Frequently Asked Questions
Are mortgage agents/brokers only used when a person has bad credit?
Nothing could be further from the truth. You should use a mortgage agent in order to have a mortgage that best meets your needs. By engaging a mortgage agent, you will be able to select the right mortgage for you from so many lenders. It’s not all about rate, but the mortgage agents are able to secure very competitive mortgage rates.
This may be the biggest misconception about the role of mortgage agents / brokers. Sure we help clients with bad credit secure a mortgage, but we also serve the clients with excellent credit.
I am in a consumer proposal/bankruptcy - can you help?
Yes I can help! I have worked with many clients to use a refinance to pay out the consumer proposals and start fresh with the necessary tool to rebuild their credit.
Why should I talk to you before I meet with a Realtor?
You need to know that you are approved before you go home shopping with a realtor. A pre-approval from a bank is nothing more than a rate hold. You have probably seen the bank ads saying “get pre-qualified in 60 seconds”. Is this how important you are to them that all you get is 60 seconds?
When you come to me, I do the investigating right up-front to see what you can afford and how much you would be approved for given the new stress testing. Preapprovals by the Bank/ Brokers often result in deposits and your dream home being lost.
Examples of potential red flags are: income discrepancies, credit concerns, appraisal issues and the list goes on…
I am self-employed - can you help me?
Absolutely, I partner with lenders who understand the self-employed. You ask yourself the question: Why is it easier for one of my employees to get a mortgage than me? The Banks are under stringent guidelines due to mortgage rule changes. However, I partner with lenders who want your business and think “outside the box”.
Do I need a down payment to buy a home?
Yes, you will need a minimum of 5 % down + closing costs. There are some solutions to help with the down-payment. The first step is putting a plan together to achieve your goal. I am here to help you.
I have bruised credit, can I still buy a home?
Most definitely. The lenders that I work with understand that life can throw us many challenges. The mortgage rate will be slightly higher but mortgage financing is available. Once you have your home, the next step is for us to rebuild your credit. I offer my clients advice on rebuilding their credit.
What are the differences in services between a mortgage broker and bank mortgage personnel?
Are the services of mortgage agents or brokers expensive?
My consultation services are free. In most cases, the lender covers the brokerage fees. For those cases where we need to use alternative or private lending, there is a broker fee but my fee is competitive.
The most important thing is that, where a broker fee is charged, you will see the value of my service.
If I use a mortgage agent or broker, must I qualify again at the end of the term?
No. You only need to requalify if you change lenders or your mortgage changes. If it is a straight renewal with the same lender, then you do no need to requalify.
How many leaders can you approach for mortgage solutions?
As an Oriana Mortgage agent, I can approach well over 20 lenders for mortgage solutions. All types of borrowers can be given mortgage solutions: the self-employed, bruised credit.
There are well over 20 lenders to draw from. Some very strong and solid mortgage companies that only mortgage broker/agents have access to. These companies deal only in quality mortgages, which ensure clients can have a low rate with flexible terms.
Is there a tool to use to see what my monthly mortgage payment will be? What my land transfer tax is, etc?
Yes, I have a powerful mobile application, which provides the answers to all your questions. If there is something not covered, please call me.
You can download my app at: https://cma.me/steve
Or send me a text to request the app and I will send you the app to download.