Why do I need a mortgage broker?


For something as seemingly straightforward as buying a home, the mortgage process can feel overwhelmingly complex. One element of the purchasing process that causes confusion among home buyers is whether or not to use a mortgage broker. A mortgage broker is an intermediary between borrowers and lenders. Their job is to find the right loan and lender for borrowers, ensuring a smooth mortgage process for all parties involved.

According to the Canada Mortgage Housing Corporation’s 2015 Mortgage Consumer Survey, mortgage broker market share is trending upwards for most market segments. This is particularly evident among repeat buyers where market share has increased from 32% in 2012 to 42% in 2015. Over this time period broker share has also increased among first-time buyers (48% to 55%) and refinancers (27% to 33%). Among renewers, broker share has remained stable at around 21%.

So should you be one of the growing individuals who turn to a mortgage broker when purchasing a home? The following are some of the benefits brokers can offer:

If you want to make sure you’re getting the best rate possible, working with a mortgage broker can take a lot of the guesswork out of the equation. Brokers have access to a large network of different lenders, helping them to find the best interest rates for your type of loan.

You can work with a mortgage broker without having to worry about hidden fees. Mortgage brokers’ livelihoods depend on the quality of their services, not on charging borrowers. They get paid a commission from lenders. Brokers also have more incentive to find the best mortgages for borrowers, since they don’t get paid until your mortgage funds.

Your first instinct might be to approach your current financial institution when the time comes to take out a home loan. However, being a customer doesn’t always guarantee approval, or lowest interest rates. Mortgage brokers deal with multiple lenders, allowing them to canvass a much larger area when searching for your loan. While your bank may deny you a loan or charge higher interest rates, brokers have the capability to find a lender that won’t.



How can you protect your house from being taken by fraud?

The purchase of a property is a huge occasion for every home buyer and is, unfortunately, very stressful. It is important that the transaction closes smoothly, however equally important is to ensure that you do not fall victim to fraud.

Recently real-estate fraud has been increasing rapidly, especially in regards to illegal activities in the property title of home owners.  It can turn out that someone registers a mortgage against your title and disappears with the money, leaving you with a mortgage in your name. Another possibility could be that a scammer sells your house, under your name, and takes off after receiving the proceeds.

During the process of purchasing a property, the lawyer needs to ensure that the house will be transferred over with a clean property title. This means that any problems that were connected to the property title of the previous house owner or any other problems should be solved and you should receive a clean title. The lawyer is not responsible, nor able, to protect you from any illegal activities occurring against your house.

Usually people do not know about any illegal process occurring and only learn of it once the fraud is complete. Here are a couple examples of recent fraud occurrences:

1)  A client sent his property tax payment to the city and he receives and answer saying that he doesn’t need to pay as the house no longer belongs to him. This is the first time that he learned that his house was sold without his permission.

2)  A son wanted to sell his house to his parents, but was told that the house was already sold.

3)  A woman got a phone call from a collection agency claiming that she has not paid her mortgage for the past 3 months. This house has never belonged to her and during the process of sorting out the issue it turned out that she “bought” two additional houses with a combined mortgage of $400,000.

These types of fraud scenarios are common in cities such as Toronto, Vancouver, Montreal, and Calgary. However they can also occur in small cities and across the provinces, especially when the purchase doesn’t include a mortgage (but can also occur when a mortgage is involved).  The scammer immediately moves the money to a third-party and the so called new owner disappears.

It can be a negative effect on your health care. You must have one or several mortgage / s. You are not carrying out these illegal activities. Regardless of the outcome, it has been resolved.

We’ve taken credit card disputes for example. The dispute is ongoing. Unfortunately, you’ll not be able to get in touch with the fraudulent activities. Here you can find out how to solve the issue.

So what can you do? You can purchase title insurance (this is not a sales pitch; I am not offering this product). It can be acquired during the purchase of the property. Owning this type of insurance. You are the owner of the house.

The list of important issues. For example:

  • The seller made changes to the house. It is a condition of your own expense. If you have this insurance.
  • It becomes the insurance company.
  • After the purchase of a house, it’s not a problem. Again, the insurance company will take care of the problem.

For the last point, I would like to ask for the lenders. This is a document that confirms the property lines. If there is no such document available. This certificate is worth more than $ 500. I see no reason to order one. Title insurance would cover these problems.

It will be a little bit longer. In many cases, banks agree to protect themselves. If you want to protect yourself. But you are still interested in the banknote.

I hope you never become a victim of fraud. However, if something happens to you, then you have this insurance. If you already mentioned, you can register it while you are registering your mortgage with your lawyer. If you decide to get the insurance company?

I hope this information was useful to you. If you liked the article, please share it with your friends.

My work is to protect your finances.


Top 10 things first-time home buyers need to know

Are you a young house hunter? If so, it’s time to get your finances in real estate. If you are financially ready?

Here are 10 key questions:

1) When should you start preparing? Get what you need. It could be a question. If you’re trying to get a little bit more than 12 months in advance,

2) How much can you realistically afford? It’s a bill to pay for your income. This is where the VSsolutions starts.

3) what are your wish list? Have you ever heard of it? It unfortunately doesn’t usually end very well. It is a must-have-been-been-seen-a-day. Are those marble countertops a deal breaker?

4) Should you get pre-approved? Absolutely YES !! It can’t be stressful enough, especially in today’s housing market. For 120 days, you can’t have to pay for it.

5) What is important? Credit scores, credit cards, credit cards, credit cards, credit cards, credit cards, credit cards, credit cards. When combined, they result in your credit score. Your credit score is available to you. Aim for a score over 680.

6) What kind of documents will you need? If you are salaried, you can write a letter. If you’re a self-employed person, you’re . Other documentation may be requested by the lender.

7) What is the most important to you when getting a mortgage? There is so much more than that. Do you see yourself moving or starting a family within 5 years? Yes? Maybe a shorter term is better for you. Do you know your mortgage payments could increase? No? Then think about a variable product. Are you looking for a property? Yes? You may need a Purchase Plus Improvements mortgage. Looking for mortgage options.

8) How much of a down payment will you need? There have been some new rule changes that have come in effect recently. For homes with a purchase price of less than or equal to $ 500,000.

9) Do you know about closing costs? It is very important to plan your finances. If you’re paying for it, it’s possible to pay for it. and Title Insurance. If you are buying a brand new home, it could be associated with the cost of items.

10) Did you remember to factor in those “extras”? If you’re looking for something like the last day, you’ll be able to forget those cleaning supplies.

If you’ve purchased your home tax bill, you can’t get it. You could receive your closing costs.

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