Lynnsey Saare Mortgages

Sending 2 approvals out tonight! Nothing makes me happier in this biz #cochranemortgageagent #cochranemortgagebroker #approved #cochranerealestate #lovemyclients #lovewhatido #mortgagebrokerlife

Trying to get some work in on a Saturday but this little (loud) one loves to be next to me at all times... #mortgagebrokerlife #mortgagemama #cochranealberta #cochranemortgageagent #mysidekick

In the broker world we have access a variety of lenders; A lenders, B lenders and Private lenders. Each one has a wide variety of lending sources that you will be matched up with. This is where your broker will come in and act as an intermediary between you and the variety of lenders to have a look at your overall situation and see what best suits your needs. A Lenders refer to chartered banks and credit unions who cater to A clientele who have good credit scores ...and reliable income. These lenders require a stress test when you apply for a mortgage unless they are not federally regulated, but most lender guidelines align with stress test rules regardless of regulations. B Lenders are institutions that offer options for B clientele who have a lower credit score and imperfections to their credit, clients with self employment income or other unreliable income. These lenders offer lower qualification standards which is offset by their higher interest rates and down payment requirement. We look at options for a shorter term if placed with a B lender and have a game plan for improving credit & income sources by the maturity date so we can move to an A lender. Private Lenders are unregulated lenders that range from Mortgage Investment Corporations to individuals in the business of lending. These lenders will accept clients with bad credit, clients that need a quick approval, and clients that need a short term loan. As a broker it is in our best interest to make sure a client who enters into a private mortgage has a strong exit strategy as well as complete knowledge of the terms before going in.

Did you know... A lender will use your credit score to determine if they will lend you money and the interest rate they will charge you to borrow it Your credit score is a number calculated from the information in your credit report. It shows the risk you represent to a lender... Knowing your credit score and history before a major purchase... like a home, can help you determine your ability to qualify If you’d like to know more about how your credit can affect your ability to purchase a home or unlock those lower rates, contact me and I’d be happy to share some more information along with credit tips! Lynnsey Saare Mortgage Architects #403-390-9991 #mortgageagent #cochranemortgageagent #mortgagetips #credittips #creditbureau #cochranealberta #cochranelocal #cochranerealestate

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