FREQUENTLY ASKED QUESTIONS
Why work with a mortgage broker?
As a Mortgage Broker, I offer access to all lenders in the market place which allows me to shop around for the best mortgage solution for your needs. If you have never worked with a mortgage broker before you will be surprised at how many lenders there are in the market place.
Are banks a safer option?
All lenders must be licensed and must follow federal and provincial mortgage regulations. With this in mind, no lender is “safer” than another lender. I think that we have been programmed to think that only Banks can offer competitive mortgages. The truth is that there are many other prime lenders in the market place that offer very competitive products and rates. These lenders do not advertise directly to the public so people simply do not know that they exist. They operate through the mortgage broker channel only. You will be surprised just how many financing options are out there.
How are you different from other mortgage brokers?
I’m a career “numbers guy” which means my clients get a very accurate and detailed assessment of their options. I’m also very down-to-earth and approachable, which means my clients can ask any type of question and get a straight answer without any slick sales talk. I pride myself on working for your best interests and earning your trust.
What interest rate should I be expecting?
Interest rates depend on your overall risk profile that lenders assess. The higher the risk that you represent to a lender, the higher the interest rate they will offer you. The lower the risk, the lower the interest rate being offered. My job is to identify any risk factors in your profile and manage those risk factors before it gets to a lender. This upfront work and choosing the right lender will allow you to get the absolute best interest rate and mortgage product that the market has to offer you.
How will we work together, and how do your services work?
The best way to start working with me is to have an initial phone call. This allows me to get some initial information from you and find out what are your mortgage needs. The call allows you to get to know me and ask questions. From this initial call, I can already start to offer high-level mortgage strategies and solutions for you to consider.
If you are satisfied with the call, I will send you an email with a detailed list of documents that I will require to complete your application. From this, I can start talking with lenders to see where I will be able to get you the absolute best mortgage solution for your needs. Once complete then I will present you with some lender solutions for you to consider and we can decide which mortgage option is best for you.
Finally, I obtain the lender commitment and we will schedule a time to meet and review the mortgage solution in detail and to sign the documents.
Then it is over to the lawyers to finish the mortgage process.
How long does this take?
A comfortable time to complete the mortgage transaction from the initial call to cash in hand is 3 to 4 weeks. More challenging files can take longer. I break down the process into three parts:
(1) One week to gather documents and get the mortgage commitment from the lender,
(2) Budget about one week for the property appraisal, and
(3) One week for lawyers to do their thing.
It is never too early to start the mortgage conversation and the more time that you allow before closing gives all parties involved more time to respond to any hiccups along the way.
Do I have to pay you for your services?
No, in most cases, I get paid a commission from the lender after the file closes. Only private lenders don’t pay me a commission and hence I will need to charge a broker fee. I am always upfront about any fees that I would charge.
I’m not sure if I’m ready to get started, how do I get a better sense of what it’s like to work with you?
I think it is key to find a good fit when looking for a mortgage broker. Please check out my videos on youtube to get a sense of who I am and what it might be like to work with me. Also, my Facebook and LinkedIn accounts offer posts and articles.
What if I still have months or years left on my current mortgage? When should I start a conversation with you?
It is never too early to start the mortgage process. I am always happy to talk about mortgage strategies, life goals, and qualifying with lenders. If you are thinking about your mortgage or if you have mortgage questions then let’s chat.
If you are just looking for a lead time before purchasing I would suggest 3 months. This gets you on my calendar and gives me ample time to strategize your mortgage plan. Keep in mind, we need 3 to 4 weeks from start to finish to actually get your mortgage closed.
Okay, I’m ready. How do I get started?
Great! I love it when people take action. Here’s how to request a Get Acquainted Call…