Ask the Expert with Pamela Woolger
Welcome to ASK THE EXPERT where we feature our partners and other businesses in the Real Estate industry and they answer some of your questions.
Pamela Woolger, Mortgage Broker with Let’s Move Mortgages and powered by Axiom Mortgage Company is on the blog today to help you understand what a Mortgage Broker does, how to get pre-approved and what CMHC actually is.
Having a Mortgage Broker alleviates all the steps and stress of going from bank to bank to find a mortgage and getting approved. Pam does this all for you!
“Our goal is to earn your business now, and in the future. We work hard on your behalf to find you the mortgage product that best suits your needs, including optimal terms and the lowest possible interest rate. We work for you; not the bank – this means options, advice and a licensed mortgage expert in your corner to guide you through the entire process!” – Pam’s website Axiom Mortgage Solutions
Is there a fee for your services?
My services are completely free! My job is to work on your behalf, not the banks or lenders, and they pay me a finder fee so you don’t have too.
How do I get pre-approved for a mortgage?
The best way is to complete an application together, either over the phone, in person or in an online application. We look at income, pull credit and discuss monthly payments to come up with an accurate price range to start shopping in.
How much do I need to have as a down payment?
Minimum down payment is 5% and to avoid paying a lender insurance premium you need 20% down.
What is a fixed rate vs a variable rate?
A fixed rate term means your interest rate will stay the same for whatever time period you have locked into. A variable rate means your interest rate will fluctuate during your term as prime increases and decreases changing your mortgage payments potentially.
What does CMHCC do?
CMHC is an insurance premium borrowers pay if they have less than 20% down. It protects the lender in case you default on your mortgage payments.
Do I have to pay for closing costs?
Fees to anticipate with taking out a new mortgage are your legal fees.
Any advice for first time home buyers?
Make sure you get pre-approved. There is nothing worse than finding the home of your dreams only to be told you can’t qualify for it. Also, use a mortgage broker! Take the shopping and stress out of finding the right mortgage let us do all the mortgage heavy lifting
✔ It may be the perfect time to look for your dream home with mortgage rates sitting at 2.45% Prime and even as low as 1.45% (APR)
✔ Have your Mortgage Broker review your Annual Mortgage Statement and see if there is room for changes.
If you have more questions, reach out to Pam directly, she’d be happy to help you!
Pamela Woolger has been a mortgage broker with Axiom Mortgage Solutions for twelve years. She has a degree in finance from NAIT and is constantly staying up to date with the current changes in the market. Pam has won several industry awards; including Opal Sales Award 2018 and 2019 and the Saphire Sales Award in 2017. Her skills and drive to help others doesn’t stop there; she’s dedicated countless hours volunteering to the BNI where she has served as vice president, a notable networker, and loves referring her other chapter members. Whether you’re buying a new home, refinancing an existing one or need extra cash; Pam loves to help her clients achieve their dreams at the best possible interest rate. She is ready and willing to step in and do all of the negotiations with your bank making the process stress-free and enjoyable.
Contact Pam at: firstname.lastname@example.org
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