Gurwinder Dhillon – Mortgage Advisor

Frequently Asked Questions

Gurwinder Dhillon offers clear, comprehensive answers to frequently asked questions, expertly guiding clients through the complexities of the mortgage process.

What is a mortgage broker?

A mortgage broker is a licensed professional who acts as an intermediary between borrowers and lenders. They help you find the best mortgage product by comparing various options from different lenders, ensuring you get the best possible deal.

How does a mortgage broker differ from a bank loan officer?

While a bank loan officer works for a specific bank and can only offer that bank's products, a mortgage broker works with multiple lenders. This allows brokers to provide a wider range of mortgage options and potentially better rates.

What services do mortgage brokers provide?

Mortgage brokers assist with pre-approvals, loan applications, and the negotiation of terms and rates with lenders. They also guide borrowers through the mortgage process, helping with paperwork, and ensuring all requirements are met.

Do mortgage brokers charge for their services?

Typically, mortgage brokers do not charge borrowers directly. Instead, they receive a commission from the lender once the mortgage deal is completed. However, it's important to confirm this with your broker as some may charge fees under certain conditions.

Are mortgage brokers regulated?

Yes, mortgage brokers are regulated by financial authorities to ensure they operate in the best interest of borrowers. They must be licensed and adhere to strict ethical and professional standards.

How do mortgage brokers find the best mortgage for me?

Mortgage brokers assess your financial situation, including your credit score, income, and debt levels. They then compare mortgage products from various lenders to find the one that best suits your needs, whether you're looking for a low-interest rate, specific loan terms, or unique lending criteria.

Can a mortgage broker help if I have bad credit?

Yes, a mortgage broker can help find lenders who specialize in working with borrowers who have bad credit. They have access to a variety of lenders, including those who offer subprime loans, which may not be available directly to consumers.

Can a mortgage broker help with refinancing?

Yes, mortgage brokers can help you refinance your existing mortgage by finding better rates or terms, which can save you money over the life of the loan.

How do I choose the right mortgage broker?

Look for a licensed and experienced broker with a strong track record and positive reviews. It's also important to choose someone who understands your specific financial situation and goals.

What documents will a mortgage broker need from me?

Typically, you’ll need to provide proof of income (like pay stubs and tax returns), credit history, identification, and details about your assets and liabilities. The exact documentation may vary based on the lender's requirements.

Can a mortgage broker help with commercial mortgages?

Yes, many mortgage brokers specialize in both residential and commercial mortgages. They can assist businesses in finding suitable financing options for purchasing or refinancing commercial properties.