Most people have a standard explanation when prompted for their line of work. “What do you do?” usually results in a casual explanation of one’s industry or daily responsibilities. I’ve always wondered about that exchange; why are we selling ourselves short when we explain our career path?
With that in mind, I was thinking about the work here at One Stop. Working in the mortgage industry means its easy to fall into the same trap. “I’m a mortgage broker,” or “I arrange home equity loans”, and “debt consolidation.”
That’s usually where the conversation stops, right?
Well, while we might cover those corners of the mortgage market, it’s a lot more important to talk about the why and the who as opposed to halting on the what.
On twitter, we share weekly success stories that describe the people behind the business. Who they are, where they’re from, and why they’re looking for funding.
Here are some of the common success stories we work on each week.
1. Purchasing Property
An easy one, right? We have plenty of clients looking for financing to secure a home. Some people need a little extra to boost their existing down payment, some need larger chunks to cover the difference. Just a week ago we worked with a couple from Peachland, BC, who had secured a mortgage through a large bank, but they didn’t quite get everything they needed over and above the main cost of the home, so…
2. Home Improvements
We work with a lot of people who’ve successfully secured financing from a bank, but only to cover the cost of the initial purpose. This can be difficult when you’ve bought a home inside your budget, but you still need funds to make minor or major improvements. Now, it’s important that we keep our clients on track within their means, but there are additional considerations to be made. These are considerations of which bank tellers might not be aware.
3. Financial Assistance
What cures a lack of funds? Well, more funds, of course. In addition to the simple mortgages and home equity loans we provide, we work with people who are up to their eyeballs in debt. We restructure their timelines and payment structures so monthly payments are a lot more manageable. There are a number of reasons this is necessary - last week we worked with a man from Grande Prairie, Alberta, who fell behind on his mortgage payments because of an unexpected medical emergency. With a clear exit strategy and payment plan, we were able to help him get back up to speed.
4. Small Businesses
One of our favourite success stories happens when people kickstart a brand new business. Without significant collateral, it can be difficult to secure small business loans through a bank. This is especially tough when combined with a move and the purchase of a new home. Another story comes to mind from a few weeks ago of a man moving from the lower mainland to Prince George - he successfully completed the purchase of his new home but he needed a boost to get his business off the ground in a new community.
If there’s one thing we’ve learned in this business, it’s that it’s impossible to paint people in our industry with one brush. These are just four of the common success stories we work on each week, but every individual’s needs are different.
The key is that in the end, those needs are met. When that happens? Success!
Looking for help in one of these areas? Give us a call!