• Should I Use a Broker or Bank During this Pandemic Era

    By: Robert Floris

    Lead Mortgage Broker with over 30 years of mortgage expertise, currently at

    Mortgage Architects.

    Business is NOT business as usual. Many banks have gone conservative during

    the pandemic period. Are banks the best overall choice when looking for a


    The overall world has been turned upside down. It has certainly affected the

    overall fabric of everyday life, including mortgages. Although there are

    wonderful people working in the Canadian banking system, never has choice

    been more important during the Covid-19 period. These thoughts came to me as

    I walked and thought about the challenges I encountered this week. Our

    Mortgage Architects office of Robert Floris and Sean Howard work closely

    with our 57 lenders to come out with favourable results.

    Some challenges that have come up this year have not only made us do our

    homework but in some cases, confront issues we have not seen. Some of these

    mortgage situations include:

    *         A converted church to a condo

    *         Square footage issues (homes being too small)

    *         Neighbourhoods (One home being close to a train track)

    *         Credit issued where one client had a current credit proposal and a

    bankruptcy years earlier

    *         Self-employment situations

    *         Acceptance of CCB – Canada Child Benefit

    *         Work status with Covid

    *         Consistency of work (Unions)

    *         Homes with acreage

    The banks do have a special purpose in today’s mortgage market. Generally

    speaking, easy cookie cutter deals are still part of the approval of

    finance. Many of the banks are scared since many homeowners have taken

    advantage of the deferrals and CERB. The key for the potential mortgage

    client is getting a pre-approval and for the potential purchase to be

    scrutinized by the professional banker and broker.

    As a past banker and a current broker, there has never been a period of my

    mortgage career where experience matters and the amount of misinformation

    has been so great. As a potential mortgage client, communicate well, get the

    answers upfront so as a consumer you understand all your circumstances.

    Always have a no-obligation interview with a banker or broker and be

    prepared to listen. A smarter consumer has less worries.

    Robert Floris has been in the mortgage industry for 30 years, including

    working as a Sales Manager for a major chartered bank. Over his career, he

    has personally lent over 1 billion dollars and proudly continues to advise

    and tutor his valuable clients.

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