A mortgage broker argues that chasing the lowest interest rate misses the point of lending strategy. Most brokers focus only on rates and lack expertise in wealth building. He ranks rate as his fourth priority, not first.
Step number 2 is finance and lending, and this is a big one. You know, when I talk about finance and lending, most people, when they think about strategy when it comes to lending, all they think about is, uh, oh, let's go get the lowest interest rate. And when you're dealing with most mortgage brokers or banks or things like that, let's be clear, they don't know how to grow portfolios, they don't know how to grow wealth, they're just trying to get you a loan. Like, that's what it is. And I know that factually because, you know, I've worked with many of them, many of them my clients. I've worked with many hundreds of brokers over the years and in my business and all the stuff I've been doing and helping investors. And there is a big, big difference between a property investment specialist mortgage broker versus a broker that deals with mum and dad down the road who wants to buy their own home. It's a radical difference. And the big difference comes down to strategy. And getting the lowest interest rate is not a strategy, right? That's just nonsense to me, right? To me, the lower the cost of the money, being the interest rate, is actually the 4th on my priority list compared to what I'm looking for when it comes to loans, right?
