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The Difference Between a Banker and a Broker

Tue, 26 Feb by Pauline Relkey
A mortgage banker works for a bank or similar lending institution which actually provides you the money for the mortgage. A mortgage broker works with many lending institutions to shop for a loan for a specific individual. The broker is a middleman between you and the lender.

The difference between a banker and a broker comes down to the products each can offer and where their allegiances lie.

While using a mortgage broker seems like it would save you money because they have access to many lenders and programs, brokers are paid commissions by the mortgage company and some lenders pay more than others or offer perks. When working with a Bank, that loan officer only has access to their own mortgage  programs and mortgage rates. A banker is paid by the bank, to make the bank money, by selling you services, while a mortgage broker is paid by the lender they choose for your mortgage provider.

Either way has its pros and cons.

Both have access to various mortgages. The broker might have more companies to work with, but banks and credit unions are becoming more flexible with their products in order to compete.  You still need to shop around. Word of mouth from a trusted friend or family or from your realtor is a good way to start. Friends and family do mean well, but as a Realtor I can tell you that I have come into contact with many bankers and mortgage brokers over the last 28 years and always try to find you the best match.

You will likely have to meet with either a mortgage banker or mortgage broker, as they need some basic info about you and your income and expenses.  You typically don’t pay either for their research or time. When you choose your mortgage and get it in place, either will then be paid.

You will still negotiate on terms and rates with either.

Renewal Time?

If you have a mortgage up for renewal, or you would like to refinance, it is always in your best interest to check around with a mortgage broker and/or with the lender who currently holds your mortgage. Just because they were the best option previously, that doesn’t mean they will be the best option in the future.

If you or someone you know is considering a new mortgage or renewal, let’s connect to get you the best mortgage options available!

Preparing Your Home for the Home Inspection

Wed, 06 Apr by Pauline Relkey

PREPARING YOUR HOME FOR THE HOME INSPECTION home inspection

A home inspection is a common request for most home buyers. The inspection is a visual inspection only. The inspector will not open walls or move your contents in the home. A proper inspection will leave the home in the exact condition it was in prior to the inspection.

Every attempt should be made to ensure the inspector and buyer have full access to the home. By restricting the inspection, you are allowing the imagination of the buyer to conjure up any number of problems for the unknown area of the home whereas the true condition of the home is almost always less dramatic than what is imagined. Also a request by the buyer, after the initial inspection, to access the restricted area will often cause delays in removing the home inspection condition on the offer and additional expense to the buyer for the inspector to return to the home.

• Ensure the attic access is accessible If located in a closet, remove the contents and shelves in the closet. If the access is sealed shut, cut the seal, as the inspector will not damage any part of your home.

• Any crawlspace access should be made accessible.

• Clear away contents in front of the electrical panel, furnace and water heater.

• Ensure the sump pit is accessible.

• If the appliances are included in the sale of the home, ensure the washer is empty as the inspector will not test this unit and risk damaging your clothes.

• If the home is vacant, ensure the water is turned on and the furnace/water are also operable. A home inspector will not operate water shut off valves or light pilot lights.

• Light the fireplace pilot light and test the unit. If the fireplace has not been operated in some time, disclose this to the buyer or hire a qualified contractor to service and start the fireplace.

• When the buyer is meeting with the inspector in the home, don’t be there. You want the buyer and inspector to be comfortable discussing all aspects of the home. Any questions that may arise during the inspection can be handled by the realtors after the inspection.

• When in doubt, ask your realtor. They are there to assist you in all areas of the sale of your home.

Thanks to Ryan Spriggs, owner and operator of Spriggs Inspection Inc. for providing this important information.

Profile of Home Buyers and Sellers

Thu, 15 Jan by Pauline Relkey

2014 Profile of Home Buyers and Sellers

In July 2014, NAR (National Association of REALTORS) mailed out a 127 question survey to 72,000 recent home buyers. The recent home buyers had to have purchased a home between July 2013 and June 2014. The survey had a response rate of 9.4 percent.

Highlights

88% of buyers would use their agent again or recommend to others and 63% of buyers who purchased their home in the last year have recommended their agent to other buyers.

  • 88% of home buyers financed their recent home purchase at 90%.
  • The share of 1st time buyers who financed their home purchase was 95% compared to 84% of repeat buyers.
  • 46% of home buyers reported they have made some sacrifices such as reducing spending on luxury items, entertainment or clothing.
  • 12% of buyers overall cited saving for a down payment was the most difficult task in the home buying process. Among those buyers, 48% report credit card debt, 44% reported student loan debt and 36% car loans delayed them saving for a down payment.
  • Eight in 10 buyers believe their home is a good financial investment.

Home Sellers and Their Selling Experience

  • 40% of home sellers traded up to a larger sized home, 47% purchased a more expensive home and 53% purchased a newer home.
  • The typical seller lived in their home for 10 years. The median tenure has increased in recent years. In 2007, the typical tenure in home was only 6 years.
  • 88% of sellers were assisted by a real estate agent when selling their home.
  • Recent sellers typically sold their homes for 97% of the listing price and 45% reported they reduced the initial asking price at least once.
  • 17% of recent sellers had to delay or stall selling their home because the value of their home was worth less than their mortgage.

Home Selling and Real Estate Professionals

  • 38% of sellers who used a real estate agent found their agents through a referral by friends or family and 22% used the agent they worked with previously to buy or sell a home.
  • 70% of home sellers only contacted 1 agent before selecting the one to assist with their home sale.
  • 91% of sellers reported that their home was listed or advertised on the multiple listing (MLS) website.
  • Among recent sellers who used an agent, 83% reported they would definitely (68%) or probably (15%) use that real estate agent again or recommend to others

For-Sale-by-Owner (FSBO) Sellers

  • The share of home sellers who sold their home without the assistance of a real estate agent was 9%. 44% knew the buyer prior to home purchase.
  • Among sellers who did not know the buyer of the home previously, 15% were contacted by a buyer they did not know to buy the home.
  • FSBOs typically have a lower median selling price: $208,700 compared to $235,000. Thus, the typical agent-assisted home sale typically has a 13% higher sales price than the typical FSBO sale.
  • Half of FSBO sellers took no action to market their home and 73% did not offer any incentives to attract.

Methodology

Consumer names and addresses were obtained from Experian, a firm that maintains an extensive database of recent home buyers derived from county records. Information about sellers comes from those buyers who also sold a home. All information in this Profile is characteristic of the 12-month period ending June 2014, with the exception of income data, which are reported for 2013. In some sections comparisons are also given for results obtained in previous surveys. Not all results are directly comparable due to changes in questionnaire design and sample size. Some results are presented for the four U.S. Census regions: Northeast, Midwest, South and West. The median is the primary statistical measure used throughout this report. Due to rounding and omissions for space, percentage distributions may not add to 100% buyers.

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the Association of Regina REALTORS® Inc.. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.