Christine Buemann Mortgage Broker

There have been many changes in the mortgage world in the past 3 years, more specifically in the past 6-12 months. There are many changes to lender policies that have unfortunately moved qualified buyers to a position where they cannot qualify for a mortgage or perhaps have fewer options. There was a well written article in Canadian Mortgage Trends last week ( please take a moment to read it here ) and here are a few changes they have highlighted: ·     Some lenders now factor in a monthly payment for secured credit lines with  zero balance.    *this is by far creating the most issues ·     On revolving unsecured credit, monthly payments are being set at 3% of the outstanding balance . ·     Many lenders now calculate heating costs using a specific formula based on property size . ·     Conventional variable-rate mortgages and fixed terms less than 5 years are now qualified using the B...

I have decided to go back to the basics this week to explain what Mortgage Brokers do. As a Mortgage Broker, I act as the “middle man” between my clients and my lenders. I have access to some major banks as well as many that deal exclusively in mortgages. Those lenders can typically offer lower rates because they do not have the overhead costs of day to day banking. We also deal with all of the lenders in high volumes which allows us to get very discounted rates. When you come to a Mortgage Broker, you do not have to worry about the hassle of negotiating. We will always find you the best rate possible and we deal with the bank for you. There are also many factors to a mortgage, other than the interest rate, that can cost you a substantial amount in the future. We work with our clients to determine their long term goals and ensure that the product and lender they are using is the right fit. Traditionally Mortgage Brokers were the last resort for people who did not qualify with the...