Is Assignment Of Mortgage For Real?February 23, 2021
Anyone that owns a television has heard the popular opinion that mortgage brokers are not always on the up-and-up. The news is never short of stories about crooked mortgage brokerage firms. It is no wonder that most people are not very trusting of their mortgage broker.
Your Ravenwood sales opportunities are going to come from two sources, refinances and buyers. Realtor relationships are where new purchase customers come from. Learn a lesson from the struggling mortgage brokerage industry in the U.S. Learn to back off of the hard sell. Recognize that the realtors you are contacting may be getting calls from other brokers as well. The harder you push, the more resistance you’ll face.
Refrain from overstating your income and understating your expenditure. It is illegal to lie about your income on a Mortgage broker application. Remember that lenders will carry out checks to ensure you are able to make your payments each month.
Property Purchase Tax – some provinces (ex. British Columbia) charge a purchase tax. Unlike GST, lenders aren’t usually willing to help finance this cost in the mortgage. This may be an “out of pocket” expense for you.
Make a Large Down Payment: One of the best ways to be able to pay off a mortgage sooner is to make it smaller to begin with. By making the biggest down payment you can afford, you reduce the principal and most importantly the interest. Start saving as soon as you can and put whatever extra money you can into the down payment. This also helps save on the need for loan insurance.
Brokers also have access to a variety of mortgage lenders which gives the buyer a greater opportunity of getting the best rates and financing options. Most large mortgage companies are in a position to have several lenders at their disposal. The broker will be able to work a very good deal as a result of their relationships with certain lenders.
Even if the mortgage broker is working to help you, do not let anyone pressure you into making any decision you are not comfortable with or one that you do not understand. Get the help you need from a broker for just a few cents on the dollar. Expert advice does not come free and you should be ready and willing to see how a broker can help you. You could see a large savings that could balance out against the commission.