Quote:
Originally Posted by FlamesAddiction
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?
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There are a few threads in this section on this topic.
Chances are you will get the best rate with a broker however the best rate is not always the best option for you. Realtors prefer when you work with their brokers as it helps speed up the process. My clients get faster service going through my mortgage broker as that broker wants to keep both the client and I happy for future business.
The nice/helpful realtor on this site didnt hear from you
all jokes aside, my advice which I am sure others can confirm is to find someone you feel comfortable working with. It could be a lengthy process.... If I wasnt in the business but knew what I know as a buyer, the first thing I would look for is honesty. Not every place will be what you want however some realtors may complement every single property. If the realtor knows what you want then they will be the first to point out the negatives of any property.