Mortgage Broker

[Mefro]

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.

Or incompetent mortgage brokers. They get paid by the deal, so the more deals they get through the more they make, and they may get you a product that isn't suitable for you. Also when something goes wrong, the broker has to fix it, as the lenders do exactly what they are instructed to do by the broker. Most brokers are not that willing to help once it hits that situation, and that has happened to many of my customers, who have said these exact words after "we really wish we would have just done it at the bank in the first place".

Another downside to brokers is yeah they may find you a better rate, and the institution they get the mortgage for you from is an entity lender or a "B" lender. With entity lenders good luck getting through to somebody to help you when you need it. And with B lenders, there are alot of fine print clauses. For example: Early payout penalty. With most A lenders it is three months interest . I have come across many deals with B lenders where the customer got a better rate, but if they needed to sell and pay out early, the early payout penalty is three months interest, or $10,000 minimum penalty .

Brokers just get you the mortgage, and they rarely know the details of the mortgage itself. Where as if you went to the bank, we know our own mortgages inside out. I guess what im trying to get at is "buyer beware". Just be careful when going through a broker. There are good brokers, but very few out of the thousands.

[Kor]

Re: Mortgage Broker

Well I stand by my earlier recommendation if anyone is interested in using a mortgage broker. I wouldn't even consider doing anything else. Save money and have a painless experience.

[nordex]

Re: Mortgage Broker

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.

this never happens at the bank?

[gaffer]

Re: Mortgage Broker

Well I stand by my earlier recommendation if anyone is interested in using a mortgage broker. I wouldn't even consider doing anything else. Save money and have a painless experience.

+1 for using a mortage broker. Beats the hell out of the bank. After shopping for a mortage (read waste of time) I called a broker that was reccommended to me and he had me pre-approved in no time over the phone. All I had to do was go to the office & sign the papers.

For me, I will not look anywhere else for a mortgage.

Andrew

[94gti]

Re: Mortgage Broker

Banks do give mortgages to self employed people you know

They do, but not for folks who have been in business less then a year.

[94gti]

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.

Thanks, I will give her a shout.

[Mitcheh]

Re: Mortgage Broker

They do, but not for folks who have been in business less then a year.

Normally it's minimum of 2 years actually haha

[Khyron]

Re: Mortgage Broker

Looking at prime - .75 variable for 5 years closed. She did the app over the phone at 9:30 at night, can't beat that convenience. Thanks for the tip Kris.

[Kor]

Re: Mortgage Broker

Looking at prime - .75 variable for 5 years closed. She did the app over the phone at 9:30 at night, can't beat that convenience. Thanks for the tip Kris.

No problem, as I said she is really great and I know at least 4 or 5 people who have gotten mortgages with her and always have been super happy in the end, even years later.