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Making the most of your mortgage broker

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The process of becoming a homeowner can be long and arduous, and your mortgage broker is one of your key allies in getting a mortgage in order to buy a home. But if done right, the relationship between you and your broker doesn’t stop once you have the keys.

Depending on how your individual mortgage is structured, you’re going to be up for a renewal at least twice over the life of your mortgage – and, for many people five or more times. That means many opportunities to reconnect with your mortgage broker, not only to get you the best interest rates available at the time, but to evaluate where your mortgage falls in your overall financial picture.

A good mortgage broker will definitely want to keep you as a client over the lifetime of your mortgage, so your broker will probably already have their own efforts in place to reach out to you every so often and checking in on how your mortgage payments are coming along. They might even have a newsletter of some kind, with helpful tips for homeowners. Either way, it’s only to your benefit to have a good relationship with your broker; here are some ways that you can make the most out of that relationship over a long period of time.

 

  1. Be honest
When getting your mortgage, there’s no point in lying about your occupation, your income, or your debt. It’s all going to come out in the wash anyway, and your broker can’t place your mortgage application with the best lender for you if they don’t have all of the facts. Not to mention that you’re going to have to come clean eventually when the lender does their due diligence on you. If you don’t tell the truth and lie about details on your mortgage application, then you’re committing mortgage fraud, which is something that you want to avoid at all costs. This holds true after you’ve gotten your mortgage as well – be honest when it comes to what you want and don’t want for your next mortgage term. Remember that your broker works for you and is paid (by lenders) to deal with the situation that you present to them, not the situation that works best for them and/or is easiest to place.

 

  1. Keep in touch

Months, even years, may go by, but don’t let your mortgage broker become a stranger. As mentioned, your broker may – and should – reach out to you every so often, but if they don’t, don’t be afraid to initiate contact with them, even if it’s just dropping a quick email to say hello or asking a simple question. This way, when you actually need something or it’s time to discuss renewal, your mortgage broker won’t have to think, “Who is this person?”

 

  1. Don’t be shy
Things change. Your broker doesn’t expect your financial realities to be the same 10 years down the road as they were when you got your mortgage. If you’ve changed your plans and now want to own a farm or move out of province or even start thinking about investment properties, don’t hesitate to let your broker know. They can only help you develop a mortgage plan if they know what your plans are; otherwise, the options that they suggest for you might not work for your short-term and/or long-term goals.

 

  1. Refer

If you’re happy with your mortgage broker, don’t keep them to yourself! A large part of a broker’s business is referrals, and often those referrals come from clients who they’ve previously worked with to get mortgages. If you know someone who is looking for a mortgage, maybe even someone who is unfamiliar with the role of a mortgage broker, offer to put them in touch with yours. It’s really a win-win-win situation: good for your friend who needs a mortgage, good for your broker who needs the business, and good for you, who just bought some goodwill from both parties.

 

  1. Educate yourself

Part of the reason it’s beneficial to speak with a mortgage broker is so that you can learn about the wide range of products and services in the market that they can get for you. But if you do your own research into a mortgage product or subject before speaking with them about it, then you can have a much more productive conversation about the products and see how they apply to your situation. You’ll be able to ask more detailed questions, and will probably understand your broker’s responses a bit bitter. It never hurts to do some preliminary homework.

Just like your relationship with your realtor, the relationship with your mortgage broker is a long-term one. Knowing how to make the most out of that relationship over the life of your mortgage can really work out in your favour.

Related stories:
Why you should use a mortgage broker
Things to look for when choosing a real estate agent

 

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Victoria real estate agent disciplined for false advertising, encouraging cash deal to avoid taxes

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A Victoria real estate agent is facing $9,000 in fines and a 60-day licence suspension after breaking several professional rules during the sale of her father’s half-million-dollar property, according to a decision by the Real Estate Council of B.C. 

Whitney Garside’s missteps — outlined this week in a disciplinary decision posted on the council’s website — included falsely advertising the property as being almost twice its actual size and advising the buyer they could avoid the property transfer tax if they paid cash directly to the seller.

The property on Burnett Road in Victoria was being sold in 2016 by the real estate agent’s father. That relationship was disclosed and isn’t among the reasons she has been disciplined.

According to the disciplinary consent order, Garside told the buyer — whose name is redacted — that by paying $42,000 cash on the side, the value of the property could be reduced to avoid paying the property transfer tax.

That cash arrangement was not shared with Garside’s brokerage, Re/Max Camosun, a failure that contravened the Real Estate Services Act.

The council also ruled that she “failed to act honestly and with reasonable care and skill” when she advised the buyer the property transfer tax could be avoided by paying cash directly to the seller. 

The council’s discipline committee also found that Garside committed professional misconduct when she failed to recommend the seller and buyer seek independent legal advice, specifically regarding the property transfer tax and the cash agreement.

Another issue the council considered professional misconduct involved the size of the property in question.

The council ruled that Garside published false and misleading advertising and failed to act with reasonable care and skill when the property was advertised as 8,712 square feet, when in fact a portion of the lot belonged to the Ministry of Transportation, and the actual size was just 4,711 square feet.

The discipline committee ordered Garside’s licence be suspended for 60 days, which will be completed Jan. 3, 2021.

She has also been ordered to complete real estate ethics and remedial classes at her own expense.

Garside was also fined $7,500 as a disciplinary penalty and $1,500 in enforcement expenses.

She agreed to waive her right to appeal the council’s discipline committee’s decision in September.

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Frisco apartment community sells to Canadian investor

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A Canada-based investor has purchased a Frisco apartment community as part of a larger Texas deal.

The 330-unit Satori Frisco apartments opened last year on Research Road in Frisco.

BSR Real Estate Investment Trust bought the four-story rental community that was built by Atlanta-based Davis Development.

Satori Frisco was more than 90% leased at the time of sale. The property includes a two-story fitness center, a car care center, a dog park and a resort-style swimming pool.

The Frisco property sold along with Houston’s Vale luxury apartments in a deal valued at $129 million.

“BSR recently exited the smaller Beaumont and Longview, Texas, markets and also sold noncore properties in other markets,” John Bailey, BSR’s chief executive officer, said in a statement. “We are now using our strong liquidity position to invest in Vale and Satori Frisco, modern communities in core growth markets with the amenities our residents desire.”

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House prices on Prince Edward Island continue steady climb

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Residential real estate prices on Prince Edward Island continue to climb at a rate higher than the national average, according to the latest report from a national organization. 

The Canadian Real Estate Association released monthly figures for November 2020 on Tuesday.

They show that the average price for a resale home on P.E.I. is about 21 per cent higher than it was a year earlier. 

Only Quebec had a bigger year-over-year increase, at about 23 per cent. Overall across Canada, prices were up 13.8 per cent year over year in the ninth month of the COVID-19 pandemic.

“For the fifth straight month, year-over-year sales activity was up in almost all Canadian housing markets compared to the same month in 2019,” the report noted.

“Meanwhile, an ongoing shortage of supply of homes available for purchase across most of Ontario, Quebec and the Maritime provinces means sellers there hold the upper hand in sales negotiations.”

That lack of houses coming onto the market compared to the demand means that in those provinces, there is “increased competition among buyers for listings and … fertile ground for price gains.”

There have been anecdotal reports for months that Prince Edward Island’s low rate of COVID-19 infection and looser rules around social activities have been encouraging people to buy homes on the Island. 

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