10 Unique Scenarios where a Mortgage Broker can help you
Choosing a mortgage broker opens a vast amount of lending avenues for you as the borrower. Every client and every lending scenario is unique, I have taken the time to provide you with a few examples of scenarios where a Mortgage Broker is better suited to provide you with a lending solution over a Bank Mortgage Specialist (or bank representative).
You have been self employed for less than a year
You have had a consumer proposal or a bankruptcy
You are getting divorced and want to pay out your partner
You have an insurable mortgage (mortgage with an amortization of 25 years or less)
The Stress Test doesn’t allow you to borrow any more money but you purchased your property before the stress test was introduced
You have an existing high ratio mortgage and are due for renewal but the bank is telling you that you are now subject to uninsured rates
You have a mortgage in a company name
You are receiving Canada Child Benefit (CCB) which be used as income to qualify for your mortgage
You are on maternity leave where we can use your full income to qualify you
You are looking for financing on an agriculturally zoned property
These are ALL scenarios in which the bank or a Mortgage Specialist will not be able to assist you.
Using a Mortgage Broker, you are not restricted. If your file doesn’t meet “A” lending guidelines we can move it to another lender with the click of a button. Whereas, if one bank declines a file you will have to seek out another bank, and another bank resulting in wasted time and energy. Once a mortgage broker has your file we can send it to multiple lenders at the same time. This feature provides a competitive lender aspect as lenders know we have access to countless lenders all willing to lend and obtain the business. If “A” lending doesn’t work, then “B” lender might, but if all else fails then “Private” lending would work. There is always a situation in which a Mortgage Broker will be able to get you money.
If you have any questions or have a scenario not covered in the above list please don’t hesitate to reach out to me. I look forward to working with you to figure out the right lending solution for you.
