- Joined
- Sep 17, 2007
- Messages
- 25
Folks, as a mortgage broker I wanted to share this with you so you have a better appreciation of our every changing banking system/rules.
Over the past several months we have all been hearing the " Financial Crisis", ( boy am I getting sick of hearing that) and with that how some lenders have dissappeared while others have reduced product and tightened up requirements.
As a mortgage guy I have knowledge on several fronts and it depends on the individuals situation, i.e. employed vs self employed. The lender has specific requirements they need in order to grant you the loan on the house you have requested. These docs range from Business Articles, Licenses, NOA`s, T1`s, city licenses etc. When you are getting ready to buy a property REIN has emphasized this over and over again to have your financial documents READY IN ADVANCE so you can send this to your broker. This way he/she can get the file and the preliminary work done so you know where you stand in buying the property. It not only saves time with the file submission but it is necessary to ensure you can qualify. When you have this done in advance of looking for properties you will be "ready" to look for places with your Realtor. This is a big time waster if you aren`t financially qualified for both the realtor and the mortgage broker. There may be times where you think they are being unreasonable but if you step into their shoes you will appreciate the risk they take if they don`t absolutely confirm you are able to pay back the loan. Too much has occurred in the past with mortgage fraud and moreso bad risks resulting in foreclosures and the banks take the hit. We all pay for this in the long run.
Secondly, Please, Please do not "play" games when it comes to "shopping or finding the best deal" when it comes to mortgage rates! If you have called to work with a Mortgage Broker DON`T call to see if they can get you a better rate. First of all a Mortgage Broker has access to many lenders and they will find you the best rate, that is the first of many benefits to working with a broker. They do the leg work, not you. Secondly they will lead you to the lender that fits your financial profile. Not all banks work the same when it comes to challenged credit, stretched debt, BFS, business for self etc. It is only reasonable for you to work with one person for finances and not play them off with your BANK. Pick one but don`t jerk them around. As REIN has said develop your RELATIONSHIP team and stay with them. Remember for those that aren`t self employed, a mortgage broker is and they rely on your business!
Best regards,
Ken Wilson
403-510-8559
Urban mortgage
Over the past several months we have all been hearing the " Financial Crisis", ( boy am I getting sick of hearing that) and with that how some lenders have dissappeared while others have reduced product and tightened up requirements.
As a mortgage guy I have knowledge on several fronts and it depends on the individuals situation, i.e. employed vs self employed. The lender has specific requirements they need in order to grant you the loan on the house you have requested. These docs range from Business Articles, Licenses, NOA`s, T1`s, city licenses etc. When you are getting ready to buy a property REIN has emphasized this over and over again to have your financial documents READY IN ADVANCE so you can send this to your broker. This way he/she can get the file and the preliminary work done so you know where you stand in buying the property. It not only saves time with the file submission but it is necessary to ensure you can qualify. When you have this done in advance of looking for properties you will be "ready" to look for places with your Realtor. This is a big time waster if you aren`t financially qualified for both the realtor and the mortgage broker. There may be times where you think they are being unreasonable but if you step into their shoes you will appreciate the risk they take if they don`t absolutely confirm you are able to pay back the loan. Too much has occurred in the past with mortgage fraud and moreso bad risks resulting in foreclosures and the banks take the hit. We all pay for this in the long run.
Secondly, Please, Please do not "play" games when it comes to "shopping or finding the best deal" when it comes to mortgage rates! If you have called to work with a Mortgage Broker DON`T call to see if they can get you a better rate. First of all a Mortgage Broker has access to many lenders and they will find you the best rate, that is the first of many benefits to working with a broker. They do the leg work, not you. Secondly they will lead you to the lender that fits your financial profile. Not all banks work the same when it comes to challenged credit, stretched debt, BFS, business for self etc. It is only reasonable for you to work with one person for finances and not play them off with your BANK. Pick one but don`t jerk them around. As REIN has said develop your RELATIONSHIP team and stay with them. Remember for those that aren`t self employed, a mortgage broker is and they rely on your business!
Best regards,
Ken Wilson
403-510-8559
Urban mortgage
