Friday, November 22, 2013

Why do Self Employed Mortgage Applicants Warrant Special Consideration

Self employed mortgage applicants often have a difficult time getting approved for a mortgage. Although they might be earning enough money to service a mortgage, the banks want proof of income. Self employed applicants cannot always prove income adequately to satisfy the bank, either because they get paid for jobs in cash, or because they are showing maximum expenses in order to minimize the amount of tax they need to pay.

What's worse is that many businesses are seasonal in nature and more than salaried employees, self employed people often NEED flexible financing to survive during the slow season. 

If you are starting a new business venture and want to purchase or refinance your home, good luck getting approved at the bank. 

Another reason self employed people need flexible financing - you might have an opportunity that requires access to cash, for example, cheap inventory becomes available you could stock up and sell later at a considerable profit. 

If you have equity in your home and need fast, flexible financing, call me at 416 876 2031.

David Grossman
Verico Safebridge Mortgage Solutions
Website: http://www.mortgagemensch.ca
Youtube Channel: http://www.youtube.com/user/MortgageMensch
License # M08005924
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.

A Mortgage Broker Should Offer More Than Just Money

This morning I spoke with a small real estate developer who has a problem. He is knee deep into a great project that won't break ground until the spring and he is short on cash. The bank won't lend him money because he hasn't reported income in two years. His income comes in fits and starts, like a flood when he is harvesting a project, but in the farming stages, there's no income.

He has considerable equity on the land he owns and on his principle residence. He was really confused and he didn't know what to do. He thought maybe he needed to get his construction financing in order quickly. I helped him to realize that it was premature to get the construction financing in place, and it wouldn't help solve his immediate problem anyways, which was cash flow. 

What he needed was a small second mortgage on one of his properties to relieve his cash flow problem, stay current with his day to day obligations, and give him the winter to organize his construction and long term financing plans. 

He was grateful. 

Some days we get so busy searching for loans opportunities and negotiating deals we forget, its not just about the money. It's really about the people who need the money.

When you're in dire circumstances, a mortgage broker can make or break you. Give a guy bad advice when he's in a pinch and you'll sink him. Give him good advice, and before you know it, he's back on track. 

Mortgage brokers should do more than just broker loans. A good one will help you come up with a strategy to get you the cash you need, when you need it, at the right price. 

For mortgage solutions, call me.

David Grossman
Verico Safebridge Mortgage Solutions
Website: http://www.mortgagemensch.ca
Youtube Channel: http://www.youtube.com/user/MortgageMensch
License # M08005924
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.

Sunday, January 27, 2013

I was recently interviewed on MortgageBrokerNews.ca. They asked me why a mortgage broker would want to leave one brokerage to join another. Click on the image below to watch the video!
As seen on mortgagebrokernews.ca

   




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.
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