Tuesday, September 20, 2011

MORTGAGE BROKER SHOPS AND SHOPS AND SHOPS FOR MORTGAGE — AND FINDS BEST DEAL

When I first got into the mortgage business eight years ago, my mentors talked a lot about funding ratios, the number of mortgages you close with a lender compared to the number of applications you send that same lender. “Don’t apply to more than one lender for a mortgage” they told me, “lenders keep track of the number applications you send them, and if you don't close enough of them, they will cut you off!”

That sounded scary so I was sparse with the number of applications I sent out. Recently I have become much bolder, sending out just as many applications I feel is necessary to get the job done. The other day I signed up a client for a mortgage—I had to apply to five different lenders to get them this mortgage!

The mortgage was for a self-employed couple who were not able to prove income. They had just 15% down and to make matters worse, the husband did not have his permanent Canadian status. The first two lenders I applied to declined for one reason or another. Though I felt strongly that the application would eventually be approved by an “A” lender, I sent it to a “B” lender next, so the borrowers could at least sleep at night knowing they had a mortgage they could live with in a worst case. The B lender approved the deal but at a higher rate. I continued to shop and eventually found the applicants a mortgage at 2.25%, which by today`s standards is a very good rate!


Thank you for subscribing to this blog! For more information call David Grossman at 416 876 2031 or go to http://www.mortgagemensch.ca to visit website.

Thursday, April 14, 2011

Mortgage Broker Gets You More Money

After applying for a mortgage at their bank, a couple were told they would need a 35% down payment to qualify. Since this was more money than they could manage, their real estate agent referred them to me for a second opinion.

Having recently been transferred to Canada from another country, the couple were now living and working in Canada on Work Visa's.

After researching the mortgage options available, I was able to arrange; now get this - AT THE SAME BANK they were told they would need 35% down - a mortgage with just 5% down!

Isn't it weird that when you go to the bank you're told one thing, but when a mortgage broker applies to the same bank, you get a completely different response?

It might have to do with lack of training of bank staff, or perhaps the bank offers different products to mortgage brokers than they do to their own sales staff...

One thing is for sure...it pays to talk to a mortgage broker. Mortgage brokers can access mortgage products from dozens of lenders, and a good mortgage broker will to make sure you get the right mortgage product, for your needs.

Do you have an opportunity you want to talk to me about? Call me at 416 876 2031.

I look forward to hearing from you!

416-876-2031

Your referrals are greatly appreciated.

Count on me for fast service!

Sincerely,

David Grossman MBA
MCC Mortgage Loans Canada
Tel: 416 876 2031

Website: http://www.mortgagemensch.caAgent Lic. M08005924

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Friday, April 1, 2011

Watch this Video and find out who is Lending Money

Find out who is lending money from David Grossman on Vimeo.



If you are receiving this feed as an e-mail and don't see the post, please click back to the blog page http://mortgagemensch.blogspot.com/ as it is probably a video that has been posted. Thank you for subscribing to this blog! For more information call David Grossman at 416 876 2031 or go to http://www.mortgagemensch.ca to visit website.

Up to 85% Financing on Owner-Occupied Commercial Properties

What else is there to say about 85% commercial property financing?

Oh yeah... Call Me! @ 416-876-2031

I want to hear from you!

David Grossman MBA
MCC Mortgage Loans Canada
Tel: 416 876 2031

If you are receiving this feed as an e-mail and don't see the post, please click back to the blog page http://mortgagemensch.blogspot.com/ as it is probably a video that has been posted. Thank you for subscribing to this blog! For more information call David Grossman at 416 876 2031 or go to http://www.mortgagemensch.ca to visit website.

Friday, February 18, 2011

Episode #2: Keepin it Real



Today's guests; Harley Gold, Penmor Mortgage Capital Corporation; Greta Tachdjian, Unique Stagers; Michelle Risi, V.P. Business and Project Development
Royal LePage Your Community Realty

If you are receiving this feed as an e-mail and don't see the post, please click back to the blog page http://mortgagemensch.blogspot.com/ as it is probably a video that has been posted. Thank you for subscribing to this blog! For more information call David Grossman at 416 876 2031 or go to http://www.mortgagemensch.ca to visit website.

The Sales-Gods at work

     A colleague once told me he believed in the Sales-Gods.  "In the game of selling, the Sales-Gods were always at work" he would say.  Funny as it sounds, I think he was right. Let me explain.
      Let's say you're hard at work farming territory 'A.'  Suddenly, an opportunity bubbles up in area 'B.'  Ever wonder why this happens? It's the Sales-Gods, rewarding you for your work. 
     I have a friend who's an ardent believer in The Law of Attraction, an idea made extra popular in a famous book called The Secret. While I do believe in the Law of Attraction, I think some people have big misconceptions about it. The same friend once told me I'd be able to make a parking spot appear just by imagining it. Better to imagine winning the lottery I think...
     Recently I've been putting the Law of Attraction to work by telling realtors I've been working on mostly larger mortgages transaction. "It takes the same amount of effort to close a big one as it does a to close a small one" I tell them. And of course the benefits, which are the same for the realtor as they are for me are obvious - bigger payoff!    
One further benefit of working on larger transactions; our lenders assign more experienced people to work on them, so in many ways, getting an approval is even easier!  
      Have an opportunity you want to talk about? Call me at 416 876 2031.
I look forward to hearing from you!
Miss the last episode of my TV/talk show "KEEPIN IT REAL" on selling more commercial properties and Homestaging? Go to www.mortgagetube.ca to it watch now! 

Carrying the Ball

There are different reasons why people drop the ball. Sometimes the ball is hard to carry. That's no excuse though, because if you agree to carry it, you must take responsibility for it.
     If you can't carry it, pass it to someone who can and introduce the original handler to the new carrier. 
     The other day a realtor called me because a mortgage broker dropped the ball on her buyer. I know what it's like to have the ball dropped on you. Last week someone dropped the ball on me and it cost me $4,000. 
     Fortunately, someone else passed me a new ball earlier in the week, so I might come out Even-Steven.
     I could probably carry one more ball, in case you are looking for someone reliable to pass a ball to.
 Call me if you want to talk.

Are you are worried that the residential real estate market is going to dry up because the Department of Finance wants to further tighten mortgage lending? Don't worry. You can always sell investment properties! 
For more information, join me live on KEEPIN IT REAL, Monday January 31st from 9-10 AM on Thatchannel.com for an interactive webcast.
Guests include Harley Gold from PENMOR MORTGAGE CAPITAL CORPORATION and Greta Tachdjian from UNIQUE DESIGNS.
     Learn how to make more money selling investment properties and how to stage a home for a quick sale.    

Tuesday, January 4, 2011

148% Debt to Income-Ratio Has Long Way to Go

A couple of weeks ago Mark Carney, from the Bank-of-Canada, said the average Canadian's debt to income-ratio was 148% -- "much too high" he said, "we need to tighten our belts."

Since that press release, every time I turn on the radio or the TV somebody's talking about 148% this or a 148% that. Even P.M. Stephen Harper weighed in, "we've tightened mortgage rules before" threatened the Prime Minister,"if we have to do that again, we will". Wow, even the Prime Minister of Canada has something to say about mortgages!

To get the whole story on this 148% issue, I turned to Google. I searched the term "148% debt." Here's what I found.

First I found a blogger from somewhere in Europe who says he is personally 148 Million in debt. Here's the entry if you don't believe me: http://www.manindebt.com/2010/02/01/over-148-million-in-debt. I'm not sure how he came up with that figure - when you look at things a bit closer it appears he's only $75K (in $US) in debt. Even at just $75K, since he only makes around $20K per year, his debt to income ratio is a whopping 375%! Now that's high!

Then I found this press release from last year saying that Lebanon's debt was 148% of its GDP, amounting to something like $51 Billion US dollars. Now that's a lot of hummus! Here's that article in case your into Lebanonese economics: http://www.meed.com/sectors/economy/lebanon-debt-hits-148-of-gdp/3050036.article

Depsite all my reseach, I felt that something was still missing. Then, the answer hit me like a bolt of lightening, somewhere between the 25th of December and new-years eve, one night while in a stupour.

The reason Canadians carry a lot of debt relative to other countries, like the US for example, is that house prices keep going up in Canada, or have remained stable, while prices in the US tanked. And guess what you need when you buy a house? You guessed it - a mortgage! Eureka! There was the answer, right there next to a half a bottle of Absolut! The amount of debt we have is directly correlated to the strength in our real-estate market!

Thankfully, so far, Canadians have been able to service their debt payments. So, Canada, just stay the course. Keep on doing exactly what your doing! And Happy New Year!

I hope your 2011 if filled with great things including your highest number of real estate transactions ever!


Do you want to be served by a mortgage agent who has many buttons on his calculator and who knows how to use them?

Call me direct @ 416-876-2031.

I want to hear from you!

Your referrals are sincerely appreciated.

Count on me for fast and diligent service!

Sincerely,

David Grossman MBA
Tel: 416 876 2031

Website: www.mortgagemensch.ca

MENSCHlife TV: Click Here to Watch Now!


Mortgage Specialist (Agent Lic. M08005924)
Mortgage Loans Canada (Broker Lic. 10100)
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