When considering ways to fund a real estate venture, many individuals immediately
think of mortgage brokers and other traditional lenders.
Not exact matches
At the extreme,
think of Enron employees's shenanigans or Wall Street
brokers selling bad
mortgages.
«CMHC is making an absolute fortune right now, and I don't
think it is fair,» says James Sears, co-owner
of Toronto - based
mortgage broker Trillium Mortgage, which has been in business sin
mortgage broker Trillium
Mortgage, which has been in business sin
Mortgage, which has been in business since 1989.
«I
think that people are frightened
of the unknown,» said Douglas Elliman
broker Frances Katzen, who added that she's noticed more homeowners trying to refinance or lock in fixed - rate
mortgages in anticipation
of rate hikes.
It's helpful to
think about the cost
of a
broker in the context
of the more typical closing fees on a
mortgage.
«A lot
of home buyers
think the process is simple, but when you start explaining the details, their eyes glaze over,» says Richard Redmond,
mortgage broker at All California Mortgage in Larkspur and author of «Mortgages: The Insider's Guide
mortgage broker at All California
Mortgage in Larkspur and author of «Mortgages: The Insider's Guide
Mortgage in Larkspur and author
of «
Mortgages: The Insider's Guide.»
Feel free to contact us if you
think you need a second
mortgage for personal use, want the professional service
of mortgage brokers or private lenders, or even get
mortgage refinancing.
It's helpful to
think about the cost
of a
broker in the context
of the more typical closing fees on a
mortgage.
The reprieve Canadian
brokers thought they had is no longer, with the Finance head confirming he will now lower the maximum amortization on an insured
mortgage to 25 years and cap refinances at 80 per cent
of a home's value.
I advise anyone
thinking of selling, to contact a local Real Estate Agent to get a fair market assessment
of their home, and to contact a
mortgage broker in their area to see what they would qualify for in a new home, or to see about refinancing.
Think of all the posters on buses urging you to become more indebted by calling your friendly bank
mortgage broker!
There are lots
of other things to
think about... One
of the best things you can do is take the time to talk with a qualified
mortgage broker or loan officer.
I know how difficult it is as a
mortgage broker to try to
think of all aspects
of a transaction, current and in the future and the affects it may have on my clients.
Listed below are a variety
of questions to
think about when speaking to your
mortgage broker: How long have you been working in the
mortgage industry?
I
thought in the fairness
of full disclosure you would have to be first licensed as a
broker to be declared as America's # 1
Mortgage Broker.
«When people buy a home they're not
thinking of breaking their
mortgage,» says Vince Gaetano, principal
mortgage broker with MonsterMortgage.ca in Toronto.
My fiance is a
mortgage broker, and recently we decided to combine our two passions (mine = relationship research, his = finances) and share some
thoughts that might help couples who are
thinking of buying a home together.
Home inspectors,
mortgage brokers and agents, home stagers, lawyers, appraisers, loan officers at banks and trust companies, surveyors, legal clerks, movers, renovators, window blind makers and everybody you can
think of is in the blast
of business that is set off when a real estate agent pulls the trigger on the sale
of a home.
I
think that the biggest advantage
of using a
mortgage broker is that they know the hidden costs beneath the
mortgage that a consumer is unlikely to know.
Any
mortgage broker who
thinks they are in the business
of selling
mortgages is in for a rude awakening.
And endorsements are purchased too, there are endorsement
brokers who make a business out
of it, I don't
think actors endorse reverse
mortgages for nothing.
This is at least partially because women don't shop for financial services as aggressively as men, and may be given less information than is prudent due to a loan officer or
mortgage broker thinking single women have a lack
of financial sophistication.