Stress and the Mortgage Process

March 31, 2009 Employed Persons, First Time Home Buyer, Interest Rates, Mortgage Insurance, Pre Approval No Comments

Buying a home can be a stressful experience.

There are many people involved in the process. The process moves fast. And you are the one who is stuck with the payments at the end of it all.

But I have some great news for you. While you are not in control of the process, you are in control of who is representing your interests – your team:

  • So choose a great realtor.
  • So choose a great real estate lawyer.
  • So choose a great mortgage broker.

What a great mortgage broker will do for you is:

  • Understand your circumstances
  • Give you a clear and defined process for moving forward
  • Be non judgmental about your past
  • Mitigate most blemishes on your file
  • Collect your paperwork before you put an offer to purchase down
  • Tell you your payments
  • Find the right lender for you
  • Get you a great rate
  • Explain mortgage insurance
  • Answer all of your questions.

Just knowing that you have someone on your side as you go through the process reduces your stress.

Your team may not be able to make the home buying process stress free but we can reduce the stress to a level you can easily handle.

Call me to see if I can be a great fit for you and your team.

The Essential Questions to ask your Prospective Mortgage Broker

March 3, 2009 First Time Home Buyer, News, Switch No Comments

In my last column I looked at the reasons why you should consider using a Mortgage Broker to help find the financing you require: Mortgage Brokers have the expertise, the experience, and their services are typically at no charge to you.

Armed with this information, you have decided to use a Mortgage Broker – there are literally hundreds of them in Calgary and the surrounding area.  Looking up names in the phone book or on the internet doesn’t really tell you anything.  Are all Brokers created equal?  Do they all have the same access to lenders and products?  How do you know if they are all equally competent?  In short, how does one pick a Mortgage Broker?

The answer to this question is not simple.  There are many factors to look at.  Here are the key things for you to consider when choosing your Mortgage Broker.   Use these as guidelines to get you started on your journey.

  • Start with the people you know best; your friends and family.  With 37% of Albertans choosing the services of a Mortgage Broker, chances are that someone you know and trust has already used one.  Find out who they used and what they thought of them.  If their experience was positive, get that Mortgage Broker’s information and move to the next step.
  • From a business standpoint: when you leave a message for a prospective Mortgage Broker, do they return your calls promptly?  Do they sound like they know their business?  Are they unnecessarily pushy or do they take the time to get to know your business style and work with it?  Are they honest?  If they are not honest with the lenders (their business partner) then are they being honest with you?  Do they run their business full time or is this a part time job for them; will they be able to give you the attention you need?
  • From a relationship standpoint: do you feel appreciated by them or do you feel like a burden?  Remember, they are working for you.  Are they doing what is right for you or what is right for them?  Do they use new technologies that fit your lifestyle?  Do they speak in your mother tongue?  Do they speak highly of all people in their industry or do they bad-mouth people behind their backs?

Do your due diligence then trust yourself.  You will have made a good choice for the person that is right for you so stick with that Broker instead of shopping around further.  A great Mortgage Broker will work hard for you and they deserve to be treated with respect.  Speak to them directly about any issues or concerns that may arise and be clear and honest about your expectations.  Communication is the core of any good relationship: especially with your Mortgage Broker.

Use this list as a starting point and add to it based on your specific needs.  It is important to have thought through these questions prior to your first meeting.  Have the list handy and don’t hesitate to refer to it as you are interviewing your new Mortgage Broker.  While this may seem like a lot of work, you will find that you will be able to get the answers to these questions in a few short phone calls.  The benefit in the end is a business relationship that you are comfortable with and can trust.