Three tips on supporting your New-to-Canada clients
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November 16, 2022 |
Three tips on supporting your New-to-Canada clients
As a mortgage broker, you can be your newcomer clients’ hero in their mortgage approval process.
Newcomers to Canada often face many challenges, and arranging a mortgage is one of them. This is compounded by cultural and language barriers, a fast pace new environment, and how challenging it can be for people to find a place to live that fits their budget.
When it comes to mortgage applications, a lack of understanding of the mortgage process may add another layer of stress.
Fortunately, as a mortgage broker, you can be your newcomer clients’ hero in their mortgage approval process. Here are some things you can do to help:
1. Give them credit for the courage
Many new-to-Canada borrowers are hardworking and highly skilled individuals. These borrowers have taken the risk of leaving what they know to come to a place that is entirely unknown to them.
As their mortgage broker, you have the chance to give them credit for that courage!
2. Make them feel welcomed
Some new-to-Canada borrowers may not be fluent in English or French. As a newcomer myself, I felt embarrassed about my accent when I first arrived in Canada. Therefore it’s not hard to imagine how a language barrier may cause a lack of confidence in completing their application.
As their mortgage broker, you are perhaps one of the few people they know in this new environment, this gives you the opportunity to help them feel welcomed and accepted!
3. Lay out the plans for them
A lot of newcomers come to Canada not just to improve their lives but also their family's lives. In many cases, they are willing to work hard and have multiple jobs and income sources to support their dream. Unfortunately, income through part-time and gig-economy work is only sometimes not welcomed by the banks.
As their mortgage broker, you can educate them on how to switch to an ‘A’ lender later on and build a long-lasting relationship with your client.
Want more tips on making financial plans for your client? Find out more here:
Author Profile
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Marketing Manager at Neighbourhood Holdings |
Jessica Yang is the Marketing Manager at Neighbourhood Holdings, where she leads marketing campaigns and content strategy. As a UBC Media Studies graduate, Jessica also completed BrainStation’s Digital Marketing Program and became a BCFSA-licensed mortgage broker.
Beyond her professional pursuits, Jessica enjoys travelling and documenting her experiences through vlogging, finding inspiration in exploring new cultures and sharing her journey with others.