PEI LIVING: When purchasing a home, what is the first step you should take? JENNIFER HUBLEY: Most people will contact a REALTOR ‰ and want to start looking at homes. Some have an idea of what they would like to spend while others do not. It is strongly recommended that people get pre- approval before they begin looking at properties. So I would suggest first finding a Realtor ‰ , then a mortgage broker you can trust to help you get pre-approval before looking at properties. PL: How does the client benefit when the two of you work together? CHRISTINE MILLEY: Having a client pre-approved before they put in the offer can save a lot of heartaches. It is a good idea to know what you can afford before you start shopping with a REALTOR ‰ . When documents are provided up-front for the mortgage, it can make the approval process a lot quicker. JH: Everything between the mortgage broker and the client is confidential, so REALTOR ‰ do not need to know about the client’s financial situation. They just need the financing approval in order to move forward with the sale. If you have a good working relationship between
for the bank. We can look at different lender options to shop for the best mortgage (and rate!) that fits the client’s situation. PL: Is it important to work with one mortgage broker and one REALTOR ‰ ? JH: Yes, it most certainly is! It is important to find a REALTOR ‰ you get along with and trust. You can then sit down to discuss a buying or selling plan with them. They will work hard to help you sell your property or find your dream property. Not being committed to one REALTOR ‰ could mean missed opportunities for the buyers. CM: You should do your research and find someone you connect with first, but when it comes time to submit for a purchase you should work with one broker to avoid conflict. One size does not fit all in the mortgage world. If multiple brokers or lenders are working on the same file it can cause potential delays as some lenders qualify some types of income and debt differently. It is best to work with one broker you can trust.
the REALTOR ‰ , mortgage broker and client, the process tends to go more smoothly. PL: Do all REALTORS ‰ work with mortgage brokers? JH: Not all REALTORS ‰ work with mortgage brokers. Some people already have mortgage brokers, or mortgage specialists at their bank they are working with. If a potential buyer is not working with anyone, it is a great idea for REALTOR ‰ to have a business relationship with a trusted mortgage broker to be able to refer clients to. PL: When a REALTOR ‰ and a mortgage broker work together, what struggles are eliminated? CM: Communication is key. Sometimes there are hold-ups such as appraisals, and if a mortgage broker and REALTOR ‰ are on the same page, they can avoid delays in financing timelines for the approval. When there are multiple offers, many REALTORS ‰ can call me to confirm that we are able to meet a shorter financing deadline before submitting the offer. PL: What is the difference between a broker and the bank?
CM: Mortgage brokers work for the client, while bank representatives work
Christine Milley, Premiere Mortgage Centre 14 Kinlock Road, Stratford 902.303.5996 christine.milley@premieremortgage.ca www.PEImortgageteam.ca
Jennifer Hubley, Royal LePage Prince Edward Realty 14 Kinlock Road, Stratford 902.394.4541
Jennifer.Hubley.Homes@gmail.com www.JenniferHubleyHomes.com
SPRING 2021 www.pei-living.ca
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