Prior to becoming a mortgage broker in 2007 I started at a mortgage brokerage in an administrative capacity in 2005.
Once licenced I managed several private mortgage lenders accounts and underwrote mortgage applications for several MIC (Mortgage Investment Corporations). In 2009 I left to venture out on my own joining TMG The Mortgage Group Canada Inc. TMG allowed me to provide a larger service to my clients. Since branching out I have been able to assist my clients in both private mortgage and conventional financing. Assisting clients obtain your financial goals is my largest focus.
The process varies from client to client. To begin with we provide clients with an application and a client agreement to fill out. As well we request a list in an email of supporting documents we may require. Once this information is provided I can complete an initial underwriting of the application.
Most applications take 24h to be approved once we have a complete application. Subjects to the offer can take a little longer to be approved. Funding generally takes between 2 to 10 business days depending on the availability of appraisers & lawyers.
Not all banks are the same and knowledge of a vast number of products through different lenders give you the consumer greater choice. Most of the mortgage products we obtain for clients are based on your homes equity. This enables us to provide a great choice for you the consumer.
We can offer many products through Banks, Credit Unions & Trust Companies but our specialty is Alternative, B-Lending & Private Mortgage Financing.
Mortgage Brokers work independently from any one bank and can access multiple lenders and mortgage rates. Brokers can have designated individuals that push a large volume of business to lenders. By pooling these resources, it enables us to get access to rate specials based on the volume of business. We can pass this savings onto the consumer.
Mortgage Brokers get paid in several different ways. With bank financing the bank pays us for referring customers to their products. With Private and in some cases B-Lenders a fee is charged. These fees get paid out of the proceeds of the mortgage.
When you are applying for a mortgage or HELOC generally the client (you) pay for the appraisal. In some cases when obtaining conventional financing a bank may do a inhouse appraisal saving you the cost of paying for an appraisal.
Usually the appraisal cost is paid for by the consumer. Home appraisals can cost from $350.00 and up. Appraisers have different pricing for appraisals based on the value or uniqueness of the property.
Lenders look at the appraised dollar value of your home, as well has recent sales and how good comparable sales of similar properties sell for. They aren’t as much appraising your home as comparing your property to recent sales of similar or most similar properties.
BC Tax deferment is a charge on the title of your home allowing you to defer taxes until a later year. When applying for mortgage financing lenders will generally want to register a charge in front of any tax deferment. This means you will have to payout the current balance of your defermint out of the proceeds of new mortgage financing. If you are eligible you can then re-apply for the deferment again.
A home equity loan is a good idea if you are looking to improve credit or increase your cash flow. Often homeowners struggle to get approved to refinance their mortgage due to bad credit or low income proof. A home equity loan can help improve your credit if you use the funds to consolidate debt which can also increase your cash flow.
These types of financing are easier to qualify for due to the sole requirement is home equity and not your current income or credit situation. Home equity loan rates are higher than traditional HELOC rates. The higher rates are due to the risk taken on by the lender.
Home equity loan is a temporary solution that allows homeowners to access the capital built up in their home. This equity can be used to consolidate debts, payout tax arrears, renovation, business capital, bridge new home purchase and much much more.