Richards Mortgage Group Articles

Updated by Chris Richards on Jan 21, 2021 As a licensed mortgage broker, the question often gets asked what do we do, and how are we different from a bank. In this blog, I am going to briefly talk about being a mortgage broker in Alberta, however most lenders in Canada have a national focus, so arranging a mortgage in Edmonton or Calgary is the same process and the same rules as working with a borrower in Toronto, Vancouver or Halifax as examples. Happy to help, wherever you are! 1. What is a Mortgage Broker? In a nutshell, they are independent, trained specialists licensed to represent and provide you with the best advice for your home or property financing needs. They are retained by the client to shop the mortgage market (including banks, trust companies and other financial institutions) and to provide independent advice in choosing a mortgage commitment to fit the client’s particular needs. It is a similar service as that of an insurance broker or travel agent in that the professional is highly trained within a very complex industry. Often they can obtain home loan commitments with better terms, options and interest rates than the client can obtain on their own; Saves you considerable time and effort; and Potentially save thousands of dollars over the term of a mortgage. The mortgage broker is typically paid a fee by the lender upon successful funding (no charge to client). If the broker intends to charge you a fee, as would be the case in commercial, agricultural, business and non-bank (private) lending, this must be disclosed up front to the client.

Buying your first house can seem very overwhelming and it's easy to not know where to start, or if you're doing the correct things to move the process along. If you remember a few simple rules, you'll be on the right track to owning your own home! Below are 5 golden rules to remember if you'll be applying for a mortgage:

Updated Feb 17, 2021 One of the things about getting a mortgage in today's mortgage market is the amount of documents you have to provide your broker or lender to prove your income, down payment, property details, etc. I guess when you're borrowing hundreds of thousands of dollars, the lender has a right to make sure everything is legit!

(Last Updated: 2019) Money can't buy you happiness, but it sure can help you reach some of your life goals. But your money won't manage itself. Reaching your first goal as a first time home buyer takes planning, and sometimes guidance from an outside source, like a mortgage planner. Here are five basic steps for reaching your financial goals.

Last updated: May 2019 As a mortgage broker, one of the things I hear over and over again, especially with younger buyers, is that they think they have some credit report items that will prevent them from getting a mortgage. While that may be true, more often than not, it is actually a lack of down payment savings and/or too much personal debt that is the real culprit.

Deciding on whether you want a mortgage broker or a bank to handle your needs can seem daunting. Here, we break it down for you so it's easier to make the right choice. 70% of mortgage consumers use their personal bank to arrange their mortgage simply because they are unaware or unclear about what professional mortgage brokers are, what they do, how they are paid. More importantly, they are unaware of the benefits. The other 30% of mortgage consumers, especially the younger Internet-savvy generation, have already discovered that mortgage brokers are an excellent source of information that also save them time and money. Recently, mortgage brokers have taken to the airwaves, especially via Don Cherry to the hockey crowd, trying to raise awareness of the mortgage broker option. Thanks to DLC and to you for doing your part as well! The main reason mortgage brokers continue to gain traction and market share over dealing directly with the bank is that a broker is representing you and your desire to get the best terms possible, not the bank's desire to maximize profits. Simply put, it eliminates a conflict of interest and it forces the banks to compete! The second reason is service. And - as Don Cherry says on TV - "mortgage brokers get you great rates and it doesn't cost you a thing!" Here is my definition of a mortgage broker...