in Wasaga Beach and often travels to one of the Century 21 Millennium offices in Collingwood, Wasaga Beach or Thornbury. Even though she’s located in the Georgian Triangle, Lorie can lend anywhere in Ontario and other provinces as well.

In 2024 and 2025, there are millions of dollars in mortgages coming due for Canadians. It’s a daunting thought for most as they are looking at on average a 2-3% increase in their rate, which is going to impact their month budget immensely.

Banks start calling their clients for early renewals at the 6-month mark, and they will present offers to renew at that time. Lorie highly recommends that you do not sign a renewal without getting a second opinion. She says, “Already, in the past 2 months, we have seen fixed mortgage rates adjusting in a downward trend, and all things considered, the economists are predicting a 1-1.5% drop in 2024. While we acknowledge there is no guarantee of how much and how fast, early renewals can be costly, especially if you are locked into a 5-year term.”

Choice is the key here and that is where dealing with Lorie comes into play. With access to over 100 lenders, she will work with you and your personal situation to find the best solution that meets your needs. The banks only have access to their own products and their own rates.

Choice is going to be crucial during these trying times. Lorie says, “Can brokers always beat the banks rate? No, but often we can. It is not always about rates. The terms and conditions in your mortgage contract are key, for example, what pre-payment options will you have? If you move, can you bring your mortgage with you? And the most important question, what if you must break your mortgage contract, how much will your penalty be?” The calculation method of banks is often different from those of many other lenders Lorie has access to.

Having access to a large suite of lenders gives Lorie the option to help clients that do not meet the traditional policies set out by the banks. Self-employed clients often declare less income after expenses, some clients have had credit issues, including not just late payments, but also consumer proposals and bankruptcies. Some need short-term financing for tax arrears. Whatever your personal situation, Lorie can often help.

Important points to note

Get a second opinion. Find out if there is a better rate or product out there that fits your needs. If looking at purchasing a new home, always get pre-approved. Lorie says, “It’s very important that you go into your search fully knowing what you can and cannot afford, this is key.”

If you are carrying large amounts of debt with high interest rates, call Lorie and see if it makes sense to use your biggest asset to help reduce your monthly outlay of cash and save thousands of dollars in interest doing so. It’s something she has helped many clients achieve. If you are a senior on a fixed income, struggling with monthly expenses or having to pay for health care for a spouse and you own your home, make the call. Lorie has a solution for that also.

In closing, Lorie does not work traditional banking hours and has often found herself confirming details for a client on a Sunday afternoon, as they had just found the perfect house, or meeting with clients at 7pm if their schedule does not permit a daytime appointment. She sometimes takes a call from a realtor partner who is with a client who does not have a pre-approval in place. If Lorie is available, she answers her phone, and if not, you will receive a call back in a timely manner. Face-to-face, phone, zoom, or at your home, whichever you prefer, Lorie will accommodate.

Lorie Burke can be contacted via phone at (705) 446-6180 or email at [email protected]. You can also visit her online on Instagram or on Facebook.