Q & A

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’M 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.

WHAT ARE SOME OF THE COMMON PITFALLS MADE BY POTENTIAL HOME OWNERS?

There are so many, but here is a sample of some:

  1. Buying a car with lease. The monthly lease payment sure will hurt your affordability ratios
  2. Buying furniture for your new home before the closing dates. Lenders will run your credit report and the new credit balances on your report can result in your mortgage financing being denied
  3. Missing payments for your telecommunication bills from Rogers, Telus, etc. These companies report to Equifax and Trans Union
  4. Holding credit card balances at the credit limit

Yes, not all lenders have the same ways to qualify and with us we have different lenders available outside of the banks.

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

Mortgage Broker/AgentMajor Bank Mortgage Personnel
Access to numerous lenders and productsNo access – limited access to products outside their own
Exclusive Broker Products AvailableNo Access to Broker Products
We work with your best interests in mindWorks on behalf of the Bank
Work 7 days a week with extended hoursLimited Bank / Branch hours
Instant Access to new programsNew programs may not be available
Even though you will have access to many lenders, your credit report will only be requested onceIf you are looking at various financial institutions for the best mortgage, your credit report will be requested each time, which may have a negative effect on your credit rating
You get the best rate you qualify for! You don’t have to ask for itYou have to ask for the best rate and even then it might not be the best or lowest
If rates drop before closing, you get the new lower rate without requesting itIf rates drop before closing you already signed the contract so you are not entitled to the new rate
Brokers build long term relationships with clients and lenders
Options! We find a lender to fit your unique needs
Brokers know that mortgages are more than just rates
We can travel to you

ARE THE SERVICES OF MORTGAGE AGENTS / 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 / 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 LENDERS 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, far too many to list. 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.