My Process & FAQ’s
MY PROCESS
Navigating the complexities of finding the right mortgage for you, among the numerous programs offered in Canada can be daunting. But it doesn’t have to be that way. My goal is to make this experience as simple and enjoyable as possible, from beginning to end.
There is so much more to mortgages than interest rates and monthly payment amounts. While these aspects are important, that is just one component which without a proper plan could end up costing you more in the long run. In order to find you the best options for your unique situation, here is a sample of what you can expect when working with me:
1. Discovery
Lets have a conversation so we can get to know one another. I believe that any good partnership begins with trust so here is where we will discuss your situation, what your goals are and how we can best achieve them, as well as answer any questions you might have. Gathering as much information as is possible up front, will help to eliminate potential surprises later on. Here is where we will work together to get your application started and start collecting the necessary documents.
2. Strategy
This is the fun part. Here is where I will work closely with you to match your vision to your goals using all of the information gathered during Discovery. I don’t believe in quoting simply on rates and payments - what I am most focused on is creating a plan that is unique to your situation. I will take every piece of information I’ve learned about you and use this as the basis for a custom mortgage recommendation.
3. Execution
This is what we’ve been building and working towards since you first got in touch! And it is not something that I take lightly. Once you are ready to get approved, not only will I handle all of the arrangements for your mortgage, but I will come alongside you to coordinate with realtors, lawyers, appraisers, and inspectors to ensure everything comes together perfectly! My commitment to you is to maintain a high standard of communication ensuring you get a smooth and transparent mortgage experience - where you never have to wonder where your application is at.
FAQ’s
Why should I use a Mortgage Broker instead of my bank?
Mortgage Brokers are fully licensed professionals that work with Canada’s leading Financial Institutions including major Banks, Trust Companies, and Credit Unions. Unlike your bank, we shop across multiple lenders (including some of the big banks), to find you the best mortgage for your needs.
How much do you charge?
Nothing! From the initial Discovery call to the final signing of your mortgage, my services are free. A fee is only ever charged for the most challenging credit solutions, but this is a rarity and would always be discussed at the beginning. Which leads to a great question….how do I get paid? After we get your mortgage funded, the lender pays us a fee for bringing them the business. This is true no matter which lender we choose. There are no fees built into your mortgage rate.
Can I still get a mortgage if I have bruised credit?
Very likely, yes! Life happens and so can bruised credit. With over 50+ lenders, many of whom specialize in bruised credit, we have a plethora of options to explore. We don’t rest until we’ve turned over every stone for our clients.
What are fixed and variable rates?
Fixed-rate mortgages keep the same interest rate for the entire term of your mortgage. They have the advantage of stable/known payments, but often come with higher rates and pre-payment penalties. Variable-rate mortgages can have fluctuating payments (based on the movement of the lender’s prime rate) and often come with lower rates and lower pre-payment penalties.
What You Should Know
How rates are calculated.
Homebuyers are required to go through a ‘stress test’ that affect the rates available to them. Factors that impact your rate include your down payment amount, personal credit score and timeline of purchase. At BRX Mortgages, we have the experience to see how various mortgage loans work for our clients over the long-term. We can help develop a tailored plan that not only includes the best possible mortgage rate, but is structured to work for you over the course of your home ownership. Most importantly, you are under no obligation, and it will cost you nothing to have us work on your behalf to save money on your home or investment.
Why the lowest mortgage rates aren’t always the best choice.
At first glance, a lower mortgage rate is the best option, however, sometimes the cost of the mortgage, over the entire term, may be higher. Things to consider include fees and penalties if you are planning on moving within five years. Each mortgage is unique so it’s our job to find you options, then explain the pros and cons of each so you will feel confident with your decision.
Understanding the fees.
If the event you need or find yourself in breach of your mortgage contract, you will be subject to various penalty fees. It is important that you consider not just your current financial situation, but plan for future events, as well as take into consideration the possibility of unforeseen events that could put your mortgage in jeopardy. As it is with investments, each individual should try to weigh the various factors and risks especially with such a serious decision such as undertaking a mortgage.
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