Choosing the Right Mortgage Broker
About half the deals I make are with a mortgage broker I recommend. The other half is a draw. Which means I never know who I’m going to work with. Yes, work with Many buyers think that they will be the only ones working with their lenders, however, as a real estate broker, I also spend a lot of time with them. It is my job to make sure they have all the necessary documents for the sale, as well as make sure our mortgage approval deadline is met.
The deadline that was created in the offer is of the utmost importance to all involved. Sellers are already on edge, so asking for an extension could kill the deal. They are not required to extend. It’s up to me, if I’m in that situation, to convince the sellers and their real estate broker that we’re still on our way to getting the mortgage approved, even though we haven’t gotten it yet.
One of my jobs is to stay in collaboration with the listing broker. If I keep them informed every step of the way, they will understand what happens if I have to request an extension. Normally the best thing for the seller is to continue with the offer instead of leaving it for the next one. However, if you got the deal accepted while in a multiple offer circumstance, the situation is not stable. The seller doesn’t want to waste time dealing with you when he might have another buyer who has been pestering him for a chance.
Time delays in an offer
When I receive an offer or create one for my buyers, we typically see 10-14 calendar days for financing on a residential property. Over the years, I have noticed that banks take much longer to approve financing. They have stricter criteria and more red tape, which leads to more delays. Many buyers may not have their complete files with their mortgage broker, which also leads to delays.
“I’ve experienced hundreds of interactions with mortgage brokers and there have been instances that could have been easily avoided with the right questions up front. On one trade I did, the mortgage broker was from Calgary. He didn’t know our laws, the time difference was an issue and he didn’t speak French. It was horrible for me and my clients.”
Questions to Ask About Your Mortgage Broker
– Do you live in Montreal (do you know Quebec laws and speak French)?
– Will they be available or will they be on vacation or away?
– Will they take care of your case 100%, and not pass it on to an assistant or let the bank take care of everything? (Which means they will fully represent you and take full care of you)
– Are you available on weekends for emergencies?
– Do they work for a bank and its products, or are they independent and work with all banks?
– Which banks do you have personal relationships with? This helps to have influence if they need to ask a favor for an urgent job.
– For expenses, make sure from the beginning that the bank assessment is paid by someone other than yourself, preferably the bank. Some mortgage brokers have special agreements with notaries or moving companies, which helps you save money.
These questions are to help you choose the best person to work on your team. yes team When buying, your team is made up of your mortgage broker, your real estate broker, a notary, an insurance broker and your building inspector. For all of these pros, you’ll either use a recommended person or do your research to find the best deal. Offer = price + service.