What Is A Mortgage Broker? Do I need One? Edmonton Mortgage

What Is A Mortgage Broker? Do I need One? Edmonton Mortgage Brokers

So you are shopping for a house, there is a lot of new things you are learning about. One of the most important things you need to make a decision on is the mortgage you get.

You may not realize it yet, but making the right mortgage choice now is going to impact how fast you are able to reach financial freedom. Please make sure you are spending the time and effort on this part of the process, understanding the ins and outs of mortgage options before you buy.

You may have gone to your bank and gotten “pre-approved”. This is a statement banks love to use, and what most people don’t realize is that this approval is conditional on many things. The bank can decide at any moment “nah that deal doesn’t work for us”…… Shit then what do you do? If you are not careful, you can be sued if you cannot get your financing in place.

Did your agent coach you about this? Or are they going by what you told them…I am pre-approved. Most realtors will assume that you have done your due diligence, and that your financing is all good. Why else would they spend the time to show you all 50 houses you looked at before you made an offer?

Should I go to my Bank to get a mortgage?

During the process of purchasing you had many choices, should I hire an inspector? When you did, did you pick the cheapest? Or would you want to choose the best, so that you will not have problems down the line? I think everyone in their right minds would choose someone good, as it can save them thousands in the future.

Which brings me to my point, many people just go to their banks and deal with a general agent in the bank to get a mortgage. The problem with this is that these people, are general. They do not specialize in one specific area, they do investments, rasp’s, tax free savings and much more. How can they really focus on your best interest?

Further to this point, each bank has a limited amount of products and services. Meaning they can only give you what they have. The terms and conditions that they never go into detail on may not fit your goals and dreams.

You need to hire a professional….You need to hire a mortgage broker.

What is a Mortgage broker?

A mortgage broker is a person that deals specifically in mortgage and mortgage products. They specialize in this area and are by far the most experience and knowledgeable professionals for your mortgage advice.

Are all mortgage brokers the same?

Hell no! The mortgage broker course in Canada is not very long and as long as you have a high school diploma or ged you can get the certification. This is a high turnover industry with most people not making it past their second year in the business. Make sure you hire a broker that knows what they are doing.

My bank has mobile mortgage specialists. Should I deal with them?

In my opinion the mobile mortgage specialists at the bank are limited to their product only. I prefer dealing with broker that work with many banks and have access to multiple options of products.

Further to this the mobile specialists are generally not the best brokers in the industry. The best brokers are private and commission based like myself. The banks pay their mobile specialists much less that they pay independent brokers.

Do I have to pay the mortgage broker?

No for most deal you do not have to pay any fees to a mortgage broker. They are paid by the banks.

Do they increase the rate to build in their commission?

No they do not increase the rate for this. Mortgage brokers send higher volumes to the banks and the banks give them discounted rates as reward.

Can I get a lower rate on a mortgage through an Edmonton Mortgage Broker?

Yes most of the time a good mortgage broker can get you a lower rate than the bank.

If I go through a mortgage broker, can they put my mortgage through my bank?

This depends on if your mortgage broker is signed up to deal with your bank. Each bank has minimum volume goals the broker must send them before they will deal with them.

Who is the best Edmonton Mortgage Broker for me?

The best Edmonton Mortgage broker for you is someone who will listen to your wants and needs and recommend a solution based on you. Before I offer a mortgage to anyone, I will do a needs analysis with them and then recommend solutions for them.

Can a mortgage broker save me money?

A good mortgage broker can save you thousands in penalties and interest payments.

Sean Rampersaud Edmonton Mortgage Broker

Sean and Radika Rampersaud are a family team of Edmonton mortgage brokers. They specialize on helping their clients to get the lowest mortgage rates in Canada by leveraging high volume and multiple lenders. “We want to help our clients not only to get the best rates, but also to make the home buying process easier.”

Radika Rampersaud Edmonton mortgage Broker

Have One Of Us Call You Now For Free Or Contact Us Now At
780 278-4847

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Who Is The Best Private Mortgage Lender In Edmonton?

Who Is the Best Private Equity Lender for Edmonton? Foreclosure Help

I have been working with private lenders in the Edmonton and Alberta Market place for over 10yrs. My clients often ask me who is the best private lender in Edmonton? That question has to be broken down into many components because each private lender is good in different situations.

Some of them will lend to self employed people while others will not. Some private lenders will even lend to you when you do not have a job or any income at all!

In all of these scenarios, private lenders are always for equity situations only. Meaning to deal with a private lender or a B lender, you will have to either have a lot of money or have a lot of equity in your property.

I recently had the pleasure of dealing with many client scenarios that we used a Private lender or a B lender. Those lenders were able to secure high risk loans for my clients in exchange for a higher interest rate and fees.

The higher interest rate is because these mortgages are higher risk! These lenders are the only ones that will lend in foreclosure and bad credit situations as there is high risk that the owners could default on their mortgages as they have done in the past.

So how do you choose which private equity lender to go with? You really have to understand the ins and outs of each of these companies and what they will accept. You also want to make sure you don’t get over fee’d for this transaction. Some private lenders will try to milk you dry.

CALL ME! I will make sure you get the best of the best and will negotiate with the lender for you.

5 Types of Private Mortgage Lenders in Edmonton. Foreclosure Help

There are 5 types of B Lenders or private mortgage lenders in Edmonton

  1. The Investors

The Investor is a private person with a lot of money. They want to invest their cash into a safe investment and receive a reward of high interest. They will usually have high fees and are reserved for specific situation.

2. The B Lender

The B lender is very similar to the MIC. However the B lender will be investing their own money. They are usually a corporation with pretty strict rules.

3. The Mortgage Investment Corp (M.I.C)

Mortgage investment corps are the most common B lender. They will get a group of investor together and will invest their money for a guaranteed rate of return to the investor.

4. The Banks B Division

Some banks willl have a B division, the interest rates are usually pretty good through these companies and they really want to help you.

4. The Equity Bank

Equity banks usually started out as B lenders and grew to bank status. If you can get in with a B lender, that is usually the best case scenario.

Common questions about B lenders and Private mortgages

1. My house is paid off, can you give me a loan?

Yes I can get you a loan if you have your property paid off, even if you don’t have a job at the moment! We have solutions for all types of situations.

2. My house is in foreclosure can you get me a mortgage?

As long as you have enough equity, I can get you a mortgage to get you out of foreclosure. I have helped hundreds of people in this exact type of situation.

3. How do I save my house from foreclosure?

We use many strategies to save your house from foreclosure including using current equity, switching the lender, getting new appraisals, doing improvements and more.

4. I owe money to CRA, can you get me a mortgage?

Yes we have lenders that will lend even if you are currently owing money to the government.

5. I Have bad credit, can you get me a mortgage on my house? Or a Loan?

Yes I can as long as you have a downpayment.5

Sean Rampersaud Edmonton Mortgage Broker

Sean and Radika Rampersaud are a family team of Edmonton mortgage brokers. They specialize on helping their clients to get the lowest mortgage rates in Canada by leveraging high volume and multiple lenders. “We want to help our clients not only to get the best rates, but also to make the home buying process easier.”

Radika Rampersaud Edmonton mortgage Broker

Have One Of Us Call You Now For Free Or Contact Us Now At
780 278-4847

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