Working with a Mortgage Broker

Here are some important notes to explain how working with a mortgage broker can be beneficial to you.  Perhaps you have been referred by your realtor, or you are thinking of using a broker for the first time for a pre-approval, purchase, or refinance. This is an outline of what we do and how we may be able to be of assistance.

Mortgage brokers have access to a variety of lenders in the broker channel. There are some banks that do not participate in this channel. If a broker obtains an approval for you within the broker channel, and your file is fully qualifying, after completion, the lender will pay the broker and no broker or lender fees should apply.

Important Details:

  • Part of what we do is track interest rates, so if you are approved and rates drop between the time your approval is issued and the completion date, we will ask the lender to re-book your rate. Different lenders have different policies around rate drops, so when you work with a broker, you know that we will be watching for any opportunity to get your rate reduced prior to funding.
  • Another significant aspect of what we do is navigate the ocean of new and ongoing lending rules and policy changes. Issues that can impact the eligibility of financing include, but are not limited to: if the property is owner occupied or rental; if there are gifted down payment funds; credit scores; where the property is located; the square footage of the property; quantifiable income; and quality of  supporting documents.
  • When we submit a file to a lender and ask them for an approval, we have to have a high comfort level that the file fits a lender’s guidelines. This requires significant attention to detail up front. This is why providing supporting documents in the early stages is so important. Often many discussions are had with various underwriters before a file is sent in. You want to try to ensure that the lender is the best match possible for the best rate.

When files are not qualifying and/or the approvals must take place outside of the broker channel, broker and/or lender fees may apply. A professional broker will always disclose the possibility of fees up front. Every lending situation is unique, so there is no blanket lending policy that applies to applications that are not fully qualifying.

Your broker’s time and expertise is valuable and can be critical components for a smooth, efficient, and competitive approval. Today’s lending environment is complex and laden with Compliance requirements. We help navigate the process to make it easier for you, and we will devote ourselves to getting you approved every time.

Want to get started? Book a call using our Calendly app or you can fill out our online application to get your file started.