Comments on: Mortgage penalties. That's what's important, forget about the rate.

By: Maury Lum

Maury Lum — Tue, 20 Jul 2010 15:08:53 +0000

Typically, in Canada, when many mortgages are arranged the lender compensates the broker and the client does not directly compensate the broker. When mortgages become more complicated and cannot fit with “traditional” lenders, then brokers do need to charge the clients a fee. However, when working with a client and a mortgage is unable to be arranged for a variety of reasons, I would say that most brokers do not charge their clients a fee at this time. This is despite it may have consumed some time and resources of the broker. What would likely happen though is the broker would work with the client(s) to help them make the changes required so that they could hopefully be able to get them approved for what they need down the road.

By: Maury Lum

Maury Lum — Tue, 20 Jul 2010 15:01:54 +0000

Couldn’t agree with you more. Of course it should be made sure also that there is a progression towards paying down and off the mortgage as well over time, however, at times a solution is needed and that should be the focus.

By: Wells Fargo Loan Modification

Wells Fargo Loan Modification — Mon, 19 Jul 2010 06:24:14 +0000

While we’re talking about topics related to Mortgage penalties. That's what's important, forget about the rate. Maury Lum, The number 1 criteria your lender is looking at is your ability to make the new modified payment now and in the future. You need to supply the lender with proof of your income, along with a complete and accurate financial statement detailing your income and expenses to show them that if granted the modification, you will be able to afford the new, lower payment.

By: Get A Mortgage With Good Or Bad Credit

Get A Mortgage With Good Or Bad Credit — Sat, 17 Jul 2010 07:22:14 +0000

Since we’re discussing Mortgage penalties. That's what's important, forget about the rate. Maury Lum, When a broker is unable to get you an acceptable mortgage they are only allowed to charge you a fee of $1. The broker can charge for any work carried out on your behalf such as surveys.

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