Brian Turner – Mortgage Agent
4244 Highway 7
Norwood, ON K0L2H0
In a nutshell, I smooth out the path between you and a lender to help you purchase a new home. I work with you to determine the best lender and ensure that the lender has all of the necessary documents to lend you the money. I work with a variety of lenders, including banks, monoline lenders (banks that only do mortgages), a local credit union, “B-lenders”, and private lenders. I also take into account if you are self-employed, we can select a lender that will meet your needs, either by using a stated income, grossing up your income, or using addbacks. I have different lenders who use rental income in different ways. I work with lenders that will work with you to overcome prior credit issues. At the other end of the spectrum, I can also help you determine how to use equity in your existing home to purchase a second one. I have relationships with lenders that can help you purchase vacant land, and others that can provide you with a construction mortgage. I can advise you if it is more advantageous to have a larger down payment, or to use those funds to pay down some debt. All of these factors allow me to tailor your mortgage to your unique situation.
Before even looking for a new home, it is important to establish a budget. In home-buying parlance this is known as a pre-approval. Pre-approval involves collecting your income documents, proof of down payment and pulling your credit bureau(s), and submitting the entire package to an underwriter for their approval. I employ services that can, with your consent, pull your tax records and bank statements in the format lenders like. If things are straightforward, this can take as little as 24 hours once all the documents are received.
The current trend in today’s market is to make offers without conditions. This is an advantage for the sellers, but can leave you as a buyer exposed to being sued if financing falls through. In order to minimize this eventuality, I work with you before placing an offer, vetting any prospective homes with both the lender and the mortgage default insurer to ensure that there are no potential issues with your prospective purchase.
When your offer is successful, I will resubmit the packaged deal to the lender. The lender will then issue a mortgage commitment and I will ensure that all of the conditions of that commitment are met. I also copy your lawyer so that they are ready to receive the lender’s instructions. If there is a gap between selling your existing home and purchasing a new one, I can arrange bridge financing.