When you’re trying to secure or renew a mortgage in a high interest rate environment it can cause your blood pressure to rise. Michelle Ghazouli, a mortgage broker based in Newmarket is seeing more apprehension and fear among borrowers who need to renew or refinance their mortgage.
Ghazouli says, “I think the biggest financial fear at the moment is among the 3.2 million people across Canada holding mortgages that will be up for renewal in the next 18 months. Their current mortgages are likely fixed around 2% and now they’re looking at renewal rates of 6% and 7% depending on the term they select.” Many homeowners are facing an unaffordable $1200 plus increase in their monthly mortgage payments simply because of the current rate environment.”
Most of the phone calls Michelle Ghazouli receives today are from people stressed about what their next steps should be.
Mortgage brokers have more options
When shopping for a mortgage many automatically think of a bank. But a mortgage broker can be a better option because they have comprehensive market knowledge and a network of lenders in the mortgage market. Ghazouli says, “As a broker I have access to the lion’s share of financing companies, including credit unions, trust companies, banks and monoline lenders. And with one credit pull, I can take you to 25 different lenders, whereas if you “shop around” yourself, your credit might be pulled multiple times. The more credit pulls you have, the more your credit score drops. It’s a counterproductive move.”
Mortgage brokers can present borrowers with a broad spectrum of mortgage options tailored to their specific needs. In contrast, banks can only offer their in-house mortgage products, which can limit borrowers’ choices.
Mortgage brokers get better rates
Mortgage brokers leverage their relationships with lenders to negotiate more favourable terms on behalf of their clients. They can often secure lower interest rates or reduced fees, which will potentially save thousands over the life of the loan. Ghazouli says, “People are worried about inflation, the cost of living, and incomes not keeping pace. They should reach out to a mortgage expert to have an honest conversation about their financial circumstances. Mortgage brokers can often offer solutions to financial problems that a bank can’t.”.
Banks generally offer fixed rates with little room for negotiation. For borrowers with more complex financial issues, such as those with a poor credit history or self-employed individuals, Michaell Ghazouli has access to lenders willing to offer more flexible terms. She offers access to multiple lenders and potential cost savings. Ghazouli says, “We do offer more choice and more flexibility than the banks are able to offer.” Ghazouli also offers her clients personalized guidance that helps her clients improve their overall financial well-being.
You can have the life you dream about
Michelle Ghazouli says, “My goal is to have your money work for you instead of for it, which is the traditional trajectory. I believe it’s possible to have it all, if you are well-informed and understand how money works.” Ghazouli has offered trusted financial advice for more than 25 years. She says, “I embrace all my clients from their current life phase to where they want to be 5 plus years from now. It’s a holistic approach to financial well-being which is important always and especially in this high interest rate environment.”
Ghazouli’s passion is educating individuals on how they can improve their financial circumstances. She can offer advice on how to improve credit scores, manage debts, and optimize financial profiles to increase the likelihood of securing more favourable mortgage terms. She says, “There is an immediate crisis right now for those who are renewing and do not have the means. Life is about cash flow, and when cash flow is reduced, life hurts. There can be remedies to improving cash flow if you understand finances.” Ghazouli guides borrowers through the complexities of the right mortgage option tailored to their specific circumstances.
Not your average mortgage broker
Michelle Ghazouli has a big, soft heart and she’s always looking out for her clients’ best interests. She is transparent and speaks in language that is easy to understand. She takes a holistic approach that includes discussion around life’s financial obligations and shares her vast network of other like-minded professionals in their respective fields, whether in insurance, financial planning, or real estate agents. She says, “My objective is to put the power in the client’s hands so that they can make the best decisions moving forward.”
Michelle Ghazouli has a large client base and their online reviews are a testament to their satisfaction. Jakub says, “The discipline and focus to get our mortgage paid off in 5 years wouldn’t have been possible without your expertise in matching us with a mortgage that suited our needs, one that had large extra payment privileges.”
Adam says, “She’s responsive and cares about her clients. There has never been a moment where we felt that she wasn’t fighting for us with the lenders.” Liliana says, “Michelle’s knowledge, patience, and advice eased all the pressure. Thanks to her, we now own a home after 7 years of renting. I recommend her to anyone looking for an amazing mortgage broker.”
Pick up the phone and call
Michelle Ghazouli tells individuals who call her Newmarket office to not let worry paralyze them into doing nothing. She says, “It’s probably a good idea to be pre-emptive. If your mortgage is coming up for renewal in a few months and you’re sitting in fear at home wondering what is going to happen, it’s probably better to get ahead of the problem. A variable mortgage rate right now is probably one of the best strategies because it offers the most flexibility and allows borrowers to catch the interest rate decline which is already underway.”
Michelle Ghazouli’s message is, “If you are one of the people facing a huge jump at renewal, pick up the phone and call. If you have acquired a lot of debt recently because of the higher cost of living, pick up the phone and call.”
For most people, a home is their largest investment. If you’ve already contacted a bank, Ghazouli urges you to get a second opinion from a mortgage broker. She says, “There are so many things that individuals can do and there is always a solution available. We are a 24/7 brokerage that offers more insight and service to clients.”
Michelle Ghazouli urges you to have a conversation with a mortgage professional. Don’t try to solve financial problems entirely on your own. Take comfort in that you are not alone.
Michelle Ghazouli would be happy to have a conversation with you. If nothing else, you will come away better informed.
Contact Michelle Ghazouli at (905) 830-9669, Email: [email protected], go online here or follow her on Instagram.
This article was sponsored by Mico Financial|Michelle Ghazouli, a 2023 NewmarketToday Reader Favourite.