FREQUENTLY ASKED QUESTIONS
We understand that you will have numerous questions that you want to ask us. Feel free to call us for more clarifications. Our goal is to provide you with the right mortgage that aligns with your needs and those of your loved ones. Highlighted below are some of the questions that our clients usually ask. However, if you need more information, don’t hesitate to call us on +1-772-877-2041.
Who is a mortgage originator/ broker?
A mortgage originator is a financing professional who oversees the loan process from beginning to end and acts as the advocate for the borrower. Mortgage brokers are partnered with lenders to provide borrowers with a wide selection of mortgage programs and choices. Brokers link you with the right lender for mortgage transactions.
Who is required to have a mortgage loan originator license?
As at July 1, 2008, any individual that takes a residential mortgage loan application must be licensed.
Why should I use a mortgage broker when I can just walk into a bank?
A mortgage broker will save you time and money. There are tons of lenders on the internet and they are all doing everything possible to lure in borrowers. They use different baits such as low rates they cannot honor. These rates usually have hidden fees.
A mortgage broker will help you find the right lender based on your situation, with only one application and one credit report pull. Let us do the shopping for you! Mortgage brokers are knowledgeable, responsive and highly specialized.
Here at Mortgage Specialists, we can offer you an unbiased recommendation on the mortgage program that is ideal for you, and help you in making the determination of what type of financing to pursue.
How can a mortgage broker decide the right lender for my loan?
You’re actually the one to make that decision. A mortgage broker will show you different options with different lenders and then discuss with you the option that best suits your situation.
What do I need to complete a loan application?
The documentation required depends on the individual and the lender. Mortgage Specialists’ application process is quick and easy for its clients. We offer online applications for your convenience, as well as paper applications that can be obtained online or in person. Our online platform is a safe and secure and only takes 10-15 minutes to fully complete. However, you can log in and out for your convenience if need be.
The information gathered on the application includes;
Employment and Income history
Credit and Liabilities
Declarations and Demographics
How do I know the right mortgage program to apply for?
Lots of programs are available and you need to be aware of all your options so that you can make the right choice. When you work with Mortgage Specialists, we will educate you on the different options available. We will review all your choices and then come up with the right fit based on your goals. Apart from considering your goals, income, asset position and credit history, we will also consider how long you plan to stay in the property, how your financial picture will change in the future and if you’ll feel comfortable with a payment fluctuating every month. These will help us to recommend the best program for you.
Why should I refinance?
You can refinance for different reasons. People refinance to reduce interest rate and/or monthly mortgage payment or turn home equity into cash. A cash-out refinance is completed for multiple reasons, including to consolidate excessive debt on credit cards, to remodel areas of the house or to pay for school fees or other expenses.
When is the best time for me to refinance?
When to refinance depends on your financial goals. Mortgage Specialists can analyze different scenarios to help you determine the costs involved and the right time for you to refinance.