5 questions to ask a mortgage broker before you hire them
For many years, the traditional route towards obtaining a residential mortgage was through a loan from one of the big six Canadian banks (TD, CIBC, BMO, National Bank of Canada, Scotiabank and RBC). These are referred to as “A lenders” or traditional lenders that usually cater to clients with good credit scores and steady income. However, with the introduction of new mortgage rules and stress tests introduced in January 2018, combined with rising home prices, it’s becoming more difficult for homebuyers to be approved for a traditional loan.
Samantha Brookes, CEO and founder of Mortgages of Canada, has seen a rise in Canadians who don’t qualify for a bank mortgage and instead are turning to “B lenders” and private lenders to achieve the dream of homeownership. As a mortgage broker, Brookes plays the important role of connecting homebuyers with a variety of lenders including banks, alternative lenders and private lenders.