I was just talking with one of my previous clients, who is now a friend, about the trip to Peru she had recently booked through a travel agency. At one point she said everyone knows what a travel agent does, however, reminded me she didn’t know what a mortgage broker did until her friend suggested she talk to me. That got me thinking about the similarities between travel agents and mortgage brokers and the parallel benefits of using their services, here are a few that stood out:
Planning a trip can be a complicated endeavour as it requires the booking of flights, making hotel reservations and getting a car rental. You then want to know details about all of attractions you are interested in visiting and what vaccinations you should get before leaving the country. All of the options available when making a mortgage decision can also be an overwhelming task to take on all by yourself. The internet is the first place most people will start their search in educating themselves on what’s available and often reliable and knowledgeable information can be hard to find in the dense information jungle found online.
Just as a travel agent is able to rely on their knowledge and experience in recommending a vacation that will meet your expectations and fits into your budget, an experienced mortgage broker can make suggestions and recommendations on a mortgage solution that fits your lifestyle and meets your financial goals. Given both travel agents and mortgage brokers websites don’t offer a “one size fits all” solution it is recommended you initiate contact with them for a personalized consultation to see if they are the specialist you feel comfortable working with.
Your time is valuable so why not save time by having someone else do the shopping for you? A travel agent is like a personal shopper for your trip and same goes for a mortgage broker with your mortgage. You are able to tell them your priorities and parameters and they will spend their time finding you a solution instead of you having to take the time in searching yourself.
Access to Special Deals
You don’t always get what you see when you shop online as there can be hidden fees or taxes involved or even a wonky payout penalty or restrictions in the event of a mortgage. Travel agents can be independent and work with many different airlines or they may be employed by a specific airline. If they are the independent type, they are likely keeping their eye out for last minute seat sales and discounts offered by the different airlines in order to get the best discounted price possible for their customers. This sounds like what a mortgage broker does as they are constantly looking for rate specials offered by the many different lenders they work with so they too are able to do what is best for their customers.
Who would you call if you got to Mexico and your hotel didn’t have your reservation? Or what if your connecting flight was cancelled? Thankfully you have your travel agents cell number on speed dial! Similarly, a mortgage broker acts as a liaison between you and all of the other people involved in the transaction such as the lender or the lawyer and if there are any problems they are there to help you solve them. And the good thing is mortgage brokers don’t usually work “banker” hours which means they are available when you need them.
Minimal Cost to You
Working with a travel agent means you may have to pay a nominal booking fee in order to use their services, however, access to great unadvertised deals and limited time you have to spend on designing the trip means you actually come out way ahead by using a travel agent!
If you choose to use the services of a mortgage broker, they spend their time shopping for the best rate and product which best suits you and there is NO cost as they are paid by the lender who they take you to for the financing. Having said that, there are some exceptions if your financial circumstances require the financing to be done by private lenders.
Moral of the story is there are benefits to using both travel agents and mortgage brokers. And the funny thing is the services of both can even be used at the same time! How you ask? You could speak to a mortgage broker to see if your existing mortgage and other debts could be restructured to lower your overall payments and you could then call a travel agent to book a trip!
Happy travels and feel free to contact the MortgageGirls anytime who are your professionals with personality for mortgage advice at 780.433.8412 or firstname.lastname@example.org. Stay in the loop by following us on Twitter @mortgagegirlca.