What Is a Mortgage Agent?
A Mortgage Broker is an educated professional who works as an intermediary (or agent) between the borrower (you)
and the lender to negotiate mortgage loans. The broker is hired by, and works on behalf of, the borrower. Importantly,
the broker does NOT work on behalf of the lender/financial institution.
How Does a Mortgage Agent Operate?
Similar to the way an insurance agent can place you with virtually any insurance provider to get you the best deal on
insurance, a mortgage broker employs his resources to find you the best deal on a mortgage. Generally a mortgage
agent in Ontario does not work for one particular financial institution but instead works for a completely independent,
arms-length company.
A Mortgage Broker typically has access to about one hundred different lenders, from the big banks to private individuals.
Some of these will only lend to excellent, secure people with astonishingly good credit. Others will lend only on
commercial projects. Some have high documentation requirements while others ask for little paperwork. Others may
lend to persons one day out of bankruptcy but will never have excellent-credit customers because their rate structure is too
high. The mortgage broker understands which niche each lender serves and matches the borrower's circumstances to
the appropriate lender. If there are several potential lenders for a particular customer's circumstances the broker will start
a friendly bidding war! Result: truly exceptional rates and little hassle to the customer!
THE FIRST STEPS
When a customer fills out the fields under the "Apply Online" button on the toolbar the data goes directly into a super-
secure program called Filogix. This program allows us to connect directly into the computer systems of dozens upon
dozens of potential lenders and with the credit bureau. This is our gateway to sourcing your mortgage money. There are
two things that will generally happen next, in the following order:
(1) We must pull a credit bureau on each applicant.
We review the information on the credit report, consult with you, then determine whether it is likely we can source a
mortgage for you or not. If NO, we stop and thank you for your interest (rare). If YES, then Step 2:
(2) For refinances, equity takeouts, etc., an appraisal of the property is ordered and the customer must pay the
appraiser -usually in cash, when the appraiser arrives. This is likely the only out-of-pocket expense our customer will
face. In some cases I can arrange the mortgage so the lender overs the cost of the apprasial. Important: a mortgage offer will not/cannot proceed
without an appraisal.
THE APPRAISAL
You probably have a pretty good idea of how much your property is worth but a lender is not going to take your word for it.
You could be completely wrong -or lying, and they will not take that risk.
Mortgage lenders typically lend to a maximum percentage of the value of a property, called a "loan-to-value" or LTV. It may
be 65%, 95%, 105% but it will be some percentage. The value they will accept comes from the appraisal report and
nowhere else -that is why an appraisal must be done.
It usually takes an appraiser 1 or 2 days to produce a report. Meanwhile, before the appraiser even arrives at your door,
we are seeking a mortgage commitment for you, using an estimated value, that gets solidified when the hard number
comes in from the appraisal.
The rest of the process involves signing various forms, gathering any required documentation, etc., and setting an
appointment for the closing. It is really not that difficult when you know what to do and who to approach. And we at Ontario
Mortgage Solutions know.
ENDING NOTE
In a nutshell a Mortgage agent/broker in Ontario will discover your mortgage needs -are you buying? - looking to refinance? -
looking for a second mortgage? I will then find you the easiest and best deal for your circumstances. The
process will save you time, money and headaches.
I make anything to do with home finances stress free.
-Contact me direct at 705-516-0369 or www.traviswilliamson.ca and get this Accredited Mortgage Professional working for you!
*Some conditions apply, on approved credit, E&OE, contact Travis Williamson for more details.
WHY USE A MORTGAGE AGENT?
The Mortgage Market Is Complicated
More and more mortgage lenders are entering the Canadian market and are competing for your business. New features
and options are being introduced every day as these new players bring to Canada a new degree of flexibility that our old
school of banks did not previously have (or want) to offer. Knowing what is available– and what interest rate should be
relevant – is becoming increasingly difficult to understand. Increasingly, people in Ontario are turning to an independent
mortgage broker to guide them through the complexities.
Published in
Mortgage Info
Travis Williamson
With several years of experience in the mortgage industry, I am well aware of what your requirements might be. Different people have different needs and hence, in an effort to serve you better, I provide customized solutions to assist you with your mortgage process. From refinancing an existing mortgage, buying a new home or commercial property, or making cash available for emergencies - whatever be your need - I have an answer.
To make your mortgage process simpler, my website offers several free tools and services that can help you get started. Browse my website to find out more about the mortgage that you plan to apply for.
If you have any questions or concerns, you can contact me directly via email or phone. My expert advice will surely be of great help in finding you the right mortgage that offers true value for your money. Moreover, my association with several of the top banks and lenders promises to get you only the best mortgage terms to suit your needs. Whether it is negotiating for the lowest rate or adjusting the repayment plan to make it flexible, you can relax while I take care of it all
Let me be your healthy bank alternative!
Travis Williamson AMP
Mortgage Agent Lic M09000730
705-516-0369 direct
www.traviswilliamson.ca
Leave a comment
Make sure you enter the (*) required information where indicated.
Basic HTML code is allowed.
