Getting A Mortgage – What is a Mortgage Broker?

What is a trusted team? A trusted team is when “we”, customer, realtor, mortgage broker, lawyer, architect, and contractors etc. work together to ensure you are absolutely going to get the best solution for what you are trying to achieve.

In this video we are talking to a part of my trusted team, Ruth Akierman from Outline Financial to answer some questions about mortgage brokers. Why should I use a mortgage broker?​ 1. They can access all financial institutions to find you the best rate and terms with one credit check
2. They will give you options
3. They pickup the phone!

When should I talk to you?
• “Clients should talk to me as soon as possible. Never too early to start the process. Many of my clients have files started with us in the ‘pre-approval’ stage so that when you are ready to pull the trigger on a property, we may only need a few documents updated to get an approval done.”

How long does the process take?
• “Typically we could get a condition of financing (COF) done in 3 days and we could close a property in 2 weeks. In this market we are looking at 5 day COF’s or longer if possible and closing at a month minimum.

“ What is a pre-approval?
• “Pre-approval- many different types and not all banks are made equal. A pre-approval could simply mean a rate hold.”
• “I do a lot of the underwriting myself before the bank ever sees your documents. I will give you the options, and you get to decide how you will move forward.”

When should I feel comfortable waiving a financing condition?
• “A mortgage broker is here to mitigate risk on going firm on a deal as well as helping you feel comfortable in waiving a finance clause. Once we have a firm approval in hand, we review with you to make that decision on waiving finance clauses.”

What is better, a fixed rate or variable rate?

What do Mortgage Brokers Charge?

Top three reasons why I like working with Ruth
1. She answers the phone
2. She guides my clients through the process
3. Problem solver – If she says she will get you a deal she will get you a deal!

“It takes a team of people and efforts in the background to get you from Offer to Ownership. The truth is Paul & Jordin make my job easier and I make their job easier.”

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Benjamin Brown

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