How Nola Stairs Helps Clients Find The Best Financial Solution For Their Situation
As a licensed mortgage broker and a realtor since 1992, I find that it has become increasingly difficult for borrowers to qualify for a mortgage in today’s marketplace. The rules are now much tougher, and lenders make you jump through too many hoops to get a mortgage.
Many inexperienced lenders find it difficult to look at ways of making these deals work, whether it is paying off debt, getting a cosigner, obtaining a short-term private mortgage, and so on. Regardless of your financial requirement, there are many different hurdles to overcome and a ton of reasons why your mortgage could be declined. During such times, it’s not a good idea to just walk away and say: “Well, I guess I’ll have to wait.” Instead, it is best to get a second opinion from a trusted mortgage agent or broker.
Clients that typically consult me either have too much debt, a low credit score, or need a large downpayment. On one occasion, I had a client who was told that they could only purchase a home of up to 165,000 dollars. Well, you can’t buy anything for that amount, so I looked at their application and figured out a way to use some of their funds to pay off a debt. They were then able to purchase a home close to 300,000 dollars. This was a while ago, so of course, house prices have risen somewhat since then, but still, it made a huge difference to those people.
Another time, I had a client who had a very large down payment for his home, and the co-borrower on the file didn’t have any established credit. Instead of walking away from the purchase of this home, we looked at doing a short-term private mortgage until they could establish some credit and get a regular Bank mortgage. Often, it’s just as bad to have no credit as it is to have poor credit, so sometimes my job is to help educate my client as to what they need to do to be able to proceed in the future.
The challenge with this particular client was that even though they had a large down payment, it wasn’t quite enough to pull through. So, we did a second mortgage on the property to enhance their down payment and therefore make it all work. From the time I received the application, it took me one week to remove subjects on their purchase.
The Bottom Line
Whether clients require financing to purchase a home or need to pay off any outstanding debt or secure a mortgage for refinancing, Nola Stairs can help clients find the right solution.
With a vast knowledge of both the real estate and mortgage brokerage industries, I can serve clients more efficiently and share my knowledge of the different mortgage programs.
I offer a range of mortgage and real estate services to clients across Prince George, Quesnel, Vanderhoof, Mackenzie, McBride and Tumbler Ridge, BC.