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Mortgage By Tori: Mortgage Broker In Vancouver

As a mortgage broker in Vancouver, I’m your Go-To-Girl for making mortgages easy to understand and easy to make happen.

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FAQ's : Mortgage Broker Edition ⠀⠀⠀⠀⠀⠀

FAQ's : Mortgage Broker Edition
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Some of the most recent ones that have come up often =
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Do you charge a fee?
Nope. My services are free. Unless the lender charges a fee (on alternate or private mortgage).
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Do you only work with just banks and credit unions?
I have access to more than 25 different lenders on your behalf.
Depends on your file and your scenario, and we'll find the right one for you.
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Are you licensed?
In order to be a Broker I need to be licensed.
Yup 100%. My broker license is #146070
I am proud to hold my license with Mortgage Architects
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How Do I Start The Process?
Super simple.
Book a chat. It all starts with you.
Timeframe, what the steps are and what documentation is needed is all part of that conversation
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A family member referred you, will they find out about my info?
1000% no. Your information is strictly confidential.
The things I will take to the grave with me ....
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I have bad credit. Can you still work with me?
Absolutely. There is a solution to fit every scenario.
We'll run your report and determine the best one for you.
Time and patience will also factor in potentially.
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Reach out - above all I am an advocate and a second set of eyes and ears
You speak ~ I listen! Ask me anything finance.
We'll make a plan together. ♥️ to know your story ...
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#mortgagebytori #mortgagebroker #locallover #mortgages #mortgagetips #mortgagesecrets #mortgagebrokerbc #local #bossbabe #womenowned #smallbizowner #smallbusiness #supportlocal #communitylover #network #realestateservices #realestate #bcrealestate

Door #1 Vs. Door #2
Fixed Vs. Variable
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Which one are you?? They both look the same BUT there are defined differences
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Fixed Rate:
•Your rate is locked in place for a period of time aka "the term" (most common term is 5 years as it tends to offer the biggest discount).
•Seen as providing the most consistent, stable mortgage payment over the term. Often referred to as the "Set It And Forget It" plan
•If you break the mortgage, there is often a bigger penalty called an IRD or Interest Rate Differential Penalty. It takes into account the amount of discount from the original posted rate that was offered at the start of your mortgage, current rates and what your existing rate is
•It is not possible to switch a fixed rate into a variable rate without breaking the mortgage.
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Variable Rate:
•The rate floats with the Lender's Prime Rate or may change over time. Directly tied to decisions from the Bank of Canada and their BOC Prime Rate
•The rate is determined using a discount off of the Lender's Prime Rate (ex. Prime minus 1.00%).
•Typically, variable rates are lower than fixed, but they may also float higher for periods depending on discount and Lender's Prime.
•If you break the mortgage, the penalty is typically far lower. Only 3 months interest.
•You can lock the variable rate into a fixed rate at any time, without breaking the mortgage
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You absolutely have the choice between both. Sometimes, even mom and dad's advice factors into your reasoning. At the heart of it, the rate and product needs to reflect you as a borrower, your circumstances and WHAT LIES AHEAD ....
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Fun fact. 70% of Canadians will break their mortgage term.
"Life is variable, your mortgage should be too!"
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📸 @theleveillelakehouse

Here is a recent file ~ See how a life was changed

Here is a recent file ~ See how a life was changed!
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Client was looking to refinance home and pay off outstanding debt Recently separated in the past 2 years
•$1,500 monthly loan and credit card repayments on top of existing mortgage payment
•Low credit score (585) due to missed bills during marital conflict 
•Missed 2 mortgage payments in the past year
•Commission-based income earning $92,000/year averaged over last 2 yrs
•Property Valued at $745,000 (good condition in highly marketable area) and overall lending needed at under 50% of current value
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The client was having a tough time with the bank because credit score was low, and bank's policy would not consider the full gross commission income.
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So what did we do ??

We were able to find a lender who would consider 100% of the client's gross income
•Income was verified by last two years of T4A (no expenses deducted)
•Year-to-date commission statement
•Employment letter and verbal confirmation with employer to verify commission income structure
•YTD (year to date) commission statement
Same lender is able to consider the current low credit score report as we were able to advocate to the lender and have them understand the story behind the score and the full circumstance. Lender was also able to consider the significant equity that the client has in the current home with the recent market increase
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Bottom line =

•ALL outside debts were restructured and paid out
•Mortgage is the only monthly payment obligation
•Cashflow improved by $1,154/mo
(which means $$$ back in client's pocket!)
•Client can rest easy and feel the stress melt away
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It's not just another mortgage. It's finding a solution that can change a life! Maybe yours ... ?
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Here for you, always. Let's do the math! ➡️📱 call me ...

Where my Mamma's at! ⠀⠀⠀⠀⠀⠀⠀⠀⠀

Where my Mamma's at!
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You feelin me????
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It's a wild ride but somebody's gotta do it right? ....
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#mortgagebytori #mortgagebroker #locallover #mortgages #mortgagetips #mortgagesecrets #mortgagebrokerbc #local #bossbabe #womenowned #smallbizowner #smallbusiness #supportlocal #communitylover #network #realestateservices #realestate #bcrealestate

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