The process of locating and securing a mortgage for your home or commercial property is easy in some aspects and hard in others.
For instance, there are many situations where you can qualify for mortgage financing at a number of different places, but the subtle differences in the mortgage commitment offering can make one deal better than the others. I many situations, borrowers end up getting a good mortgage solution when a better solution might have been available.
For the more straight forward deal, this can have a lot to do with the mortgage companies a mortgage broker is working with. Some brokers will work with a limited number of mortgage providers which will limit the amount of choices you provide by the broker. There is nothing wrong with this pure say, but its not the same as taking a broader market approach when more financing programs are being considered.
Creating mortgage fit is even more of an issue in situations where there aren’t a lot of choices and borrower is having a hard time finding sold options to consider.
Especially with commercial properties, where essentially every single properly is unique in some way or another, and the borrower financial and credit profile will be unique as well, it can be hard to secure credit, even from very interested lending sources.
The reason for this is that all types of lenders have very rigid lending criteria where the amount of gray area or wiggle room to make a deal work can be very limited.
Add to that the fact that all of the interpretation and implementation of the lender’s rules and regulations are preformed by human, each potentially taking a slightly different approach from the other, and the challenges in figuring out what can actually get approved and funded can be considerable.
This can be where the skill of an experienced mortgage broker can make all the difference in the world between getting mortgage financing and not getting financed.
A seasoned mortgage broker knows that its both art and science at times to get a deal completed. More specifically, knowing the particular lending and funding criteria of a specific lender is science for the most part, but trying to figure out a way to meet all the lender’s requirements can many times be about the art and creativity of the broker.
This type of creative deal making approach typically only comes with many years of experience working through deals with lenders and developing a communication style and is more likely to engage a effort to make the deal work than getting a flat turn down.
If you require mortgage financing for a challenging residential, commercial, or industrial property, I suggest that you give me a call so I can go over your situation in detail and discuss different financing strategies or approaches that may be available to you.
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I'm a Toronto Mortgage Broker that arranges mortgage solutions on residential and commercial real estate property. With over 30 years of mortgage financing experience, I'm able to quickly assess your financing requirements and provide relevant solutions for your immediate consideration. Joe Walsh Google+ YouTube Channel