Frequently Asked Questions
A lot of people are not quite sure exactly what mortgage brokers do, here are some common questions we often receive about us and the process.
What Does A Mortgage Broker Do?
Simply put a mortgage broker finds you the client, the best possible mortgage based on your needs. We understand not every client is the same. No matter what your current situation is we can find a solution. A MORTGAGE BROKER deals with many different financial institutions and can match your needs with the right mortgage. We do the leg work and search all of our different lending partners to ensure we can present you with the best options. Any advice or conversations are absolutely free of charge to you the client we get paid by the lender when your mortgage proceeds.
Why Best Edmonton Mortgage?
Like clients, not all mortgage brokers are a like. Here at BEST EDMONTON MORTGAGE, Carolyn Molson and Imho Austin, pride themselves on great service defined by educating. Good Service is finding the right mortgage for the client. We feel great service is educating the client so they can make the right decision for themselves not only this time but in the future as well. Thank you for visiting our site and we look forward to hear from you.
How Much Does It Cost?
It is absolutely free of charge for you the client. We will sit down with you and aid you in anyway possible. We will educate you so that you can make the correct choice for yourself based on your needs. However, we are paid by the lenders when your deal is completely funded. So there is no charge to you the client. Our advice is free.
How Do I Choose The Right Mortgage Broker?
By far the most important characteristc you should be concerned with is comfort and integrity. You may have to share a lot of personal information with your MORTGAGE BROKER. Credit information, information about past bankruptcies, as well as simple things as what you were looking to do with funds from a sale or refinance are all questions that can come up during the mortgage process. If as a client you are not comfortable with the person that is asking you for this information that may slow the process or create a poor experience for you. Make sure you are comfortable around your broker.
A lot of MORTGAGE BROKERS are knowledgeable and to be honest most are. You want to find someone who is in honest and will give you the information that you need to hear not necessarily what you want to hear. Sometimes you and your broker will have to make tough choices together. Someone who has the integrity to tell you the tough details is the person that you want to be working with.
Should I Choose a Variable or Fixed Rate Mortgage?
This truly depends on the client and his/hers tolerance for risk. Some people like to know what is coming out of their bank account every month and because of this a fixed mortgage might be a better choice for them. However, some people like the lower rates that a variable can initially provide and are comfortable enough in their income to see periodic fluctuations in their mortgage payment.
What is C.M.H.C. and what do they do?
C.M.H.C. stands for the Canada Mortgage and Housing Corporation. If the Loan to Value of your mortgage is over 80% then most lenders consider you a high risk client. So to make sure they are protected they get insurance on your mortgage and then charge you a one time premium. The premium can range .5% to 6% of your loan amount depending on the characteristics of your mortgage application. The premium is added onto your mortgage amount and is not required up front.
I want to buy a home how do I get started?
We recommend that you find a mortgage broker or at least go to your bank to find out what you are qualified for. Who ever you go to will probably ask for a few documents to prove your income, at BEST EDMONTON MORTGAGE we ask you bring the following:
2 pieces of I.D.
3 months bank statements
2 years notice of assessments
A job letter from your place of employment
Mortgage Videos
- Determining the Best Mortgage Term
Determining the Best Mortgage Term
- Why Use a Mortgage Professional
Why Use a Mortgage Professional
- Using Home Equity to Your Advantage
Using Home Equity to Your Advantage
- Self Employed Mortgage Solutions
Self Employed Mortgage Solutions
- Paying Off Your Mortgage Faster
Paying Off Your Mortgage Faster
- Mortgage Life Insurance Explained
Mortgage Life Insurance Explained
- Understanding Your Credit Report
Understanding Your Credit Report
- Getting a Mortgage Pre Approval
Getting a Mortgage Pre Approval
- Fixed Rate or Variable Rate
Fixed Rate or Variable Rate
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