Calling all Mortgage brokers

[nubiwan]

Hope this post is within the bounds of forum posting etiquette.

I am selling a house here in Newfoundland. I orginally had the buyer interested in a rent to own situation, then asked if they might qualify for a mortgage. They indicated they qualify for $220K, but had no downpayment so never bothered pursuing it. I came across some no down payment `cash back` mortgages ( and I also offerd to finance the down ) so we ran them past a broker in Nova Scotia, that I knew from a previous life.

It has taken this broker over 3 weeks now to try and set something up for us, and honestly, I think this is preposterous. At present, he has had my buyer`s in-law co-sign, and we have now waited 3 more days for a response. Is this normal wait time? Surely not. His responsiveness is crap at best.

Personally, I walk into my bank, give them the details and I have an answer in minutes. It is one reason I do not use brokers. A broker might well get you the better rate, but my experience has been jumping through hoops or lack of response on the way there.

I`m ready to tell my buyer to go into my own bank and just get a yes or no. If he gets a no, then we will sign a rent to own deal which might even suit me better long term. It`s freakin ludicrous.

Anyone care to offer an alternative solution - broker wise?

 

[RobMacdonald]

Brokers are not limited by provincial jurisdiction. So basically, most brokers on this forum may be interested in taking a look at the application. If the clients are will to pay a higher interest rate for a cashback `no downpayment` mortgage, then there is some alternatives. The program has some minimum credit criteria, so that may be the problem.

I have an online application on my website. If your clients are okay dealing through the electronic world, I would be happy to take a look.

 

[gwasser]

QUOTE (RobMacdonald @ Oct 21 2010, 11:48 PM) Brokers are not limited by provincial jurisdiction. So basically, most brokers on this forum may be interested in taking a look at the application. If the clients are will to pay a higher interest rate for a cashback `no downpayment` mortgage, then there is some alternatives. The program has some minimum credit criteria, so that may be the problem.

I have an online application on my website. If your clients are okay dealing through the electronic world, I would be happy to take a look.

I recently went for a simple straightforward mortgage through a mortgage broker; I also did a refinance earlier this year. Although brokers often claim that they can deliver the mortgage commitments in a matter of days, in practice it is a different story.

Not necessarily the fault of the broker. There is a lot of back and forth these days between the lender, the broker, the lawyer and you the buyer . Lenders want a lot of data and they want it updated even if it is less than 6 months since your last application. I have scanned a lot of the info on my computer so it is an e-mail click away.

Yet, there is always additional information they want. Especially when you own a corporation (or two) things get pretty complex pretty fast. If this is the case with people that have solid financials, try to qualify Rent-to-Owners without money for even a minimum downpayment - it is likely to take a while.

I like to invest in rental pools, but one mortgage broker I used to work with just told me bluntly that I owned too many properties to qualify (I am only a silver member). Note he didn`t say that I had too much debt or too many small mortgages; no he only stated that I had too many properties. REIN affilliated mortgage brokers handled this issue without blinking an eyelid - but many others don`t.

Rental pools are these days also an `R` word with many brokers just running the moment the `R` is mentioned. So, you may need the right broker and allocate a fair bit of time if you want to meet your financing conditions these day. I suggest you allow 10 rather than 5 business days on your offer. If this makes you miss a deal, so be it. Withdrawing an offer after all the hardwork because you cannot get a mortgage commitment on time (even after pre-approval) is frustrating and costs lots of time for all parties involved.

 

[nubiwan]

QUOTE (RobMacdonald @ Oct 22 2010, 02:18 AM) Brokers are not limited by provincial jurisdiction. So basically, most brokers on this forum may be interested in taking a look at the application. If the clients are will to pay a higher interest rate for a cashback `no downpayment` mortgage, then there is some alternatives. The program has some minimum credit criteria, so that may be the problem.

I have an online application on my website. If your clients are okay dealing through the electronic world, I would be happy to take a look.


I`d be happy to direct them to you, but fancy they are getting a little tired of the process. They are not currently renting the place as my post may have suggested. They just came interested in the RTO as an option since they had no down payment. I simply suggested they might consider purcasing instead.

I`d be concerned they`d A) Just get another runaround. B) Getting negative results with too many credit inquiries....

 

[RobMacdonald]

QUOTE (nubiwan @ Oct 22 2010, 12:52 PM) I`d be happy to direct them to you, but fancy they are getting a little tired of the process. They are not currently renting the place as my post may have suggested. They just came interested in the RTO as an option since they had no down payment. I simply suggested they might consider purcasing instead.

I`d be concerned they`d A) Just get another runaround. B) Getting negative results with too many credit inquiries....

Do they know what their credit scores are? I`d be interested why then had to bring a cosignor in. Was it for credit or to assist with the debt servicing?

If they know their credit scores, then I can let them know if they`d even have a chance of qualifying under a `free down payment` program.