Mortgage Brokers’ F.A.Q
Q: What is a Mortgage Broker?
A: A mortgage broker acts as an intermediary between a lender and individuals or businesses. Traditionally, banks and other lending institutions have sold their own products. However as markets for mortgages have become more competitive, the role of the mortgage broker has become more popular, in order for individuals to find a product that best suits their individual needs. We do the shopping for you!
Q: Can I get pre-qualified
A: Once an application is received, it may will take minimum of 2 hours to obtain a pre-qualification. At this stage, we will merely review your application and let you know how you would best be positioned for a mortgage. There is no obligation to continue the process further but it will give you a better understanding of what is required in order to obtain a mortgage.
Q: How long does it take to get approved by a lender?
A: Depending on your individual situation it may vary, but in order to get a full mortgage approval, it can be processed in as little as 24hrs if all documentation can be verified.
Q: I am a first time home buyer, should I talk to a broker first or the realtor first
A: Talk to us first! It is extremely important, especially for first time home buyers, to know your limitations prior to going out and looking for the home of your dreams. Our services are FREE, so you should speak with us prior to talking to a realtor, so that you are not wasting your valuable time viewing houses out of your price range. Your realtor would appreciate it as well.
Q: Where is the Urban Mortgage head office located?
A: Urban Mortgage Inc. Head office is located in Calgary, Alberta Canada. Although, UM has associates that are conveniently located in the Red Deer area in order to serve you better.
Q: How can I contact the Red Deer Urban Mortgage Team?
A: Heather Shadlock is the Red Deer Team leader and can be contacted via email at heather@urbanmortgage.ca and our office number is 2-SIMPLE ext 109 or 274-6753 ext. 109 in Calgary, 403-391-2624 in Red Deer, 403-820-1348 in Drumheller, toll free at 1-888-588-2624 or by fax at 1-888-405-2624
Q: How does a mortgage broker get paid?
A: We are compensated by the lender with a finder’s fee for each completed mortgage transaction. There is no charge to you for our services, regardless of whether or not the transaction is completed.
Q: Does Urban Mortgage Inc. share my personal information?
A: Urban Mortgage Inc. does not distribute your information without your written consent.
Q: I heard it can be hard to get financing on revenue properties. Is this true?
A: Yes it can be difficult to finance or refinance revenue properties. Which is why it is important to have someone working for you that understands your needs. Our Red Deer Team is experienced in this area and are investors themselves. Therefore they are able to look at your situation and find the product that is going to be the most beneficial to you as an investor.
Q: Do you lend on commercial properties?
A: Yes, we have lenders that deal with both residential mortgage and commercial mortgages.
Q: How do I start the process?
A: Simply click on the Apply Online button on any of the pages on this website. And application will come up and ask you some questions that will help us start the process of finding you a mortgage that best suits your individual needs. It will only take a matter of minutes.