If there is one thing that I have learned, in order to be successful as a mortgage agent you have to put your client’s needs first,which means being completely transparent. As a mortgage agent with Real Mortgage Associates, I ensure my clients understand every aspect of the process of choosing the right mortgage plan. I have been and always will be accessible to my clients for the life of their mortgage. Committing to annual reviews of my clients’ mortgage plans and making adjustments if necessary is just another part of the job I love and am committed to.
Mortgage brokers say the borrower rejection rate from large banks and traditional monoline mortgage lenders has gone up as much as 20 per cent after Canada’s banking regulator imposed a new stress test for homebuyers who don’t need mortgage insurance. As a result, alternative lenders are seeing an uptick in business as brokers increasingly direct homebuyers toward borrowing options that are beyond the reach of the Office of the Superintendent of Financial Institutions’ (OSFI) newly enacted…CONTINUE READING
A pre-approval is when a potential mortgage lender looks at your finances to find out the maximum amount they will lend you and what interest rate they will charge you. With a pre-approval, you can: know the maximum amount of a mortgage you could qualify for estimate your mortgage payments lock in an interest rate for 60 to 120 days, depending on the lender The pre-approval amount is the maximum you may get. It does not guarantee that you'll get a mortgage loan for that amount. The approved…CONTINUE READING