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Why You Should Consult a Broker for Mortgage Renewal

Posted onDecember 10/2018By

If you are planning on renewing your mortgage you may feel apprehensive about it, or even overwhelmed. For many Canadians, purchasing a home can be scary! Given the enormity of the money being borrowed, many Canadians feel afraid and avoid doing sufficient research on such an intimidating topic. That’s why we’d like to offer some guidance to ensure that your mortgage renewal goes as smoothly as possible. In particular, we recommend that you consult with a broker for your mortgage renewal, for a number of important reasons. Get Better Rates By asking a mortgage broker for help, you will be…

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Six Tips For Choosing The Best Mortgage Broker

Posted onFebruary 23/2017By

If you are currently looking for a mortgage and have decided to enlist the help of a mortgage broker, then you’ve made a smart move. The next step is ensuring that you find the best mortgage broker. How do you do this? Gather as much information as possible and ask important questions. Here are some key things you should know about the broker, as well as the ways in which you can find this information. Judge by Experience The mortgage brokerage industry does have a fairly high turnover rate, so it is important to know how long the broker has been in business. This helps to determine if the mortgage broker is a seasoned professional who has been through hard and good times, as opposed to a newbie who has just come in. Ask About Mode of Compensation Brokers are generally compensated in two ways: fees and yield spread premiums.…

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Loan Officers VS Mortgage Brokers

Posted onNovember 13/2015By

If you’re looking for a mortgage you may not know if you should work with a broker or a loan officer. There are many differences between the two professionals, and before you commit to either, you should understand what each one does. What is a mortgage broker? A mortgage broker is a trained mortgage professional who represents your best interests to the lender. When you work with a broker, they work to ensure you get the perfect mortgage package to suit your needs. Mortgage brokers will get you the best rates and terms because they work with various lenders and are not tied down to one lending institution. Brokers are licensed and regulated by the province they operate in. They are paid by the lenders only when the mortgage closes, which means they will work hard to make sure you get what you need. They also often adapt to your…

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Key Factors That Will Affect Your Mortgage Qualification

Posted onJuly 17/2015By

Applying for a mortgage is a pivotal moment in the lives of many. It is a big step into a more stable lifestyle, one that you can enjoy alone or with a growing family. It takes great consideration and thought to decide whether or not you should apply for a mortgage and when you are truly ready. By being mindful of the things that will affect your ability to qualify for a mortgage, you can avoid any mistakes or mishaps. Tips to Qualify for a Mortgage Be at your place of employment for at least a couple years or be employed full time. How your money is being made will affect the mortgage application. Get rid of any and all credit card balances. Pay off all loans, student loans, co-signs, etc. The type of mortgage or home you intend to purchase will play a role in your qualifications. Ask a…

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How to Shop for a Mortgage Broker

Posted onMay 15/2015By

Shopping for a mortgage broker is like buying a car. You read up on the newest safety features. You take test drives. You sit down with the dealer and ask questions. Simply put, you want to make sure you’re getting the best deal for the safest vehicle. Looking for a mortgage broker is the same. It’s important to find a broker that suits your current and future needs. However if you’ve never worked with a broker before, you may not know what to look for. Here is a comprehensive list that gives you everything you need to show you how to shop for a mortgage broker: Figure out what you think you want Before meeting with any broker, think about the kind of home you are looking for. Do you have kids? Will you have kids? Do you need to be close to a school? Do you want to live…

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