Investing in real estate can be a lengthy and tiring process. Even after you find your dream home, securing the sufficient loan can be tricky. The market is inundated with many lenders, banks and financial institutions. Each offer their own terms and conditions and loan interest rates. This can confuse you while choosing the best option. Even if you decide to do the work on your own, the task consumes a lot of your time and effort. This is where a mortgage broker can be of assistance to you.
Mortgage brokers are the middlemen who connect lenders (like banks) and borrowers to facilitate a mortgage loan process. A loan could be taken for varied real estate reasons – for buying a house or property, for renovating and redesigning, etc. The role of the mortgage broker is to seal the deal.
First, the mortgage broker understands the requirement and financial standing of the borrower. Based on this information, the broker gets to work in finding the lender who is fits the borrower’s needs well. The broker also aims to bag an interest rate which the borrower can afford to pay. For their services, the mortgage brokers charge a commission once the loan is approved.
A mortgage broker is also tasked with the responsibility of collecting relevant documentation like pay slips, bank statement, proof of income etc. They also ensure the completion of the mortgage loan application. Once all formalities are completed, the mortgage broker will submit the documents and papers to the lender.
For all the work put in by the mortgage broker, you should thank him/her. Continue reading to find out a great way to do that.
What is a Thank you Letter to Mortgage Broker?
A thank you letter to mortgage broker is a gesture of expressing your gratitude for the work done by them. Once your loan gets approved by the lender, you should write a letter or send out an email to your mortgage broker. It is a professional way of thanking someone for their services. Such acts of kindness can have a positive effect on your relationship with the broker. For future investments and dealings, the same broker may work harder for you to secure even better deals.
When is a Thank you Letter to Mortgage Broker Required?
As discussed earlier, finding the right source of loan with the appropriate interest rate is a difficult task. The mortgage broker makes life much easier for you by conducting the necessary market research. He/she tries to find the ideal lender for you so that you can own your dream home, acquire new property or renovate your old house.
Here, you should also understand a major distinction between a loan broker and a mortgage broker. A loan broker works primarily for the lender and will try to land a deal that benefits the lender more. But a mortgage broker is on your team. His/her aim is to satisfy your requirements before the lender. He/she will make you their priority and find loans which will benefit you the most.
Many mortgage brokers work on commission basis only. It is a risk they willingly take to secure the best home loan or property loan possible for you. The least that you can do as their client is thank them for their efforts. Loan approval can take time. But regardless of when the confirmation occurs, remember to send out a thank you letter to mortgage broker.
Tips on Writing a Thank you Letter to Mortgage Broker
Owning your dream house or property is a long term investment. It is a vital part of your life. Your letter of gratitude to the mortgage broker should reflect that.
To draft a good thank you letter, please follow the suggestions mentioned below –
- Be Genuine – Express your gratitude freely. But do not make it sound too emotional or needy. Let the broker know exactly how the loan approval will help you and/or your loved ones. If you are very happy with their services, let them know that you will recommend them to others.
- Keep it Compact – Describe what the loan will help you achieve (for example – a house for the children to grow up in). But keep it short without going into long descriptions. Your broker does not need to read a novella to appreciate your sentiments of gratitude.
- Offer Reassurance – Make a small note towards the end of the letter or email. This note should reassure the broker that you will repay the loan amount in the stipulated time. If you fail to pay the installments then this will also reflect poorly on the broker, spoiling his/her relationship with the lender. So assure him/her that it will not happen.
- Be Semi-formal – Your broker may not be your friend, but your thank you letter could change that. Adopt a semi-formal tone while writing the letter or email. By the time the disbursal of your loan is confirmed, you would have met the broker many times. So there is no need to be too formal in your language. You can even make it a bit personal, but nothing that would make the reader uncomfortable.
- Post over Email – You should ideally send the letter by post. Even better, attach it with a card. Your broker probably receives hundreds of emails every day on their working email id. He/she could easily miss out on your thank you email. A physical letter is sure to catch their attention.
Samples of Thank you Letter to Mortgage Broker
Sample 1
FOR LOAN APPROVAL FOR HOUSE RENOVATION
<Your Full Name>
<Your Address>
<Your City, State, Zip Code>
<The Date>
<Name of the Mortgage Broker>
<Broker’s Address>
<City, State, Zip Code>
Subject: Thanks for helping us renovate our home from <Your Name >
Dear Sir/Ma’am,
I am writing this to express my gratitude to you. Your kindness has resulted in the confirmation of my application for a loan. I desperately required money for the renovation and redesigning of my home due to <write the reason for renovating your house>. I am grateful to your professionalism for handling my case promptly and processing my application swiftly.
Hope this letter finds you well, as I am indebted to your efforts in restoring my house and the memories attached to it. I will graciously recommend your services to friends and family in need.
Yours Sincerely,
<Write Your Name>
Sample 2
FOR LOAN APPROVAL FOR BUYING A HOUSE
<Your Full Name>
<Your Address>
<Your City, State, Zip Code>
<The Date>
<Name of the Mortgage Broker>
<Broker’s Address>
<City, State, Zip Code>
Subject: Thanks for helping us with our dream house <Your Name >
Dear Sir/Ma’am,
I recently received the confirmation for my home loan approval, and I am truly grateful to you for making this possible. This was very important to me and my family. Thanks to your endeavors, we will start a new life full of hope and possibilities. We finally now have our own home where our children can grow and form fond memories.
I assure you that I will obediently pay my installments on time and there will never be any delay from my side. The kindness you have shown to our family will not be forgotten. We will use this opportunity to find greater joy in our time spent together at our new home.
Regards,
<Write your name>
Sample 3
FOR REFERRING THE BROKER TO POTENTIAL CLIENTS
<Your Full Name>
<Your Address>
<Your City, State, Zip Code>
<The Date>
<Name of the Mortgage Broker>
<Broker’s Address>
<City, State, Zip Code>
Subject: In appreciation of your work <Your Name >
Hello <Name of the broker>,
I am writing this to thank you for helping us with <mention the reason for taking the loan, like – for buying a home or renovating it, etc.>. We were demotivated by the high interest rates in the market. But you went through the trouble of finding us the perfect loan that we could afford. My family and I are grateful to your kindness and promise to return the principle amount with due interest.
You have made it possible to <write what the loan will be used for>. In appreciation of your skill and talent, I have recommended your name and shared your details with colleagues/friends/relatives. Hope you can help them the way you helped us.
Warm Regards,
<Write your name>
Sample 4
FOR LOAN APPROVAL FOR AQUIRING A PROPERTY FOR BUSINESS
<Your Full Name>
<Your Address>
<Your City, State, Zip Code>
<The Date>
<Name of the Mortgage Broker>
<Broker’s Address>
<City, State, Zip Code>
Subject: Thanks for realizing my dream from <Your Name >
Hello <Name of the broker>,
I am writing this to inform you that my loan has been approved. This has only been possible because of your efforts and kindness. I am truly grateful to you for believing in my dream and my abilities. As we discussed, I had always been passionate about <write the nature of your business venture>. Now with the confirmation of my loan I can start my own <write the name of your business venture> company.
<Explain a little about your goals for the business venture>
I acknowledge the terms of the loan disbursal and promise to return the amount within the stipulated time. I have submitted my owner details and business details with the bank. Further details will be submitted when the time or requirement arises.
Thank you again for your support in the disbursal of this loan.
Sincerely,
<Write your name>
Sample 5
FOR HELPING A CLIENT YOU REFERRED
<Your Full Name>
<Your Address>
<Your City, State, Zip Code>
<The Date>
<Name of the Mortgage Broker>
<Broker’s Address>
<City, State, Zip Code>
Subject: Thanks for helping my <your relationship with the client> from <Your Name >
Hello Sir/Ma’am
Thank you so much for helping my <your relationship with the client> in getting his/her loan approved. My family and I were thoroughly impressed with your work as you helped us with <mention the reason for taking the loan, like – for buying a home or renovating it, etc.>. It brings me great joy to learn that you helped someone dear to me with the same level of dedication and professionalism.
I assure you that he/she/they will follow all the rules and regulations of the bank and repay the loan amount on time. He/She/They have submitted the important collateral documents and papers to the bank. But I hope that the occasion will never arrive. He/She/They will punctually pay their installments without any delay.
I am truly grateful to you for being helpful and cooperative. Hope to work with you again in the future.
Regards,
<Write your name>
Sample 6
FOR KEEPING IN TOUCH WITH THE BROKER
<Your Full Name>
<Your Address>
<Your City, State, Zip Code>
<The Date>
<Name of the Mortgage Broker>
<Broker’s Address>
<City, State, Zip Code>
Subject: Dropping by to say “hi” from <Your Name >
Hello Sir/Ma’am
It has been <mention the amount of time passed> since you helped us secure our loan. So I am just dropping a letter/email to stay connected. The confirmation brought great joy to us as we could now use the loan to <mention what the loan was used for, like – buying a house, property or for renovation>. I am writing this to inform you that we are happy, thanks to your efforts in finding us the right lender.
Hope this letter/email finds you in good health. I have recommended your name to friends and family and hope that you would be of great help to them also.
There are some more investments in my mind for which I would require your help. I will inform you as soon as something materializes.
Thank you again for helping us. Looking forward to working with you soon.
Warm Regards,
<Write your name>