There is an established and growing population of workers in the employment market where the concept of a traditional job has been replaced with a series of well-paying gigs. It is creating a new market for brokers and challenging lenders to redefine acceptable primary sources of income. According to Statistics… Read More
Understanding that Canadians are struggling with homeownership and mortgage affordability over the foreseeable future, there are some things you can do as a mortgage broker to address them directly. Whether your clients are looking for a new home or need to refinance, talking to an informed mortgage broker can really… Read More
Look no further than the recent interest rate hikes to understand why the mortgage stress test is so important. It protects the clients and the lenders if interest rates rise, and it’s in everyone’s best interest for the homeowner to afford their mortgage payments. We know mortgage brokers are between… Read More
Gross-ups and add-backs and adjustable rates… OH MY! There are so many tools available to help get a deal done, that it can be hard to keep track. Don’t fret; let us dig into a few you can use to help your clients see an approval. Gross-ups and add-backs can… Read More
What do your clients need? In short, they need your expertise on how to find the best mortgage product for their situation. Or they may be looking for ways to make changes to their current mortgage. When you maintain lasting relationships with your clients, it is more likely they will… Read More
This broker advice article covers best practices for mortgage brokers to effectively gather documents from their clients for mortgage approval. Correctly managing documents is one of the best ways to streamline closing a mortgage deal. You can save time (and headaches) by helping your clients put together their package of… Read More
Create a smooth application process with great deal notes. How much time do you spend writing your deal notes? From a lender’s perspective, applications with good deal notes stand out. Supplying accurate and reliable information helps underwriters make decisions more quickly. From your client’s perspective, they’ll appreciate you for speeding… Read More
With self-employment on the rise, mortgage brokers should know how to accurately interpret the information in company financials and income verification documents. For self-employed clients looking for a mortgage, proving income is more involved than providing a T4 and a letter from an employer. You’ll need to look at both… Read More
Networking. Some people are great at it and some find it difficult. If you’d rather have a root canal than walk into a room full of strangers and make small talk, you’re not alone. Yet, as a mortgage broker, networking and building relationships are important for your success. Even if… Read More
