A recent poll by CAAMP (Canadian Association of Accredited Mortgage Professionals), estimated that only 33% of all Canadians really know what Mortgage Brokers and Mortgage Agents do:
So let us enlighten you!
*we are licensed by the Real Estate Council of Alberta (RECA) and one agent also has her license to do mortgages in Saskatchewan (licensed by the Saskatchewan Financial Securities Commission). We also have additional accreditation that requires ongoing education through CAAMP. People who do mortgages and who are employed with banks may or may not have a license. You can see if the person you are dealing with is licensed by visiting the RECA website or the website for the regulatory body in your province.
*being licensed means we have studied, written and passed an exam that meets the Provinces' requirements for being a Mortgage Agent and to be a Mortgage Broker. We have also passed Criminal Record Checks and must do annual education upgrades to keep our licenses. We must also comply with the Provincial regulations at all time.
*our Mortgage Broker, Rita Matthews, oversees all of our Agents and is responsible for monitoring compliance with provincial regulations. She also does mortgages too because she loves her clients! In a nutshell, a Broker manages the day to day mortgage business and our agents are the ones who place the mortgages (Rita does both!).
*we have specific expertise in mortgages for a number of banks, trust companies, credit unions and lenders (the Bob Hanscom Mortgage Agency deals with over 25 lenders). This is our focus!
*because we have so many products and programs with different banks, trust companies, credit unions, etc....we can help you choose which will be the best fit for you and which has the best interest rate. We also have access to all 3 mortgage insurers (required for mortgages with less than 20% down payment; CMHC, GE and Canada Guaranty). Often banks will only have 1 insurer with specific programs, which may decrease your chances of being approved for a mortgage. As well, banks have their specific policy, so if you don't fit within their policy you may not be approved (but you could be the perfect client for another bank).
*our services are free of charge+. We are paid by the bank or lender for placing your mortgage with them. You never pay for us out of your own pocket. The only Exception: +The only time a fee is charged is for a *private* mortgage, which means a mortgage arranged with a group of private investors. Private mortgages are only an option when we can't get the mortgage done through our other "traditional" lenders and as always, the fees involved for this would be disclosed upfront if the client chose to proceed.
Probably 97-98% of our business is done with our "traditional" lenders and maybe 2-3% through Private lenders.
*this is what we do in 3 easy steps. 1) We get you pre-approved, which tells you how much you can afford to purchase and also, guarantees your interest rate while you take time to shop. A pre-approval requires a quick application and permission to check your credit. We always ask your permission to check your credit first. Absolutely Always.
We give you a checklist with your pre-approvals so you know what documentation we'll need and when. 2) Once an offer is made, your Realtor will send us the property details and you will choose which lender you wish to work with. We will have a certain number of days to get your approval {includes appraisal or auto-appraisal; approval of paperwork (e.g., pay stub, job letter, down payment confirmation etc) and getting you signed up for the mortgage}. This can be done in person, by fax or by email.
3) Then when we have you approved, we'll help you organize things with your Realtor and your lawyer. You will be well on your way to becoming a new homeowner. SIMPLE. Just the way we like it.
We also do refinances & mortgage renewals (very important to always contact us to make sure you are being offered the best deal by your current mortgage company for your needs).
*good mortgage agents are the wave of the future. We shop around to make sure you are getting the best mortgage for you at the most competitive interest rate. With usually only 1 credit check, we can go to as many lenders/banks as needed. If you were to go to each bank yourself, you'd have a credit check every time, which may hurt your credit score or in some cases, no credit check which doesn't give you a good idea of what you may actually be pre-approved for.
Mortgage Myths:
Myth #1: Mortgage Brokers and Agents only work with people who have damaged credit
Fact: most of our business at the Bob Hanscom Mortgage Agency is with clients who have great credit. We want to make sure everyone has equal opportunity to get a mortgage, so we have lenders who also work with bruised credit too. We always offer advice on how to improve credit to our clients with bruised credit so that they have as many lending options as possible in the future.
Myth #2: All Mortgage Brokers and Agents are good at what they do
Fact: the Bob Hanscom Mortgage Agency has been in the mortgage business since 2000. We have a great reputation as a family business for providing sound advice and great service to our clients. Unfortunately, just like any occupation, there are Agents and Brokers out there that may not be that experienced or that good at what they do. Therefore, it's always important to get a reference from a Realtor or friend to find a competent mortgage broker or agent who cares.
Myth #3: Mortgage Agents and Brokers deal with "weird" banks that I've never heard of
Fact: we deal with many of the major banks, credit unions, trust companies etc - to view a list of our lenders, click HERE
Myth #4: Just because I "talk" to a Mortgage Agent means I have to use them
Fact: We provide consultations to inquiring consumers all the time. There is no binding contract that says you have to use our services. Although, most of the people we do talk with end up using us because we do business as it should be done: professionally, efficiently, and simply. Our clients also like that we don't "fart around" with interest rates. We'll offer you the best we can every time and the best service every time. Service is ultimately as important as a great rate!
Myth #5: You work only Monday to Friday, 9am-5pm
Fact: we are always available to our clients, Monday-Saturday inclusive and on Sunday for any "can't wait until Monday" situations. At the Bob Hanscom Mortgage Agency we make it a point to monitor our calls and our emails. This means peace of mind for you.
To learn more about how we can assist you, please contact one of our Mortgage Advisors today. Click HERE for our contact list.
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