Great news, in most cases there’s no cost for you!  With all bank (A) and most alternate (B) lenders, the mortgage agent receives a commission from the lender, once the loan process is complete.  In certain cases, a private mortgage (rare!) will entail a charge that is payable by the borrower. 

Any mortgage agent who guarantees a mortgage approval is being dishonest.  We do our best to match borrowers with the right lender, and in the vast majority of cases, we’re successful!  However, beware of any agent who says things like, approval guaranteed!  Or, lowest rate guaranteed!

The longer your continuous employment at one job or industry, the better.  However for shorter employment periods, lenders typically want to see you past your 3 months’ probation, as this provides more security and stability than if you just started within the last few weeks.

A home equity line of credit, or HELOC, is a line of credit that is granted to you, secured by equity in your existing home.  Equity is the difference between the value of your home, and how much you owe on it. 

A private mortgage is a loan to purchase a home, given by an individual or a group of investors, rather than a financial institution.  These are typically for people who would not qualify for a traditional mortgage, and should only be used as a short-term solution, due to higher interest rates and fees.

In order to apply for any lending product including a mortgage, the lender or agent will need to make an inquiry regarding your credit report and score.  This is called a hard inquiry, and mortgage agents only need to do this once, to match you with the best lender.  One inquiry is generally not detrimental to your score.  Consumers should beware of multiple hard inquiries in a short period of time, as this can give the appearance of ‘credit shopping,’ and may lower your score.