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Your Doctor Uses a Mortgage Broker!

Blog Image, Doctor, September 2018

Would it surprise you to learn that your doctor uses a mortgage broker? Well, it’s true – doctors use mortgage brokers all the time.

In fact, I personally have an extensive list of medical professionals as clients, including family doctors, specialists, dentists, veterinarians… and the list goes on.

So, why would these high-income earners use a mortgage broker?

The answer is simple. They want to get, not only the best rate, but also the best advice. They’re seeking market neutral advice from someone who doesn’t work for a single financial institution. They want someone who can guide them into the most appropriate mortgage product that will keep the greatest amount of money in their pockets!

This is something that only a mortgage broker can do. No banker can offer products from other financial institutions. Your doctor can easily qualify for a mortgage in most circumstances, but not all the time. It’s not just about qualifying for a mortgage – it’s also about ensuring that they’re being matched with the right mortgage product to fit their unique needs.

Would it surprise you if I said some doctors face difficulties qualifying for a mortgage?

It happens! I recently had a doctor client who earned solid income and had few debts. But, he only pays himself what’s needed to live. The rest of the money stays inside a corporation.

This isn’t anything new or different. This has been going on for decades. But, recent changes in mortgage rules and qualification are now penalizing self-employed individuals, including medical professionals. Any income that’s earned and kept inside a corporation is no longer being used to qualify for a mortgage. Surprise! Isn’t our federal government great?!

Fortunately, mortgage brokers have access to a wide range of lenders and financial institutions that offer solutions to accommodate a large variety of borrower needs.

I was able to help this doctor get an excellent mortgage with a terrific rate. Another satisfied client!

If you find yourself in a similar situation, don’t hesitate to call an experienced mortgage broker.

Your best interest is my only interest. I reply to all questions and I welcome your comments. Like this article? Share with a friend.

Steve Garganis: 416-224-0114;

Steve Garganis View All

As an industry insider, Steve will share info that the BANKS don't want you to know. Steve has appeared on TV's Global Morning News, CBC's "Our Toronto" and The Real Life TV show. He's also been quoted in several newspapers such as the Globe and Mail, The Toronto Star, The Vancouver Sun, The Star Phoenix, etc.

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