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.

What Can A Mortgage Broker Do For You

When you enter the real estate realm of buying and selling property, it’s important to have a great team that will prioritize your best interests. A key person in your team should be a mortgage broker. What does a mortgage broker do and why are they of interest to you?

Mortgage Broker

A mortgage broker is a licensed professional who will compare mortgages from various lenders to determine the best option for you. They essentially act as a middleman between you and the lender. A great broker does not only get you the best interest rates, but they also explain the fine print and confusing texts that are on mortgage paperwork.

A mortgage broker and mortgage specialist are not to be confused. A specialist works for a lending institution and has the expertise and knowledge of that specific institution’s services. They won’t be able to help you shop around as they wouldn’t have built those relationships with other lenders, and don’t have the expansive knowledge that a mortgage broker would have.

The benefit of having a mortgage broker is that they have relationships with multiple lenders ranging from traditional lenders such as banks and alternative lenders. They usually have access to lenders that you wouldn’t have access to, and are able to explore various options to find the best options for you. Smaller, non-traditional lenders who don’t share the same overhead costs as banks, and may offer cheaper rates and fewer fees. Mortgage brokers are also able to help those who have circumstances that would make a bank loan an unrealistic option for them.

What Can I Expect My Experience To Be Like With A Mortgage Broker?

When mortgage brokers receive an application, they will shop around to various lenders (traditional/non-traditional) to see who will offer you the best rates, terms and conditions. Next, they will meet with you to go over your options. You don’t have to expect to pay for your mortgage broker’s services, as they are paid a commission by lenders, which depends on what mortgage product you choose. When choosing a mortgage broker, it’s important that you choose the right one, so you know they are focused on finding the best mortgage product for you and not what will give them the most commission.

Questions To Ask Your Mortgage Broker

Which mortgage would be best for me?
Are there any downpayment assistance programs for me or the property I am buying?
How will I get updates on the loan’s progress?

If you are in the market for a mortgage broker, contact us at Mortgage Makers Inc. We are licensed by the Real Estate Council of Alberta (RECA), and have over 30 years of experience in real estate financing. Whether you are a first-time home-buyer or looking to build your dream home, we can help bring these goals to life.

What Can A Mortgage Broker Do For You?

Mortgage Broker

What Can I Expect My Experience To Be Like With A Mortgage Broker?

Questions To Ask Your Mortgage Broker

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