WHY SHOULD I DEAL WITH MORTGAGE MAKERS INC. INSTEAD OF MY BANK?

We work for you, our client and we provide lending options from a multitude of lenders, banks included. This provides you with a wider selection of mortgage options and low rates. Every lender has their suite of products, our job is to make sure that you are getting the right mortgage product for you.

Nothing. Mortgage Makers is paid a finders’ fee by the lenders that we place your mortgages with – not by you the borrower. Our compensation is affected mostly by the size of the loan and the length of the term. 99% of the time we do not charge our clients a fee. Occasionally, however, and with full disclosure in advance, we may need to charge a fee in the event that we are securing specialty financing, such as a second mortgage, commercial mortgage, or some other unusual circumstance.

WHAT LENDERS DOES MORTGAGE MAKERS DEAL WITH?

We have access to a large lending pool which includes major banks, credit unions, trust companies, Mortgage Backed Securities lenders, and more! It’s our job to select the mortgage lender that offers the best product at the best rate to suit your specific needs. So your circumstances and the mortgage options you are looking for will determine what lender will best suit you.

HOW LONG WILL IT TAKE TO COMPLETE A MORTGAGE TRANSACTION?

That all depends on your deal, how fast you can provide documentation, which lender we are dealing with etc. For a stress-free closing you should plan on at least a month. That would include: taking the application, submitting the deal, signing the documentation, sending to lawyers and then funding. We have done and can do deals more quickly but this can in some case limit your lender options, most clients don’t want to be to rushed so we recommend possession to be about a month or so away.

WHY SHOULD I GET PRE-APPROVED?

There are a number of reasons to sitting with a mortgage professional and completing a mortgage pre-approval before you head out into the housing market. First, the pre-approval will give an an accurate idea of how much you qualify for or more importantly what mortgage amount coincides with the payment amount that fits your budget. We can also secure mortgage rate holds for up to 120 days and protects you against rate hikes during that time period. Being pre-approved also helps top speed up the final approval once you have found a property as much of the work has already been done. This process helps us to determine what types of documentation will be needed to finalize your mortgage giving you ample time to gather these items. Lastly many realtors prefer to work with clients who have done their homework ahead of time to make sure they are not wasting your time and theirs looking at the wrong properties. Don’t be fooled! Pre-qualification is not the same as Pre-approval! Make sure you are pre-approved, without actually evaluating your circumstances in advance and providing you a proper rate hold it can be tough to know what you qualify for, at Mortgage Makers we work through that process thoroughly to make sure you are ready to make that first or next real estate purchase.

WHAT ARE CLOSING COSTS?

Closing costs are those costs that are associated with obtaining and finalizing a mortgage. The most common closing costs can include some or all of the following, legal fees, appraisal fees, survey fees, title insurance, property tax adjustment, moving expenses and utility hook ups and Realtor fees.

CAN I GET A MORTGAGE TO RENOVATE MY PROPERTY OR PAY OFF MY UNSECURED DEBTS?

Most certainly. Lenders will allow you to access the equity in your home for a number of different reasons. Some clients borrow to complete home improvements, others to consolidate unsecured debt, some to invest in property or a business or even the stock market. There are many reasons for you to borrow against the equity in your home, let us show you how.

WHY DO I NEED TO PAY A CMHC MORTGAGE INSURANCE PREMIUM?

You pay a mortgage loan default insurance premium when you put less than 20% of the property value as a down payment. Smaller down payments translate to higher risk for the lender as the homeowner as less equity invested. Default insurance helps to protect the lender against mortgage losses should things lead to a mortgage default or foreclosure. The benefit of default insurance from a client’s standpoint? Well it provides those clients who do not have larger down payments access to the same lender and rates as those clients who do possess the 20% or more needed for conventional financing.

WHAT SOURCES CAN I USE TO SUPPLY MY DOWN PAYMENT?

Down payment funds can come from a variety of sources. It can come you’re your savings, investments, gifted funds from family members, RRSPs if you are a first-time home buyer and it can even be borrowed. This gives you lots of options to come up with the down payment funds needed for your first or next purchase.

Reasons Why You Should Work With A Mortgage Broker

Working with a mortgage broker is an excellent idea for a number of reasons. When traditional lenders won’t give you an approval and the bank won’t provide you with a loan, a mortgage broker will help. While this is great, it’s not the only reason to pursue this route. An accredited mortgage broker who is registered will provide you with top-notch customer service and great rates along with the following:

Industry knowledge is important to have and a qualified mortgage broker can provide you with the expertise that is required when purchasing a new property. Brokers are obligated to take courses, must be certified and follow strict industry guidelines, meaning they are informed regarding all of the latest business trends, interest rates and real estate markets. When it comes to investments and finance, mortgage brokers are well informed so they can pass on the right information to their clients. Don’t shy away from looking at a broker’s credentials, their experience along with their reviews and references because if they are qualified, they will have nothing to hide.
Great rates are possible through a mortgage broker because they work with a number of different lenders and will shop around to find a rate that is suitable for you. In addition to great rates they can also provide you with a mortgage term that you’re comfortable with and in many cases, you will get a better rate than what the bank offered.
Trust is a must and a reputable mortgage broker will make you feel comfortable right away. You will instantly feel great about working with them because they will make you feel like you’re in good hands. You need to trust that they’ll do their very best for you because you’re not just a random number but an important client. This includes following all of the privacy laws and regulations when it comes to handling your personal and confidential information.
Mortgage brokers have flexible hours and can accommodate your schedule. They understand that standard office hours are not convenient for everyone and many clients need appointments during evenings or weekends, which a broker can provide. They can also offer flexible mortgage solutions, unlike other banks or lenders that must follow strict systems.

Mortgage Makers in Edmonton offers excellent rates and mortgage services for anyone thinking of buying a new property, renewing their mortgage, taking out a second home mortgage or applying for a home equity line of credit. If you have questions or want to know the options available to you then please give Mortgage Makers a call today!

4 Reasons Why You Should Work with a Mortgage Broker

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