Frequently Asked Questions About Mortgage Financing

With several changes introduced to the mortgage industry, navigating through your financial options will be a lot more challenging than before. To effectively obtain what you need, it’s best to work with a mortgage broker. However, if it’s your first time using a mortgage expert’s services, you may have a ton of questions about their products and services but often find answers difficult to come by. To clear your doubts and arm you with the most accurate information, experienced mortgage agent Melissa Henderson from The Mortgage Group brokerage has answered some of the most frequently asked questions about mortgage financing.

1. How do you get paid?
Most of the time, I receive a commission from the mortgage company that you choose to obtain financing from. Based on your financial requirements, I will look through my lending network for the best options for you. I will educate you about their different features, terms, and conditions. Based on this information, you will need to make a decision.

2. How do I get started on a pre-approval?
You can apply on my website for pre-approval and then contact me for a twenty-minute conversation to start the process. It’s that simple!

3. If you do a credit check, does it hurt my score?
If you are credit seeking (i.e., getting a department store credit card, then going to a bank to get a credit card and line of credit, then applying online for a credit card), yes, it will. When I do a credit check, I can send it off to fifty different lending companies, using only the one report obtained. This usually would not change your score significantly.

4. Why should I use a mortgage professional and not my bank?
Unlike your bank, I will help you make an informed decision and focus on your best interests. On the other hand, the bank will only have its own products and best interest in mind.

5. My friend told me that he got his mortgage at xx rate - why can’t I get that rate too?
Everyone has different circumstances when it comes to finances. And, maybe you can get that rate, or perhaps you have a different need. Until we look at the whole picture together and make an informed decision, the rate discussion would not be the bottom line.

If you have any more questions about mortgage financing, get in touch with Melissa Henderson at The Mortgage Group. As a leading mortgage agent in Waterloo, ON, I have access to over fifty lenders. This enables me to offer you a broad range of options for your specific needs. At the same time, given my vast experience in the mortgage industry, I possess the necessary skills and knowledge to help you achieve your goals despite your financial situation. I will work with you to understand and assess your unique requirements and help you know what you can comfortably afford.

To learn more about how I can help you, please click here or contact me by clicking here.