Rate Hold vs Pre-Approval - A Common Misconception

What People Think I Do If I had a dollar for every time someone guessed what I do for a living, I’d have… well, enough for a couple of lattes and maybe a new stapler.  I once put out a Facebook poll asking my non-industry friends: “What do you think I do?” The answers were priceless: “You probably spend most of your day lying on the couch watching sports, answering the odd phone call when it rings.” “You drink coffee until the files roll in, then hit the pub for afternoon drinks.” “Laundry. Cooking. Napping.” Then the slightly more serious one: “You match homebuyers with mortgage products by knowing their wants/needs and being aware of programs available.” My favourite? A fellow broker posted the Dos Equis guy with the caption: “I don’t always make it rain… but when I do, it’s usually rolls of quarters.” And yes, there were a few images of me as a Wall Street hotshot juggling multiple phones like I’m trading billions. Depending on who you ask, I’m either hustling 24/7, working glamorous boardrooms in expensive suits, or wearing polyester with a pinky ring, dangling a cigar from my mouth. Oh—and my clients? They probably think I just sit back counting my commission cheques. What I Really Do Mortgage Brokering isn’t a “job” I clock into—it’s a lifestyle. It’s not a cushy 9–5, Monday-to-Friday gig with five weeks of paid vacation and matching RRSP contributions. It’s a 24/7, always-on, don’t-you-dare-miss-that-call kind of life. I must be on top of: The latest real estate market data Interest rate changes (and the why behind them) Economic events that could shift the market Constantly evolving lender guidelines How to structure a file quickly and correctly I know my fellow brokers are nodding right now. It’s About the Experience For me, every client is the client. I don’t do “just another file.” Each file is a chance to earn not just trust, but future referrals. And in my world, referrals are the ultimate compliment. 99.733% of my business flows from existing/past clients or professional relationships—accountants, Realtors, lawyers, financial planners, property managers, you name it. We know, like, and trust each other. That’s the foundation for everything. Without that, it’s just transactional—and transactional doesn’t last. I invest in those relationships the same way I invest in my clients: by listening. Ask questions, hear the answers, and remember them. People can tell the difference between genuine care and “networking for profit.” The Storyteller Side of Me Every client has a story. My job is to tell that story to a lender in a way that makes them want to approve it without even calling me for clarification. That means structuring the file so well that it sails through underwriting. The basics—property details, income source, down payment source, credit history—are just the surface. The art is in knowing how to frame those facts so the lender’s appetite for risk is satisfied. And no, mortgages are not all the same. In my 16 years of being a Mortgage Broker, I’ve never had two files exactly alike. Sometimes I’m shaving down a square peg to fit into a round hole. Some files come together in hours; others eat up entire days. Educator First, Broker Second When I bought my first home, I relied on my bank to guide me. Instead, I got what worked best for the bank’s shareholders. I learned the hard way. From August 30, 2009 onward, I promised myself I’d be different. I vowed to educate my clients so they could make their own decision—not the lender. When my clients are completely informed, they’re confident. And when they’re confident, I know I’ve done my job. Marketing Is Half the Job The other half of what I do? Marketing. You’ve probably heard the saying: “You’ve got to spend money to make money.” In this business, you also must spend time—and a lot of it. Networking events, in-person meetings, industry functions and most importantly endless amount of phone calls connecting with like-minded individuals. Collaborating with other brokers, suppliers, and partners. I stick to a core group of trusted professionals—lawyers, appraisers, lenders—because when time is tight, relationships get things done. The Connector Role At the end of the day, I’m a connector. I connect people to the right financing. I connect them to the right professionals. I connect them to the information they need to make the best decision for themselves and their families to attain their goals and maintain the lifestyle they choose. 2025: The Numbers Don’t Lie Here’s the reality in 2025: Mortgage Market Size : Canada’s residential mortgage debt? $2.3 trillion. Yes, trillion. Broker Usage : In 2023, 43% of borrowers used a broker. In 2024, that number jumped to 48%—almost half of the market. Repeat Clients : 81% of borrowers who used a broker said they’d do it again. For banks? Only 58%. Bank Market Share : Still dominant but slipping—79.6% of mortgage volume in 2023, down from 83.4% in 2022. Savings : Clients save an average of $13,432 per loan through an independent broker compared to retail lenders. Why This Matters I’m not just here to process paperwork. I’m here to: Build lasting relationships Structure complex mortgage applications like a pro storyteller Offer the best options for both current lifestyle and long-term goals Share experiences (good and bad) so clients benefit from my learning curve Plant seeds for future opportunities—never knowing when they’ll sprout I work for my clients, not the lender. Always have, always will. So…what do I really do? I connect. I solve problems. I protect my clients’ interests like they’re my own. And sometimes, yes—I even make it rain…just don’t expect it to be $100 bills. Rolls of quarters, anyone?