Reason 2 – Mortgage brokers get your loan approved and work hard to get you a great rate.
How can Huber Mortgage ensure that you get approved along with the best rate? – We work with over 30 “A” lenders including big banks, professional mortgage companies and credit unions. These institutions offer the best rates to those who have strong income, credit and down payment.
We also work with “B” or “Alt-A” lenders – these lenders help self-employed people who don’t have a two-year history of tax documentation available or lower credit score.
Last year Huber Mortgage worked with a very strong self-employed client who was only missing a year of tax documentation. We got a loan from an Alt-A lender, got the client into their stylish Okanagan home and this year we will get them an “A” deal as they now can provide the necessary 2-year business tax documentation.
Finally, we work with private lenders; these lenders will provide loans to people who may not have the best credit or documented income.
Private loans require a higher down payment to compensate for the additional risk associated with these types of files.
As well, private lenders are available for investors who want to fund multiple properties, want to construct a development without all the bank’s red tape or need super speedy approval.
Can’t my bank offer me a great rate? Yes they can…BUT…if your application does not fit within their specific lending guidelines they may decline your application or place you with their “alternative” lending options (expensive).
I spoke in 2017 with an RBC mortgage specialist who, if her applicants were denied for “A” RBC loans, would place these clients directly into their alternative program. This alternative program came with higher, client paid commissions and a much higher interest rate.
It is not the bank’s policy to provide borrowers with the best options available on the market. The bank’s priority is to keep their clients borrowing and doing business within their financial institution.