Mortgage options

[mr_chin]

What are some of the best places to get a mortgage from? Currently, my mom is in a situation where she has to sell her house. She wants to buy one before selling the house. The only place she went to so far are BMO (because one of her friend works there) and HSBC (her own bank).

I heard somewhere that getting mortgage through brokers are better because they actually want to get you approved and help you with the best rates, is this true?

I also advise her to sell the house first, use the money to put a 40% to 50% down payment. This will more likely get the bank or anywhere to approve her. She's very anxious at the moment because she saw a house she wants and want to get it before it's sold.

Banks approve mortgage base on risks while mortgage broker actually wants business? Any help would be nice.

[dasani604]

Originally Posted by mr_chin

What are some of the best places to get a mortgage from? Currently, my mom is in a situation where she has to sell her house. She wants to buy one before selling the house. The only place she went to so far are BMO (because one of her friend works there) and HSBC (her own bank).

I heard somewhere that getting mortgage through brokers are better because they actually want to get you approved and help you with the best rates, is this true?

I also advise her to sell the house first, use the money to put a 40% to 50% down payment. This will more likely get the bank or anywhere to approve her. She's very anxious at the moment because she saw a house she wants and want to get it before it's sold.

Banks approve mortgage base on risks while mortgage broker actually wants business? Any help would be nice.

I honestly believe it really depends on who you see, not which bank institution or brokerage.

"I heard somewhere that getting mortgage through brokers are better because they actually want to get you approved and help you with the best rates, is this true?"
No, that is not the intent for any mortgage broker working out of/in a bank. All of them just want the business with the least amount of risk.

She should talk to her friend at BMO, HSBC, and wherever else she may be interested. It's best to see what each place has to offer her. I feel that she may have more leverage with her friend, but then it will depend on the nature of that relationship.

[09k20]

A mortgage broker just shops financial institutions to find the best rate for you. They have nothing to do to help you get approved unless you are not approved at a bank and send your deal to B lender. A mortgage is approved based on TDSR and GDSR which is a calculation of a payment of debts/ expenses vs your income.

Most mortgage brokers in my opinion just work themselves as they will find an financial institution that they can get the best percentage from. They do find decent deals ( better than posted rates) however you can find matching or better if you do your own research. Your relationship with your financial advisor or account manager, products you hold with the bank and shopping around helps with getting you best rate.

You can pull equity, up to 65% from you existing property for the downpayment or if you plan to sell the home and is listed on MLS, most banks can offer interm financing.

[mr_chin]

Originally Posted by 09k20

A mortgage broker just shops financial institutions to find the best rate for you. They have nothing to do to help you get approved unless you are not approved at a bank and send your deal to B lender. A mortgage is approved based on TDSR and GDSR which is a calculation of a payment of debts/ expenses vs your income.

Most mortgage brokers in my opinion just work themselves as they will find an financial institution that they can get the best percentage from. They do find decent deals ( better than posted rates) however you can find matching or better if you do your own research. Your relationship with your financial advisor or account manager, products you hold with the bank and shopping around helps with getting you best rate.

You can pull equity, up to 65% from you existing property for the downpayment or if you plan to sell the home and is listed on MLS, most banks can offer interm financing.

MLS?

[09k20]

Originally Posted by mr_chin

MLS?

Multiple listing service

Means you put your home for sale and that it's listed.