Frequently Asked Questions
What's the difference between using a mortgage broker (like Ryan Mortgage) and a bank?
There are several major differences.
A bank has a set rate. Mortgage brokers can search among a variety of lenders to see who is offering better rates
Your loan will pass among many hands at a bank and goes from department to department. At Ryan Mortgage you'll have a mortgage officer who will follow your file from application to the closing.
How much does it cost to use a broker?
Nothing! Our fees are paid by the lender in almost every case!
What fees are involved in the loan process?
They can vary depending on the specific lender, but as a guideline you'll generally find this to be a reasonable estimate:
This is just an estimate of of the fees, but this represents the typical transaction.
What documents will I need to provide?
Here's a general list that most will need, certain circumstances will mean that we'll have to ask for more (for example, if you're using income from rental property, child support, alimony).