Now you can listen to our blog post, "Government Assistance Programs in Canada" while on…
Now you can listen to our blog, “Be Honest With Your Mortgage Broker – Here’s Why”, while on the go.
There are two situations where the people lie the most. One, in front of their doctors; and two, in front of their mortgage broker. A survey by WebMD manifests that nearly half of all patients lie to their doctors. The most common reasons being the fear, embarrassment, and concerns of being judged on what they eat, drink, and do.
Why You Should Be Honest?
When a person lies with his doctor about his current situation, it can have adverse consequences. Logically, if you are not honest with your doctor about what you eat or drink or the medications you take, then how can you expect your doctor to recommend you the best prescriptions? You might save yourself from the embarrassment for the moment. But in the long term, the lies can backfire and your situation will be worse than it was before.
Interestingly, people are sometimes equally nervous when it comes to talking to mortgage brokers. This is understandable as not everyone wants to open up their financial situation to anyone as someone can feel insecure, daunting, or even be judged. But just like with the doctor, if you do not speak the truth to your mortgage broker, how he can suggest you the best solution. We as a mortgage brokers can only guide you and take you out of your financial mess only when we know the truth about your finances.
The good news for you is when you open up to your mortgage broker, they might not scold you for lack of exercise or food diet. Mortgage brokers do not do that. They do not make any judgments about your finances and you do not need to justify anything to them. A mortgage broker’s job is not to fix anything that is broken – for instance your credit card debt. Rather, the broker’s job is to guide you, educate you and help you understand what makes sense based on your financial goals and circumstances. That is all.
Read More: Types of Canadian Loans You Must Avoid
If you do not want to be honest with your mortgage broker and think you can hide it – you are mistaken. You might evade the questions by giving the wrong answers initially but in the end, everything will be found. That is the whole point of underwriting as it tells the exact financial health of a person. There is no way you can evade it in the end.
So, what is the point of lying initially when everything is going to be crystal clear at the end? You will be much embarrassed at the end and lose the trust of your broker as well. Not only this, the wrong information might have pushed you into more financial plague than you were already facing.
So, the whole point of talking is, if you are thinking to lie and hide your real information from your mortgage broker and think you can avoid this situation, this is not going to happen. Everything is found out at the end and then there will be no answer left with you. You will not only hurt your trust but also create more hurdles for you. As a result, it will be much harder for you to come out of it.
So, take it as a rule of thumb from now on: lie neither to your doctor nor to your mortgage broker.
You May Also Like: Private Mortgage: Should You Get it?
The Bottom Line
At Lionsgate, we specialize in helping people obtain funding private mortgages for land purchases as well as for other real estate transactions. If you are looking to buy land in Canada, refinance your mortgage, or take a short loan, leave us a message and we will try to connect you with local realtors and sourcing for financing.
Our business is an honest business. Thus, you can apply with confidence.