Mortgage Broker

[94gti]

I am looking for a mortgage broker, does anyone have a good one they can recommend?

I am self employed and so I have no chance of getting a mortgage through a bank.

[Mitcheh]

Re: Mortgage Broker

Banks do give mortgages to self employed people you know

[R_Ethug]

Re: Mortgage Broker

its not easy tho.. my sister and her husband run thier own company pull in multiple 6 figures have zero debt and are building a house right now.. went through 5 banks before one would do it!!

[Mitcheh]

Re: Mortgage Broker

Well, if you've been BFS for 2 years it's easy to get one through us

[Kor]

Re: Mortgage Broker

Well, if you've been BFS for 2 years it's easy to get one through us

You should always use a mortgage broker they're great! I have a great one I recommend to people:

Jacquie Carstensen, AMP
Managing Partner & Mortgage Associate
mortgageinfo@mortgagebrokers.com
MortgageBrokers.com


She is super nice. Lots of my friends have used her too.

[BadKenny]

Re: Mortgage Broker

Me and the Mrs. got ours through Marty and Tammy Laframboise (www.thebestrates.ca)

Not a bad experience at all.

[Kor]

Re: Mortgage Broker

Banks will always give a mortgage broker a lower rate, especially an established broker. Also its painless and free. Basically the banks pay the brokers and if the brokers bring in enough business they get a lower rate to offer their customers. I got my rate and then went to the banks and none of them would match it - even the same bank that the broker got the rate from.

[Mitcheh]

Re: Mortgage Broker

Banks will always give a mortgage broker a lower rate, especially an established broker. Also its painless and free. Basically the banks pay the brokers and if the brokers bring in enough business they get a lower rate to offer their customers. I got my rate and then went to the banks and none of them would match it - even the same bank that the broker got the rate from.

Unfortunately, it's true :(

[Khyron]

Re: Mortgage Broker

You should always use a mortgage broker they're great! I have a great one I recommend to people:

Jacquie Carstensen, AMP
Managing Partner & Mortgage Associate
mortgageinfo@mortgagebrokers.com
MortgageBrokers.com


She is super nice. Lots of my friends have used her too.

Calling her now, my TD note is up in a few months.

[Stonewall]

Re: Mortgage Broker

Any risks with going to a broker rather then the bank?

[Kor]

Re: Mortgage Broker

Any risks with going to a broker rather then the bank?

The broker just arranges things between you and a bank. They are just a sales person who connects you with a good rate and gets a kickback from the bank for sending lots of business their way. There is no risk to using a broker. I promise no matter how much you shop for a good rate a Mortgage Broker will get you a better rate or a more flexible mortgage or whatever they want. Jacquie is great too.

[Mefro]

Re: Mortgage Broker

The broker just arranges things between you and a bank. They are just a sales person who connects you with a good rate and gets a kickback from the bank for sending lots of business their way. There is no risk to using a broker. I promise no matter how much you shop for a good rate a Mortgage Broker will get you a better rate or a more flexible mortgage or whatever they want. Jacquie is great too.

Wrong, there is a risk with using a broker. Ive had many deals come from brokers who haven't done their work properly, like inputing wrong down payments, incorrect closing dates, and other random stuff I can name off. All which have cost the customer more at the lawyers office, or delayed possession. Some brokers just don't give a ****. So choose carefully, referrals from people are the best way choose a broker.

Also a disadvantage to using a broker may result in a higher cost if it is for a refinance or switching an existing mortgage, as 9 out of 10 times the registration of the mortgage has to be done through a lawyer; rather then through First Canadian Title(title insurance).

Just my two cents.

[Tuna]

Re: Mortgage Broker

I'd say the only risk with going with a broker (buying or selling) is a lot of them don't do their homework properly (read, don't do a proper credit check) and will tell you how much you're eligible for without really knowing. We had the first sale of our house fall through because of this and it really made me angry. Wasted everyone's time and we had to put it back on the market. The family that was trying to buy it was upset too.

BTW, I did better by going through a bank over a broker - twice. So it's not ALWAYS cheaper.

Edit: Mitesh beat me to it.

[Kor]

Re: Mortgage Broker

Honestly the problems you guys bring up have to deal with incompetent people not mortgage brokers. By all means use someone who knows what they are doing. I definitely know many, many people in the past 2 years who have not been able to match a broker's price and who have gone directly to many banks.

[Tuna]

Re: Mortgage Broker

Honestly the problems you guys bring up have to deal with incompetent people not mortgage brokers. By all means use someone who knows what they are doing. I definitely know many, many people in the past 2 years who have not been able to match a broker's price and who have gone directly to many banks.

Right, but these incompetent people were disguised as mortgage brokers haha. You won't find out that they are incompetent until you lose out on a deal. I don't have any issues with brokers and would likely use one myself. Just be careful and get a reference.