About half of the deals I make are with a mortgage broker that I recommend. The other half is a pitch. Which means I never know who I’m going to work with. Yes, it works with. Many buyers think that they will be the only ones who will work with their lenders, however, as a real estate broker, I also spend a lot of time with them. My job is to make sure they have all the necessary documents for the sale, as well as make sure our mortgage approval deadline is met.

The deadline that was created in the offer is of the utmost importance to everyone involved. Sellers are already nervous, so requesting an extension could end the deal. They are not required to extend. It is up to me, if I am in that situation, to convince the sellers and their real estate broker that we are still on the way to getting mortgage approval, even though we haven’t gotten it yet.

One of my jobs is to maintain the collaboration with the listing agent. If I keep you informed every step of the way, you will understand what is happening if I have to request an extension. Usually, the best thing for the seller is to continue with the offer instead of leaving it for the next one. However, if you obtained the accepted deal while in a multiple offer circumstance, the situation is not stable. The seller doesn’t want to waste time dealing with you when they may have another buyer who has been pestering them to get a chance.

Delays in an offer

When I receive an offer or create one for my buyers, we typically see 10-14 calendar days for financing a residential property. Over the years, I have found that banks take much longer to approve financing. They have strict criteria and more bureaucracy, which creates more delays. Many buyers may also not have their complete files with their mortgage broker, which also creates delays over time.

“I have experienced hundreds of interactions with mortgage brokers, and there have been cases that could have easily been avoided with the right questions from the beginning. In a deal I made, the mortgage broker was from Calgary. He did not know our laws, the time difference was a problem and I didn’t speak French. It was horrible for me and my clients. “

Questions to ask yourself about your mortgage broker

– Do they live in Montreal (do they know the laws of Quebec and speak French)?
– Will they be available or will they be on vacation or traveling?
– Will they take care of your case 100% and not pass it on to an assistant or let the bank take care of everything? (Which means they will fully represent you and take full care of you)
– Are they available on weekends for emergencies?
– Do they work for one bank and its products, or are they independent and work with all banks?
– With which banks they have personal relationships. This helps build strength if you need to ask for a favor for a rush job.
– For expenses, make sure from the beginning that the bank assessment is paid by someone other than yourself, preferably the bank. Some mortgage brokers have special agreements with notaries or moving companies, which helps you save money.

These questions are to help you choose the best person to work on your team. Yes team. When buying, your team consists of your mortgage broker, your real estate agent, a notary, an insurance agent, and your building inspector. For all of these professionals, you will either use a recommended person or do some research to find the best deal. Offer = price + service.