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FlamesAddiction · 11-26-2013, 01:16 PM

Hey,

I have a few questions regarding mortgages.

When I called CIBC (my bank for most of my life), they told me on the phone to basically multiply my household income by 4 and subtract any debts to come up with an approximate number for what we could get for financing. I wanted to book an appointment to actually get the approval in writing, but they said it wasn't necessary and that I should just make any offers with a "pending financing" statement. When I called real estate agents to start booking showings, they did not really like that idea.

One in particular was trying to push me on a mortgage broker that she "knows". I have to admit, and I mean this with all due respect to the realtors on here who are so kind with all the free advice, but I do not feel comfortable with sales people and get turned off fast if I feel pressured or out of my league.... I already felt like she was trying to hustle me on another matter.

So being totally dumb, can someone tell me if a mortgage broker really is a better option and what type of additional fees (or savings) I might expect by using one. Also, would anyone recommend a credit union over a bank if it was an option?

11-26-2013, 01:16 PM	#1
FlamesAddiction Franchise Player Join Date: Oct 2001 Location: Vancouver Exp:	Mortgage Brokers, Banks, Etc... Hey, I have a few questions regarding mortgages. When I called CIBC (my bank for most of my life), they told me on the phone to basically multiply my household income by 4 and subtract any debts to come up with an approximate number for what we could get for financing. I wanted to book an appointment to actually get the approval in writing, but they said it wasn't necessary and that I should just make any offers with a "pending financing" statement. When I called real estate agents to start booking showings, they did not really like that idea. One in particular was trying to push me on a mortgage broker that she "knows". I have to admit, and I mean this with all due respect to the realtors on here who are so kind with all the free advice, but I do not feel comfortable with sales people and get turned off fast if I feel pressured or out of my league.... I already felt like she was trying to hustle me on another matter. So being totally dumb, can someone tell me if a mortgage broker really is a better option and what type of additional fees (or savings) I might expect by using one. Also, would anyone recommend a credit union over a bank if it was an option? __________________ "A pessimist thinks things can't get any worse. An optimist knows they can." Last edited by FlamesAddiction; 11-26-2013 at 01:22 PM.