An interview with Samantha Moran, Mortgage Agent.
We interviewed Samantha Moran, a mortgage broker with The Mortgage Advisors to answer the top 5 most thought of and asked questions when it comes to Mortgage Brokers. If you are new to the housing industry and especially if you are setting out to buy your first home in today’s market, we highly recommend reaching out to a mortgage broker. Keep reading to find out why!
Q: First of
f let's start by having you tell us what it is a Mortgage Broker does.
“A mortgage broker acts as an intermediary between you, the borrower, and the lender. A broker can help you whether you’re looking to purchase a home or second property, renew or refinance your mortgage where you can also consolidate debt. Other services that are offered include, but are not limited to; New to Canada, Equity based mortgages, Line of credit, Divorce or Spousal buyouts, Commercial mortgages, Self-employed, Purchase with improvements, Military relocation mortgages etc..”
Q: Why should someone use a mortgage broker instead of going directly to a lender?
“Personalized advice- we take the time to understand your needs and goals while working around your schedule- no 9-5 bankers’ hours. We deal with multiple lenders from banks to credit unions and private lenders which allows us to help you find the best mortgage product on the best terms. We aren’t limited to offering branded products that put clients in boxes- which means you have choice! When you’re working on a tight timeline we can help ensure the lender signs off on all the necessary conditions so that you can sign the financial waiver with confidence. We’re also required to maintain a valid license.”
Q: Why should someone use a mortgage broker instead of going directly to a lender?
“Personalized advice- we take the time to understand your needs and goals while working around your schedule- no 9-5 bankers’ hours. We deal with multiple lenders from banks to credit unions and private lenders which allows us to help you find the best mortgage product on the best terms. We aren’t limited to offering branded products that put clients in boxes- which means you have choice! When you’re working on a tight timeline we can help ensure the lender signs off on all the necessary conditions so that you can sign the financial waiver with confidence. We’re also required to maintain a valid license.
Some of the duties and tasks we complete throughout the process;
- Assessing your personal finances and credit
- Making recommendations for mortgages based on your financial needs, long-term & short-term goals
- Preparing your mortgage application for the lender and collecting the needed documents along the way
- Negotiating with the lender on your behalf to help you save money
- Work with your real estate agent and lawyer“
Q: How does a Mortgage Broker get paid?
“Many clients are shocked to hear that as a licensed mortgage agent my services are free- with no obligation. I get paid directly through the lender.”
Q: How does the process work?
“The process is actually quite simple. Everything is done virtually which makes it even easier and one less person you need to schedule an in-person meet with- unless you want to meet in person, then of course we can accommodate. ”You would start by filling out a mortgage application online; In the same portal you would then upload income documentation that will be needed to assess your annual income(s). Once completed we would schedule a phone/zoom call or in-person meet where we would discuss the application, your needs/wants, and how we would then proceed- this can vary depending on the product you are looking for aka purchase vs. refinance etc..If you wanted to run some basic calculations whether you’re just getting started, have a specific home in mind or are looking to refinance your home before filling out a mortgage application you canstart here;
Q: When should a mortgage broker be contacted in the process of buying a home?
“As soon as you've got a property goal. Whether you're scoping out your options, have a long-distance goal in mind or you're ready to enter the property market (like, yesterday)… you'll benefit from having a chat with us as soon as possible. Every success story starts with a game plan! When buying your first home or moving into your next, we can fill you in on what you need to know so you are prepared and can shop with confidence;
- What you can afford
- The down payment you’ll need
- Costs involved with buying a home
- Prepayment options
- Refinancing penalties and how they are calculated
- Budgeting and more! “
Q: Say I'm a first-time home buyer, and I'm really nervous about buying a home. I also don't know what I'm doing. How can you be one that guides me?
“My job is to make sure you have all the buying power and pre-approvals are the best way to determine how much you can comfortably afford. With several factors to consider as you move through each stage in the process of buying a home, I’m here to help you plan, prepare, understand, answer all of your questions, and guide you through what can often be a stressful time into an enjoyable experience.”Here's a link to my website 😊The Mortgage Advisors | Samantha Moran
Author Jessica Cinnamon
