- Why use a mortgage broker?
- Does your service cost me anything?
- What about on a private mortgage?
- What is the minimum down payment?
- What do I need to get pre-qualified?
Things have changed quite a bit in the mortgage industry, and now, more than ever, it’s a great asset to have a knowledgeable professional on your side. Independent mortgage brokers have access to a vast list of lenders and mortgage products. If you’re using a broker, you can be sure you’re getting the best available mortgage that’s tailored to your current and future needs.
No. On any standard mortgage transaction, I am paid by the lender for sending them your business.
In some of our higher-risk lending, the lender does not pay me for my service. In these cases we can negotiate, and you will be given clear disclosures upfront about any fees attached to the mortgage.
The minimum down payment when purchasing a principal residence is 5% of the first $500,000 and 10% on the remaining amount up to $1,000,000. On an investment property it is 20%, and on raw land it’s 25%. Purchase prices exceeding one million dollars, or unique property specifications can affect these amounts, but those are the general guidelines.
In most cases, I can pre-qualify you within half an hour of meeting you, be it over the phone or in person. Your last two years of income history and some basic information is generally all it takes. Call or message me today to book a free appointment!