What Does a Mortgage Broker Do?

What does a mortgage broker do? When applying for a mortgage, an Ottawa mortgage broker acts as the middle person between the lender and you. They review your goals and needs and compare different mortgage products from multiple lenders on your behalf. They assist with the application process all the way to the closing date. Plus they are there to assist after closing as well. There are a lot of differences between a great Ottawa mortgage broker and a less than favourable one. This article will help answer the questions, what does a mortgage broker do?

How does a mortgage broker work?

Buying a home can be very exciting but also a little overwhelming. It can be overwhelming as it may be the largest and most expensive purchase you will make. When it comes to getting a mortgage there are so many options. It’s important to do your research to find the best deal out there. If you are unsure if you are getting the best lender, options and rates, a mortgage broker can help.

How Does a Mortgage Broker Get Paid?

A mortgage brokers role may be new to some. With that, some questions may be on your mind like, ‘how does a mortgage broker get paid?’ and ‘what does a mortgage broker do?’. Here is some information to help answer these questions.

How Do I Get the Best Mortgage Rates in Ottawa?

Knowing if you are getting the best mortgage rate is hard. The challenge is that there are so many banks, lenders and websites to compare. Here is some information to help you get the best interest rates for mortgages in Ottawa.

What is a fixed rate mortgage?

A fixed rate is there to protect you against future increases in interest rates. By locking in the rate, if interest rate‘s go up, you are protected. However, if interest rates go down during the term you will have to wait till the end of the term until you can take advantage of the lowers rates. The reason for this is typically a lender will charge a penalty to break the mortgage during the term. Learn more: The most common reasons people break a mortgage

How much down payment do I need to buy a house?

How much down payment do I need to buy a house? About 10 years ago you could buy a property with no down payment. With this, you could get a mortgage that was 100% of the value of property. Mortgage guidelines however have since become more rigid and most banks and lenders have reduced the loan to value that they are able to lend. How much down payment do I need to buy a house? The answer to this depends on a few things.

How much mortgage can I afford?

When looking to buy a home and get a mortgage, an important first step is to answer the important question of, how much mortgage can I afford? Some people want to purchase as much of a home as their pre approval limit will allow without going over their comfort level or having stress with cash flow.

What is a mortgage pre approval?

During a pre approval review, a lender reviews your finances to determine if you can afford a home and if so what is the maximum price of a home you can buy. A pre approval helps you determine if there is a strong possibility that you will be approved for a mortgage once you make an offer on a home.

What is a Collateral Mortgage?

In 2015, CBC Marketplace aired a show about collateral mortgages. In this show, they highlighted that TD Canada Trust only offers a collateral mortgage option. Also that they unfortunately do not proactively provide clients with enough information on the downside of these mortgages.

Can I get a mortgage with bad credit?

There may come a time when you have bad credit. This may be due to financial challenges that are out of your immediate control such as by co signing for someone that doesn’t make their payments on time. Or perhaps there have been some credit challenges from a break up when you had shared credit. Fortunately, having bad credit does not limit you from owning a home. There are options to get a bad credit mortgage in Ottawa.

What is a private mortgage?

Let’s look at what a private lender mortgage is, the type of mortgages that private lenders offer and what are some of the benefits and downsides to these mortgages.

How Do I Find the Best Mortgage Broker in Ottawa?

A mortgage will probably be one of the largest financial obligations you will have. As there are so many banks and lenders available with different options at each bank and lender, it can be tricky to know which one is the right fit for you. The best mortgage broker in Ottawa can help you with the complex task of finding the best mortgage for your needs. If you are interested in finding the best mortgage broker in Ottawa to assist with getting your mortgage, here are some great tips to follow.

What Do Mortgage Brokers in Ottawa Do?

There are many mortgage brokers in Ottawa to choose from. Finding the right one for you may seem like an overwhelming task. Also, if you are used to dealing directly with your bank, adding another person to the process may seem like an unnecessary step. This article is here to assist with understanding what Ottawa mortgage brokers do and how they can help you. It is designed to alleviate the stress that may be involved if considering to work with one. The information in this article can benefit anyone however focuses on first time home buyers. After reading this, you will have a better understanding of what mortgage brokers do and don’t do. Also, how mortgage brokers compare versus banks.

What Are the Best Mortgage Rates in Ottawa?

Compare some of the best mortgage rates in Ottawa and Ontario from a large range of Canadian lenders. Contact me today to get expert guidance and to see if I can negotiate you a lower mortgage rate.

16 Reasons to Use a Mortgage Broker

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When looking for a mortgage, one of the questions that may arise is should you use a mortgage broker or go to your bank? Also, you may be asking what is the difference between a mortgage broker and a bank? It’s hard to describe all the value a mortgage broker can offer in a few sentences, so here are 16 reasons to use a mortgage broker and Andrew Thake in particular.

16 Reasons to Use a Mortgage Broker

Here For You Now and in the Future. I am here for you now and in the future. I love to form a long term relationship with my clients so that you have a person you can trust for your mortgage now and at each renewal. With being in the mortgage business for over 14 years, I have helped many clients with their renewal, refinance and rental property needs. Plus helping client's family, friends, colleagues and more.
A Virtual Service. I can assist clients completely online and over the phone. This will save you time as there is no need to take time off work or out of your evening or weekend to visit a bank branch.
A Secure Process. Documents can be uploaded to a secure documents portal. There is no need to print your documents to bring to the bank branch or to email your documents.
A Fast Process. A pre approval review can be completed in as little as 10 minutes. That way you are ready to make an offer on a home with confidence sooner. A fast paced real estate market demands a fast mortgage expert.
Better Rates. One of the many reasons to use a mortgage broker is so they can help find you a great rate. I process dozens of mortgage applications a month. Also, I have access to dozens of banks, credit unions and monoline lenders. With that, I know exactly what rates are available in the market. Your bank representative will only be able to show you rates with one bank.
Mortgage Bodyguard. I work for you and not the bank, and more-so the bank's shareholders. My only goal is to get you the best rate with the most amount of options. My loyalty is to you and your savings, not the bank and their profits.
An Unbiased Opinion. As I work for you and not the bank, I will be able to tell you what banks have good mortgage options and what banks do not. If you ask 5 restaurants if they all have the best food or 5 hotels if they all have the best beds, they will all say yes. If you ask 5 banks if they have the best mortgage, they will all say yes. However I am sure you have a bad meal at a restaurants or slept in a bad bed at a hotel. I can tell you what banks have good mortgage options for your needs and what ones do not. Need an example fr a mortgage option that may or may not be right for you? Take a look at collateral mortgages.
Free Service. My service is free to you with all traditional lending. I am paid by the lender, just like your real estate agent is free to you and is paid by the seller.
A licensed professional. A mortgage course needs to be completed to offer mortgages as well and annual course and relicensing.
Trusted Professionals. If needed I can connect you with other trusted professionals for a real estate, agent, financial planner, real estate lawyer, home inspector and more.
More Options. More lenders to choose from means more possibilities for getting you approved. Keep reading for more great reasons to use a mortgage broker.
Here For You in the Good Times and the Bad. I am here for you in the good times and the bad times. With access to alternative lenders, private lenders, bad credit mortgages and more, I can assist you through the good times and the bad times.
Less Stress. Buying a home is a large financial decision. Whether buying a home for the first time or the tenth time it can be stressful. At all times I will be working hard to make the process as stress-free as possible.
A Huge Network. I work at one of Canada’s largest mortgage companies which gives me access to dozens of great lenders with highly competitive rates. Also an amazing network of mortgage brokers across the country to share best practices with to help serve you better.
Debt Reduction. I an help you with tips to reduce your debt. Also I have access to loans that can assist you with achieving a lower rate or to consolidate debt.
Ability to Speak Openly. It can be scary to tell your bank and financial worries you may have, especially when at the same time, applying for a mortgage. One of the best reasons to use a mortgage broker is that they work for you and not the bank. I am here to listen without judgement and find a great mortgage option for your needs.

Ready to apply?
Call me today at 613-699-2006

If you are ready to start your mortgage journey, contact me today.

Prefer to start the mortgage process online? Complete in a no cost, no obligation, no credit check secure online application today. Get in touch with one of the best Ottawa mortgage brokers.

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About Andrew Thake

Andrew Thake is a seasoned mortgage broker with over 15 years of industry experience. He’s assisted more than 2,200 clients in finding their ideal mortgage solutions. Recognized for his excellence, Andrew has received high honours and awards, including the National Rookie of the Year from TD Canada Trust and recognition as a Top 10 Ottawa Mortgage Broker in 2023. He has also been inducted into the Hall of Fame at Dominion Lending Centres and has consistently received their Platinum Award during his tenure as a mortgage broker.

Andrew’s dedication lies in serving his clients and prioritizing their needs with an empathetic approach. Throughout the application process, he provides tailored, informed, and efficient services to ensure the best mortgage solutions for his client’s unique circumstances. The best part of Andrew’s job is when he gets to see the joy on his clients’ faces following their mortgage approval.

Why not make your mortgage experience a comfortable one?

Book an Appointment

16 Reasons to Use a Mortgage Broker

16 Reasons to Use a Mortgage Broker

Ready to apply?
Call me today at 613-699-2006

Recent Posts

Categories

About Andrew Thake

Why not make your mortgage experience a comfortable one?

16 Reasons to Use a Mortgage Broker

16 Reasons to Use a Mortgage Broker

Ready to apply?Call me today at 613-699-2006

Recent Posts

Categories

About Andrew Thake

Why not make your mortgage experience a comfortable one?

Ready to apply?
Call me today at 613-699-2006