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Why Use a Mortgage Broker When Purchasing/Refinancing a Home?

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Uploaded on Aug 8, 2011

http://LeahCoss.ca
Hi everyone, it's Leah Coss with the Mortgage Center. And I wanted to kind of describe a conversation that I had with a client the other day. He was a new referral to me through a realtor and he asked me, he said, "Well, I was going to go to Coast Capital, which is where I've gotten my mortgages before. Why should I use you? I've never used a mortgage broker before."
And I told him that, "You know especially right now, Coast Capital has some really good rates." And it could be a situation where he comes to me and I end up putting him with Coast Capital anyway. But that might not be the situation, as well.
And this kind of goes back to other videos that I've done before on how each bank is a little bit different, we just don't know it, because it's all behind the scenes. But it could be a situation where maybe you go to your bank, and maybe your bank is Scotia. And you walk into Scotiabank and you get pre approved. And maybe you're a regular client, you've got regular credit, regular salaried or full time hourly job. Your down payment is just sitting in your savings account and everything's normal.
But you want to buy a house with a basement suite. So, you go and you find a house, but the house has an unauthorized basement suite and you really need that basement suite income. Now, Scotia, unfortunately, wouldn't be able to help you out. They have a policy that they don't use unregistered basement suites, they don't use that income. That's just one situation.
It could be a situation where maybe you're looking to buy a foreclosure, or you're looking to buy a previous grow op, and you're needing different attention to that file. Many lenders just don't even want to touch those situations.
You could be self employed. Well, if you're self employed, guess what? If you need to do a stated income program, you can't go to Coast Capital, you can't go to certain places, because they don't have those programs. If you're a new immigrant, they just don't have great programs for you.
So, yes, you could go to your bank, and it could be a situation where you come to me, and I put you with your bank at the end of it all. But it could be a situation where I can't use your bank, and so we go somewhere else. And all that [indecipherable 02:13] using a mortgage broker is for the average client is simply saving you hassle or panic or stress later on in case your bank can't do it. Not to mention the fact that we can often give you a better rate than what you're paying gives you as an offer on their first offer.
They will, of course, keep coming back, trying to match the offer that I've given you. But, again, it just saves you time, stress, haggling over rate. I'm going to give you the best rate no matter what, simply because I don't really get paid different from one lender to another based on rate.
So, that's about it. If you have any questions about using a mortgage broker, or other reasons, such as needing private financing, or if you end up having bad credit or something like that and you can't go to your regular bank, using a mortgage broker is definitely going to be an option you're going to need to use.
http://LeahCoss.ca

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