Mortgages

By the time you decide to invest in a home, you may have had previous credit and have a working relationship with a lender. You may have already obtained a pre-approval certificate from a lender. I can give you a list of lenders and mortgage brokers for you to review. See Services

Having a pre-approval letter from you lender can make the process of buying properties easier for you. A pre-approval letter is a statement from a lender that you are qualified for a specific amount for a certain period of time. With this in mind, you can compete with any other offers for the home of your dreams. See Pre-approvals

Mortgage brokers - A mortgage broker is an agent for banks, mortgage companies, finance companies, etc., somewhat like an insurance broker with a number of lenders. They can draw from them looking for the best rate and conditions for you. A quick analysis of your personal situation by a qualified broker lets him/her know where to shop the market through a large network of lenders to find what is best for you. For self-employed, retired, out of province buyers, a mortgage broker can especially become important to you.

Questions/Answers for a mortgage broker (excerpts from Chris Golding-Mortgage Broker with Mortgage Intelligence)

Explain how you deal with people with different needs?

Canadians relocating to for example, Annapolis Royal are treated the same way as any Canadian buyer- as little as 0% down at the banks posted rate. If they put down 5%+, they will qualify for the best discount rates in the industry with a number of lenders (20+ lenders)

Canadians buying a second home such as cottage, seasonal residence, etc. where CMHC has a product for people who are buying a second home with as little as 5% down.

Canadians buying their primary home who are self-employed and cannot verify income to meet guidelines can look at several options. They only need good credit and proof that they are self-employed. The lenders usually request the latest revenue income tax up-to-date status.

Americans buying a residence in Canada going through charter banks will require 35% down. They need to prove income if employed in the U.S. They will need proof of down payment through investment statements, bank statements, or other means.

Americans self-employed need their last tax return showing no taxes in arrears. All other terms as above are required.

Europeans buying in Annapolis area would simply need to have two credit references from their banking institution, if in the United Kingdom. They would also need to verify income and down payment.

Explain what kind of interest rate a Buyer would pay?

For all borrowers, the rates and terms are flexible. They can choose variable or fixed rates. “ We deal with approximately 25 Lenders and each of these offer several products. This is our advantage over any individual bank.”

Do you charge brokerage fees for your service?

An applicant who is approved with satisfactory income, credit history, and net worth is not charged mortgage fees.