Frequently Asked Questions About Mortgages
Creating beautiful memories in a cozy new house, which is spacious and has all the latest mod-cons, is the dream of millions. However, if you're looking to secure a mortgage to fund this aspiration, you may have tons of questions about mortgages but may find it tricky to get all the answers that you're seeking.
So, to ensure you have all your doubts cleared, Victor Matos – Mortgage Agent – Insurance and Investments Advisor, has answered some of the most frequently asked questions about mortgages and has also responded to some widely held viewpoints.
1. Are you going to charge me?
If the lender pays me, then I will not charge you for the service. However, If I have to request payment from you, then I will disclose it upfront. Nobody works for free - not even you.
2. Why should I use your services and not someone else's?
The same way you choose a mechanic for your car, or a dentist for your teeth, a mortgage broker has the expertise to guide you professionally with a property purchase.
I have nineteen years of experience in the field, and as an investment advisor, I understand the broader picture of how a mortgage fits into your financial portfolio. Also, if you check my references and testimonials, you'll discover that most of my clients are repeat customers.
3. I can go directly to my bank - I don't need you!
A bank person is friendly to you and loyal to their manager, as their job is to sell you a product for the highest value possible. They get paid on salary plus bonuses, whether you end up doing business with them or not.
On the other hand, A mortgage broker is friendly to the bank and loyal to you. Besides, I only get paid once your mortgage gets funded, so I want to serve you to the best of my ability. I also endeavor to make you happy so that you tell your friends about my service.
4. I want to use your services, but I want to choose the bank.
Perfectly fine. I can summarize what your bank offers and compare the rate to what other lenders offer. You can then make an informed decision on which one you prefer to choose.
5. My work colleague took a mortgage broker's course, and he runs the business on the side so that he can help me.
With all due respect to your colleague, does he have the experience, time, and skills needed to do proper research on your behalf, in addition to his full-time job?
By choosing a professional well embedded in this field, you will have access to their connections, knowledge, and tools needed to serve you well.
6. I can do it all online with the company that's always advertising on the radio - I don't care where they are!
I recommend that you choose someone close to you, who knows your market area well and is familiar with the lenders who best serves your location. Quick gimmicks and promises of something too good may sound great, but are you willing to risk a dedicated service and ongoing support? Remember, you're not ordering a pizza - you are committing to a mortgage of several times your salary!
7. I'm the client, so I'm always right!
No, sadly, you're not! Based on my vast experience, I will suggest what I feel best for you based on your circumstances, but it may not necessarily be what you want to hear at the time.
For example, It's quite common that clients want to get approved for a mortgage amount higher than what they qualify for, under standard bank rules.
I tell them that if you want to purchase a bigger house, I can arrange for more money from a lender, but unless you have a massive increase in salary, you will be stuck with a costly lender for a very long time. I can give enough warning to tell you that it's not a good idea, but if that's what you want, then we can proceed.
If you have any more questions about mortgages and investments, get in touch with the experts at Victor Matos – Mortgage Agent – Insurance and Investments Advisor. As a specialist in mortgages in Hamilton, ON, I endeavor to find suitable financial opportunities for my clients.
My services include mortgage services, life insurance, mortgage insurance, travel insurance, illness insurance, and disability insurance. I also offer health and dental plans, RESPs / scholarships, RRSP loans, savings plans, RRSP, and Non-RRSP investments.
I serve clients across Hamilton, Oakville, Burlington, Binbrook, Ancaster, Brantford, Caledonia, Grimsby, Stoney Creek, Cayuga, Dunnville and St. Catharines, ON.