The Art of A Non-Deal

More often than not, a mortgage broker is where some people turn to when all else fails (and by all else, that usually means their bank). A mortgage broker is sort of like a tow truck driver. We will arrive shortly after you call and with a few questions, try to get that stalled application to the nearest garage and get everything going so that you can move into your new home with the least amount of hassles. I know, it's a mixed metaphor but so is real estate.

Although some of us may not look it, in theory we are mortgage mercenaries; going where others fear.

We all graduated from Whassa Mater U.

Truth is, some applications just can't be done no matter what. It's a hard truth to bear but when the balance of the 5 C's are against you, you're going to be in for a bad time.

To review the 5 C's;  Character, Conditions, Capacity, Collateral, Credit

Perhaps it's wrong of me to write a blog post of where I failed to be able to provide financing to potential home purchasers. I should be writing about all the successful mortgages I've been able to put together, with amazing interest rates, rock-hard options and a chocolate waterfall thrown in to boot.

Those will come later. But if you are reading this you are for some reason interested in mortgages either now or in the future and like Canucks GM Mike Gillis and his 2 starting goalies dilemma, you want to learn from past mistakes and avoid any long-term commitments and signing anything that lasts 10 years.

Booyah! Yeah, I went there!

Case Study

Once there was a couple who wished to purchase a 2010 mobile home in Alberta, Canada and had been refused by their major commercial bank for a mortgage of <$140,000.
The couple had both gone through bankruptcy in the previous 5 years and were currently renting the home from the man's brother who wished to sell it to him so he could buy his own home. The husband had been working in the construction industry for 17 years but in a new job for the last 8 months. He worked a rotating 9 day schedule with an estimate >$68,000 a year income. He was a co-signer on to 2 vehicle loans, a 2011 Jeep Patriot and a 2008 Jeep Wrangler.