Frequently Asked Questions
Throughout the mortgage process, you’re likely going to have many questions. It is my goal to answer those questions and find the right mortgage for you.
What’s the difference between a mortgage consultant and a bank?
The biggest difference is that I work for you, not for the banks. I spend more time with you, and I get to know exactly what your needs and goals are. Additionally, I can compare mortgage products from nearly any bank or lender, giving you more choices and a better product suited to you.
What is the best term, amortization period, or payment schedule for me?
The only way to know what’s best for your situation is by sitting down with me and going over your budget, housing, and goals. Everyone is different, and that’s why I learn about you. You won’t have to worry about what’s best because I figure it out for you and explain everything. That said, shorter amortization periods and more frequent payment schedules reduce interest, at the cost of larger payments.
What is a pre-approval?
A proper pre-approval is a “test mortgage” that we’ll obtain to determine whether or not the lender will approve your application for that amount. You can’t buy a house with a pre-approval, and we’ll still have to apply for your mortgage once you find a house. Some pre-approvals simply hold the rate for you, but the pre-approval I will get you helps you select a house you can afford and will be approved for.
What if I’m worried about my credit?
The most important thing to do is determine what has affected your credit and why. My first priority is to get you on the path towards improving your credit. When you take on a mortgage with bruised credit, you’ll often need to put at least 20% down, and you might get a higher rate. We can accept one of these higher rate products as a temporary compromise, getting you the house you want while fixing your credit over time. Once your credit is looking more stable, I can help you switch to a more affordable mortgage product.
What if I’m just renewing my mortgage?
Don’t sign a renewal blindly! Renewal agreements can contain additional clauses or rate changes that are hard to find. You’ve got nothing to lose by shopping around and looking for a better product. Just like with new mortgages, I can help you define your goals and present you with a mortgage product suited to your needs.
Is your consultation actually free? What’s the catch?
There is no catch! Aside from a few exceptions like private mortgages or products designed for challenged credit, all of my earnings are paid by the lender. It does not come out of your pocket, and it does not add to the cost of your mortgage. My services are truly free.