SPOTLIGHT: Jennifer Ryan | The Mortgage Center
We were lucky enough to have a chance to catch-up with the absolutely wonderful and highly experienced Jennifer Ryan, an Alberta based mortgage broker over at MMG Mortgages. Jennifer took time out of her busy schedule to answer some of our questions about herself, and her industry:
Q&A with Jennifer Ryan:
SJC: Thanks so much for taking the time to chat with us. Let's start with you! Please share a little bit about yourself, and how you got into your industry?
Jennifer Ryan: I am originally from Nova Scotia, and moved to Calgary in 2005 with my now husband. We packed-up our entire lives and drove across the country, with no jobs, to an apartment we rented online. At the time it all felt a bit harrowing, but it was worth the challenge! I’ve always loved numbers, so I was looking to get into banking. This will show my age, but when we arrived I actually applied to a newspaper ad for a teller position at a Credit Union. I worked there as a teller for six-months before making my way into lending. It felt sort of like a natural progression for me.
SJC: Do you offer services anywhere in Alberta, or just Calgary?
Jennifer Ryan: I do mortgages right across Alberta and have experience from one end of the province to the other!
SJC: We've heard you have a whopping eighteen (18) years experience in the field, that's amazing! Can you share with us a prominent lesson you've learned?
Jennifer Ryan: Never assume clients know what a mortgage, how a mortgage works and what they need to provide. Also, try not to use industry jargon.
SJC: We love to learn from the source, what is the most common question you find new clients ask you?
Jennifer Ryan: Two of the most common questions I hear is “Should I take a variable or fixed mortgage term?” and “what is your best rate?” Finding the answer depends entirely on the needs of the client, and it’s something we absolutely help to walk them through.
SJC: Conversely, is there an important question you feel most first-time applicants should actually ask their mortgage broker - but usually don't?
Jennifer Ryan: I think one of the better questions to ask would be “What are pre-payment penalties, and could you explain the differences in them?” There are many ways to calculate penalties, and how they are calculated can help determine the best lender for your mortgage needs. No one ever plans to have penalties, but it pays to be prepared.
“This is one of the largest financial transactions of your life, and you should feel comfortable with who you are working with. Don't be afraid to ask questions! It’s our job to make sure you are educated and informed.”
SJC: What benefits does working with a mortgage broker bring over just contacting a financial institution directly?
Jennifer Ryan: Financial institutions only have access to their products and rates, brokers have access to a multitude of institution and lenders. Brokers do the heavy lifting to help find you the product that is most suitable for your goals; we help to negotiate the best rates available to you.
SJC: Mortgages seem like they can be pretty tricky. Can you help us understand the common types of mortgages available to a new homeowner? Any standing recommendations?
Jennifer Ryan: The two most common types of mortgages are ‘high ratio’ and ‘conventional’. It’s always smart to ask your mortgage broker to propose various scenarios (with different down payments and terms) so you can see how the payments might impact on your monthly budget.
High ratio: is when the borrower is putting less than 20% down on the purchase or there is less than 20% equity in the property, these mortgages require an additional insurance which is factored into the mortgage.
Conventional mortgages: are when there is 20% or more down, or 20% in equity.
SJC: That’s an awesome tip! What first-steps can clients take to better their chances for a successful mortgage approval?
Jennifer Ryan: Find your credit score! That score, and how your credit is managed, can impact the type of mortgages and rates you will be eligible for. If you don’t know your credit score request a copy from Equifax or TransUnion.
SJC: It can be harder than ever to separate fact-from-fiction. Could you share with us your insights on how inflation is impacting the our local economy?
Jennifer Ryan: Inflation is affecting everything from groceries and gas, to the cost of our children’s sports. Just because you are pre-approved for an amount doesn't necessarily mean those payments will fit into your budget comfortably. It is very important to discuss your monthly budget with your mortgage broker. If you bought your home when rates were low and now you’re looking at renewing, then speaking with your broker about how new rates fit into your budget is very important. We know this is not the only expense that has increased, and we always make sure we are exploring all available options with our clients.
“If a condominium building has higher fees this can affect your approval amount by decreasing your purchasing power. It is very important to remain aware of what your condo fees include.”
SJC: Our clients live in Condominiums, could you explain how a mortgage for a condo might differ than for a standalone home?
Jennifer Ryan: When determining approval amounts, we look at the condo fees as part of our calculations. A building with higher fees might decrease purchasing power and lower approval amounts, so it is very important to be very aware what those condo fees include. For example: if they are higher, but include things like heat/utilities, then we might be able to deduct that expense from our calculations. Making sure we know what is included in your condo fees helps us to better negotiate your rates.
SJC: Final question for us, is there anything clients should know (or have prepared) before they contact you, to help make the process smoother?
Jennifer Ryan: Get organized! We will need to confirm your income and down payment. There may be other documents we require, depending on your situation, but a great starting point is to have (1) two years of your most recent tax returns, accompanied with (2) your notice of assessments and (3) a recent paystub. If you work with an accountant, we strongly recommend you give them a quick heads-up that you are looking at getting a mortgage pre-approval. If you have moved money around, we will probably need to see the trail of funds over a ninety day period, and for down payments a 90-day history of the funds is usually required, so be prepared to gather some bank statements.
SJC: This last ones for you, anything final thoughts you'd like to share before we wrap up?
Jennifer Ryan: Not all broker/client relationships are a match, so find yourself a broker that feels like a good fit! This is one of the largest financial transactions of your life, and you should feel comfortable with who you are working with. Don't be afraid to ask questions, it is our job to make sure you are educated and information in the decisions you make.
Have a question for Jennifer?
Thanks so much to Jennifer for taking the time to answer all our questions! Looking for an experienced mortgage broker, or just have your own questions? Contact Jennifer directly:
Name: Jennifer Ryan | The Mortgage Center
Job Title: Mortgage Broker
Phone#: 403-862-4655
Email: mortgages@jenniferoryan.com
Website: https://jenniferoryanmortgages.com/
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Shaun Coles
Owner | SJC Reviews
