Mortgages Made Easy Blog

What does a mortgage broker do?

I’m a registered mortgage broker – not an agent (I’ll explain the difference in another later blog post). In a nutshell, my job consists entirely of arranging mortgage financing for people either looking to buy a home or refinancing a home they already own. I’ve been happily doing this job for 28 years.

So who pays the Mortgage Broker?

Good question. I am 100% self-employed, which means I am not paid a salary. Everything I earn is simply a result of being paid a commission by a mortgage lender, and I only get commissioned if I’m successful in connecting the right lender with my clients. You are my priority, so for that reason, I never deal with a single lender. Every client has unique circumstances, which is why I work with a pool of about 20 different lenders, including Banks, Trust Companies, and Credit Unions. This gives my clients more and better options and it makes lenders compete harder for your business. This results in the best mortgage experience for my clients.

In the simplest of terms: If I don’t keep you happy, I don’t get paid.

The only time there might be a charge to you the borrower is when I’m arranging finances for someone with a challenging credit situation or income issues that may make it necessary to borrow from “B” type or private lenders. Sometimes people need help, even when the big banks say no. In this situation, all fees are required to be disclosed up front, by law, so there’s never a surprise and never an obligation before you decide what’s best for you.

This is a tiny list of some of the things I do. If you’re looking to buy or refinance your home, always do your homework and ask questions, because you need to be sure that the mortgage you get is right for your needs – both today and down the road.

I do this stuff every single day. I get paid to help people. In fact, it’s the only way I get paid.  I love what I do, and I’d love to help you.

Looking for a mortgage? Wondering if you qualify? Interested in refinancing? Our secure and completely confidential “no obligation” quick-form can give you answers, fast. Find it here.

Credit companies are in the business of making money; a lot of money. Most of it in the form of high interest charges on balances not paid back within 30 days. So, as we look at another Christmas spending season in our rear view mirrors, I thought I would share a few credit tips to help reduce the future cost of using your credit card.

If you can’t pay the full bill, always pay the minimum.

Sounds obvious, but you would be surprised how many times a person misses the minimum payment and how that hurts their credit score. Little things really do matter when it comes to protecting and improving credit scores.

If you pay the minimum payment after its due date, you are late. Not only are you paying additional high rate interest on your balance, but your credit card company also reports your late payment to credit agencies like Equifax or Trans Union. These services rate your credit worthiness and share this information with any lender you may hope to deal with.

 When you pay on time, you are rated at “R1”, which is perfect. Pay 30 days late? Get an “R2” rating. Pay later than that, and it keeps getting worse. The more frequently you pay your bills late, the worse the impact on your credit score, and that impacts the terms upon which you can borrow. A credit score of 800 is excellent, 675 is average, and below 600 is problematic when you need to borrow money.

Always carry less than 70% of your card limit as your balance on your card

Here’s a secret not many people know. Even if you pay on time and are “R1” rated, when you carry more than 70% of your available credit limit as your balance, credit bureaus use an algorithm that will end up actually rating you as a higher credit risk, and this will negatively impact your credit score. Do everything you can to not carry an outstanding balance. If you can’t pay your full balance, keep your balance under 70% of your credit limit. If you can’t do that, be sure to pay your minimum on time (or early). When you do these things, you will improve your credit score. That will give you better borrowing options and save you a ton on fees.

Today mortgage lending has become almost completely dependent on having a good credit score. If you have any questions on credit scores or mortgages, I’m happy to help you answer them. 

Looking for a mortgage? Wondering if you qualify? Interested in refinancing? Our secure and completely confidential “no obligation” quick-form can give you answers, fast. Find it here.