Recently I have met with a situation in which I feel a client may have been blind sided in a real estate and mortgage transaction. I feel they have in turn been forced to pay way too much for their house and way too much on their mortgage arrangement. These types of scenarios in my opinion harm the reputation of both the Real Estate industry and the Mortgage Industry.
Basically what I am saying is make sure you are given all the facts up front. With respect to the mortgage especially. When you decide to arrange a mortgage through a mortgage broker you assume that most of the time they will just go to work to get you the best deal. In this case the documents for the mortgage approval were not presented to the clients until they got to the lawyers office. This in my opinion is where the transaction went wrong. You should be given a copy of the mortgage commitment way before you get to the lawyers office. From there you have the option to proceed or shop around to get a better deal.
I am truly disappointed that somebody in my industry would arrange mortgages in such a way. Also saddened that there may be no way for me to repair this situation. If I had met with these clients long before now I could have saved them so much money.
The bottom line is, there are a small handful of Mortgage Brokerage companies that do business this way. I do not.... I make sure my clients are provided an opportunity to make sure they are getting the right deal for them. I would have in this situation made sure that the client had been presented with a mortgage commitment and a clear understanding of the mortgage.
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