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.

FAQ About Working With A Mortgage Broker

Working with a mortgage broker is a great idea because they will be able to provide you with a loan for your dream house. They will do all of the work and will present you with different options so that you can get approved. If you are considering working with a mortgage broker, you likely have a number of questions, and the following guide will provide you with answers:

1. What exactly is a mortgage broker?

A mortgage broker is a licensed professional who works for a mortgage brokerage company and acts as an intermediary between the borrower and lenders. They listen to their clients and their needs and help them find loans based on this information. They have access to different mortgage products because of their network of lenders, so clients would be able to access a wider range of products.

2. Do I really need to use a mortgage broker?

Working with a mortgage broker is highly recommended because they are very knowledgeable and efficient, so you will get a great mortgage rate and term that is suitable for you and your needs. They work fast to provide you with results and will work for you to find a lender, after which they will also help you with the application process. Mortgage brokers care about their clients and will do whatever it takes to get them the best rate.

3. What are the benefits of working with a mortgage broker?

There are a ton of advantages to working with a mortgage broker, including peace of mind. This will remove a lot of the legwork from the mortgage process, so you would have a lot fewer headaches as a result. Your mortgage broker will guide you through the application process and will go over every detail with you to know every piece of information. This is in addition to finding you a lender and they will work with everyone, including your real estate agent and closing agent, to ensure there are no issues with the transaction and to make sure the loan closes on time. Working with a mortgage broker is especially great for first-time homebuyers as they will need a lot of support throughout this process, and your broker will be there for you every step of the way.

4. How should I choose a mortgage broker?

Ask your family and friends for referrals and recommendations because feedback from people you know is very valuable. They will tell you about their experience, and you will be able to make informed decisions. You can also check online reviews and research to learn about their services, communication skills, and approach.

If you are looking for the best mortgage broker in Edmonton, Mortgage Makers can help! We specialize in everything from debt consolidation to mortgage rates and financing and will always provide our clients with exceptional service. Whether you’re a first-time home buyer or are in need of more information, we can help, so contact us today!

Frequently Asked Questions about Working with a Mortgage Broker

1. What exactly is a mortgage broker?

2. Do I really need to use a mortgage broker?

3. What are the benefits of working with a mortgage broker?

4. How should I choose a mortgage broker?

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