5 Questions with CMP’s Top 5 Mortgage Brokers in Ontario – Christine Xu

Each year, Canadian Mortgage Professionals (CMP) Magazine publishes a list of the top mortgage brokers in Canada. In order to find out where they rank, mortgage brokers must submit their financial details to the magazine at the end of each year. For this series, we decided to talk to the top 5 mortgage brokers in Ontario and find out what they attribute their success to.

We’re happy to introduce you all to Christine Xu. After her own bank rejected her mortgage application years ago, she sought the help of a mortgage broker; that experience opened her eyes to the mortgage industry and, as a self-employed individual at the time, she moved her career in that direction soon after. Xu has been in the industry for more than 12 years now and, in 2011, she ranked 12th in Canada after closing with $98 million in funded deals. What does she attribute her success to? Hard work and a true passion for reading the fine print. Keep reading to find out more.

1. How can you attribute your success to making the Top 5?

I attended a seminar once and was asked to share my “secrets” of success with brokers who were new in the industry. The first thing that came to mind was the fact that I actually like to read lenders’ lending guidelines. Seriously, I actually enjoy this. Learning new things excites me. By constantly reading up on new products and policies, I can feel confident when I talk to my clients, which I know also only further assures them that they should work with me.

There are too many people who don’t realize that being a mortgage broker is a lot different from being a salesperson. There is a very technical aspect of being a good mortgage broker; you should know how to package a deal that will be accepted by a lender. I am proud of my in-depth understanding of the lenders I deal with.

2. Do you have a niche that you service?

I speak Chinese and have contributed a lot of time and energy to helping immigrants get established in Canada. Chinese, new immigrants and young entrepreneurs are my main clientele.

3. What first got you interested in the mortgage business?

I was having a difficult time obtaining my own first mortgage, years ago when I was self-employed with a minimal net income and limited credit. After being turned down by my own bank, I turned to Yellow Pages and was eventually helped by a mortgage broker. That experience opened my eyes to the entire industry.

4. What’s your personal mortgage product?

Timing is everything. I simply work with fixed rates or variable rates whenever it makes sense to.

5. Fill in the blank. ‘If I weren’t in the mortgage business, I’d be _____.’ 

A teacher. In fact, I did go to teacher’s college and both of my parents are professors. But I feel like I am teaching everyday in my job. I want my clients to make educated decisions. I want them to understand why I am recommending what I am recommending. I only provide them with options. My clients are the optimal decision makers.

If you would like to get in touch with Christine, visit her website.