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.