I'd like to take this opportunity to wish you all a happy holidays and successful 2011. Thank you for reading my emails this past year, and for all your mortgage referrals. I am grateful having had the opportunity to serve you.
Whatever holiday you celebrate, there's no denying this is a great time of year for all to wind down and spend time with family and friends, despite the cold weather.
I hope you feel fortunate as I do, to live in a great, peaceful and free country like Canada!
And may this holiday greeting bring you whatever it is you wish for most!
Sincerely,
David Grossman
The Mortgage Mensch
Tel: 416 876 2031
Website: http://www.mortgagemensch.ca
Mortgage Specialist (Agent Lic. M08005924)
Mortgage Loans Canada (Broker Lic. 10100)
Thursday, December 23, 2010
Monday, December 20, 2010
A Preapproval is a Promise; And a Promise is a Promise
Chris Kringle was about to sign on the dotted line - a firm offer - no room for error. "My bank preapproved me for this mortgage last week" Kringle boasted to his realtor, "let's go in firm."
Kringle was ever shocked later when he learned he was, in the end, declined by the bank. "You said I was preapproved" complained Kringle to his banker. "How could you?"
------
Although this isn't a true story - in case that wasn't obvious enough - it closely resembles a financing drama I was recently involved in; I was asked to source a mortgage for a buyer who learned his preapproval was worthless, after making a deal on a property.
In my case, the mortgage applicant was declined because the banker didn't properly qualify the source of the applicant's income up front. Although the applicant had steady income, it turned out he was technically self-employed, and couldn't provide the proof of income the bank needed. I got the applicant financing with an alternate mortgage lender, at slightly higher than bank rates in less than 24-hours.
So how can you avoid unpleasant surprise?
By referring your buyer's to a reputable mortgage specialist, you'll not only improve your closing ratios, but you'll avoid unpleasant surprises by knowing in advance of any potential financing issues.
Call me at 416-876-2031.
Get the service and personal attention you deserve!
I look forward to hearing from you.
Your referrals are sincerely appreciated and you can count on me for fast and diligent service.
Sincerely,
David Grossman MBA
Tel: 416 876 2031
http://www.mortgagemensch.ca
Mortgage Specialist (Agent Lic. M08005924)
Mortgage Loans Canada (Broker Lic. 10100)
Kringle was ever shocked later when he learned he was, in the end, declined by the bank. "You said I was preapproved" complained Kringle to his banker. "How could you?"
------
Although this isn't a true story - in case that wasn't obvious enough - it closely resembles a financing drama I was recently involved in; I was asked to source a mortgage for a buyer who learned his preapproval was worthless, after making a deal on a property.
In my case, the mortgage applicant was declined because the banker didn't properly qualify the source of the applicant's income up front. Although the applicant had steady income, it turned out he was technically self-employed, and couldn't provide the proof of income the bank needed. I got the applicant financing with an alternate mortgage lender, at slightly higher than bank rates in less than 24-hours.
So how can you avoid unpleasant surprise?
By referring your buyer's to a reputable mortgage specialist, you'll not only improve your closing ratios, but you'll avoid unpleasant surprises by knowing in advance of any potential financing issues.
Call me at 416-876-2031.
Get the service and personal attention you deserve!
I look forward to hearing from you.
Your referrals are sincerely appreciated and you can count on me for fast and diligent service.
Sincerely,
David Grossman MBA
Tel: 416 876 2031
http://www.mortgagemensch.ca
Mortgage Specialist (Agent Lic. M08005924)
Mortgage Loans Canada (Broker Lic. 10100)
Friday, November 26, 2010
Mortgage "Outside the Box"
Have you been working mainly in the domain of residential real estate but would like to expand your business?
Store and Apartment Financing @ 4.99%
Does your client need a storefront or office space to run their business? Why not consider a multi-unit investment, with a storefront or office space for the business, plus one or more apartments.
Financing on a store and apartment with 25% down is available at rates as low as 4.99% , with no proof of income required.
Multi-unit Residential Financing @ 3.25%
Looking for a good investment alternative to the stock market. Look no further than real-estate! You're probably aware that CMHC recently increased the minimum down payment requirement on a 1-4 unit residential property to 20%, but, the minimum down payment on a 5+ residential unit is still just 15%! And how attractive are mortgage rates on a CMHC insured 5+ unit residential property? They're way attractive, with 5-year fixed rate mortgage rate rates as low as 3.25%! That's better than the best available rates on a single family owner-occupied property!
Construction Mortgage @ 3%
Ready to build your dream home? I recently arranged financing for a couple who were building their own home at Prime (currently 3%). Forget about exorbitant rates and fees typical with construction mortgages, this was a sweetheart deal!
Do you need help finding you best mortgage deal? Call me at 416 876 2031. I look forward to hearing from you!
Sincerely,
David Grossman MBA
"The Mortage Mensch"
Community Financial Group
Tel: 416 876 2031
website: http:///www.mortgagemensch.ca
Store and Apartment Financing @ 4.99%
Does your client need a storefront or office space to run their business? Why not consider a multi-unit investment, with a storefront or office space for the business, plus one or more apartments.
Financing on a store and apartment with 25% down is available at rates as low as 4.99% , with no proof of income required.
Multi-unit Residential Financing @ 3.25%
Looking for a good investment alternative to the stock market. Look no further than real-estate! You're probably aware that CMHC recently increased the minimum down payment requirement on a 1-4 unit residential property to 20%, but, the minimum down payment on a 5+ residential unit is still just 15%! And how attractive are mortgage rates on a CMHC insured 5+ unit residential property? They're way attractive, with 5-year fixed rate mortgage rate rates as low as 3.25%! That's better than the best available rates on a single family owner-occupied property!
Construction Mortgage @ 3%
Ready to build your dream home? I recently arranged financing for a couple who were building their own home at Prime (currently 3%). Forget about exorbitant rates and fees typical with construction mortgages, this was a sweetheart deal!
Do you need help finding you best mortgage deal? Call me at 416 876 2031. I look forward to hearing from you!
Sincerely,
David Grossman MBA
"The Mortage Mensch"
Community Financial Group
Tel: 416 876 2031
website: http:///www.mortgagemensch.ca
Thursday, November 11, 2010
BANK TOLD MORTGAGE APPLICANT HE WOULDN'T QUALIFY FOR A SOFA AT THE BRICK
After being declined for a mortgage at the bank, some potential buyers won't even bother to apply again elsewhere. Fearing a drop in their credit score with every loan application and credit check, they don't want to compound the problem by applying for a mortgage with every Tom, Dick and Harry, so they give up altogether.
"What happened?" I recently asked a buyer who arrived at my office after being rejected by the bank. The bank told him he wouldn't qualify for a sofa at The Brick, let alone a mortgage. Most buyers don't have the courage to walk into my office after suffering that kind of humiliation.
The solution is to start the process with a mortgage broker who can match your loan application to the right lender and the right mortgage, from the beginning. One application, one credit check, one real estate transaction.
Because you don't sell sofas.
Call me at direct on 416 876 2031.
Get the service and personal attention you deserve!
I look forward to hearing from you.
Your referrals are sincerely appreciated.
Count on me for fast and diligent service.
David Grossman MBA
Tel: 416 876 2031
www.mortgagemensch.ca
Mortgage Specialist (Agent Lic. M08005924)
Mortgage Loans Canada (Broker Lic. 10100)
"What happened?" I recently asked a buyer who arrived at my office after being rejected by the bank. The bank told him he wouldn't qualify for a sofa at The Brick, let alone a mortgage. Most buyers don't have the courage to walk into my office after suffering that kind of humiliation.
The solution is to start the process with a mortgage broker who can match your loan application to the right lender and the right mortgage, from the beginning. One application, one credit check, one real estate transaction.
Because you don't sell sofas.
Call me at direct on 416 876 2031.
Get the service and personal attention you deserve!
I look forward to hearing from you.
Your referrals are sincerely appreciated.
Count on me for fast and diligent service.
David Grossman MBA
Tel: 416 876 2031
www.mortgagemensch.ca
Mortgage Specialist (Agent Lic. M08005924)
Mortgage Loans Canada (Broker Lic. 10100)
Wow, 50 Lenders - Who Cares!
There's one super-broker who used to advertise they could arrange your mortgage with any one of more than 50 different lenders. Wow, fifty lenders! Seems impressive, doesn't it?
In reality, it's of little or no value to have that many lenders to send business too.
In my years of experience, I've learned that typically, borrowers are looking for the 3 things:
1) Great service
2) Competive rates
3) A mortgage product that suits them
(If you think I've missed anything, let me know, I am interested in hearing from you.)
You don't need fifty lenders to deliver on these points. In fact, having too many lenders can detract from your ability to deliver. As a broker, it's best to have a just a handful of lenders you send repeat business too, for a number of reasons.
First of all, if you send a lender repeat business, they will get to know and trust you. If your work is good, they'll respond in a more timely manner, so you get faster approvals. They'll also come to make exceptions on more challenging files too, approving files they might otherwise not approve, once they've come to count on your volumes. Finally, you get preferred rates that you can pass on to borrowers, once you reach certain volumes with your lenders.
Do you need to get approved/pre-approved for a mortgage?
I have the relationships in place with my lenders to get you/your buyers the service they deserve and expect!
Call me at 416 876 2031 to the service and personal attention you deserve! I look forward to hearing from you!
Sincerely,
David Grossman MBA
Tel: 416 876 2031
www.mortgagemensch.ca
Mortgage Specialist (Agent Lic. M08005924)
Mortgage Loans Canada (Broker Lic. 10100)
In reality, it's of little or no value to have that many lenders to send business too.
In my years of experience, I've learned that typically, borrowers are looking for the 3 things:
1) Great service
2) Competive rates
3) A mortgage product that suits them
(If you think I've missed anything, let me know, I am interested in hearing from you.)
You don't need fifty lenders to deliver on these points. In fact, having too many lenders can detract from your ability to deliver. As a broker, it's best to have a just a handful of lenders you send repeat business too, for a number of reasons.
First of all, if you send a lender repeat business, they will get to know and trust you. If your work is good, they'll respond in a more timely manner, so you get faster approvals. They'll also come to make exceptions on more challenging files too, approving files they might otherwise not approve, once they've come to count on your volumes. Finally, you get preferred rates that you can pass on to borrowers, once you reach certain volumes with your lenders.
Do you need to get approved/pre-approved for a mortgage?
I have the relationships in place with my lenders to get you/your buyers the service they deserve and expect!
Call me at 416 876 2031 to the service and personal attention you deserve! I look forward to hearing from you!
Sincerely,
David Grossman MBA
Tel: 416 876 2031
www.mortgagemensch.ca
Mortgage Specialist (Agent Lic. M08005924)
Mortgage Loans Canada (Broker Lic. 10100)
Wednesday, November 3, 2010
Mortgage Talk/Real Estate Call in Show - Nov 1, 2010- Garry Shapiro & James Watters
Mortgage Talk - Nov 1, 2010- Garry Shapiro & James Watters from David Grossman on Vimeo.
In this episode of Mortgage Talk, host David Grossman, aka the mortgage mensch (http://mortgagemensch.blogspot.com/), talks to real-estate and business lawyer Garry Shapiro from Shapiro & Cho (http://www.shapirocho.com/)
and James Watters from Canspec Building Services Inc (http://www.canspechome.com/).
The expert panel fields questions from callers.
Thursday, October 14, 2010
Line of Credit/Mortgages for Self Employed
(Video Below!!!)
In business, as in life, we've all experienced good times and bad. You will know this to be especially true if you are self employed. If you're in a business that is cyclical, how do you manage your financial obligations during slower times?
Answer: Get a Line of Credit
The best time to arrange a line of credit is when times are good, but if don't have that prearranged, I would strongly encourage you to do it before you start missing any debt payments!
Sadly, I've met a number of people over the years who don't get that concept. Instead, they come to me when their credit is already damaged, and instead of borrowing money at Prime (Prime is 3% at the time of this writing), or in some cases below Prime, they end of paying exhorbitant rates and fees to borrow money.
I recently arranged a mortgage for a self employed couple who were in a cyclical business. Over a period of several years, each time their business went through a down cycle, they did the worst thing they could possibly do; they stopped paying their credit cards! Over a period of time, the couple refinanced their home several times. The problem was that their credit was always bad because they were always looking to borrow money after they started missing payments. As a result, they always ended up paying much higher rates and fees to borrow money than they would have otherwise had to.
Since banks can be very sticky about loaning money to self-employed borrowers, it's important to have a hard working mortgage broker you can trust to help you find the best mortgage. The good news is that there are lenders out there who are happy to loan money to self employed applicants at very good rates. This is especially true if you take steps to access the money you need before you start missing any of your debt payments.
For help with your next mortgage, call me, David Grossman at 416 876 2031. I look forward to hearing from you!
VIDEO: HOW TO PAY OFF YOUR CREDIT CARDS
Thanks for watching. I look forward to hearing from you!
Sincerely,
David Grossman MBA
Mortgage Specialist
Tel: 416 876 2031
e-mail:david_grossman@rogers.com
http://www.mortgagemensch.ca
In business, as in life, we've all experienced good times and bad. You will know this to be especially true if you are self employed. If you're in a business that is cyclical, how do you manage your financial obligations during slower times?
Answer: Get a Line of Credit
The best time to arrange a line of credit is when times are good, but if don't have that prearranged, I would strongly encourage you to do it before you start missing any debt payments!
Sadly, I've met a number of people over the years who don't get that concept. Instead, they come to me when their credit is already damaged, and instead of borrowing money at Prime (Prime is 3% at the time of this writing), or in some cases below Prime, they end of paying exhorbitant rates and fees to borrow money.
I recently arranged a mortgage for a self employed couple who were in a cyclical business. Over a period of several years, each time their business went through a down cycle, they did the worst thing they could possibly do; they stopped paying their credit cards! Over a period of time, the couple refinanced their home several times. The problem was that their credit was always bad because they were always looking to borrow money after they started missing payments. As a result, they always ended up paying much higher rates and fees to borrow money than they would have otherwise had to.
Since banks can be very sticky about loaning money to self-employed borrowers, it's important to have a hard working mortgage broker you can trust to help you find the best mortgage. The good news is that there are lenders out there who are happy to loan money to self employed applicants at very good rates. This is especially true if you take steps to access the money you need before you start missing any of your debt payments.
For help with your next mortgage, call me, David Grossman at 416 876 2031. I look forward to hearing from you!
VIDEO: HOW TO PAY OFF YOUR CREDIT CARDS
Thanks for watching. I look forward to hearing from you!
Sincerely,
David Grossman MBA
Mortgage Specialist
Tel: 416 876 2031
e-mail:david_grossman@rogers.com
http://www.mortgagemensch.ca
Thursday, September 23, 2010
Consolidating 3 mortgages into 1
This applicant 1st came to me two years ago to arrange a 3rd mortgage on their property in order to pay off some debts. They ended up paying a high rate - 13% - on the 3rd because their credit was badly bruised. With some credit coaching, now, 2 yrs later, I was able to arrange a single mortgage to consolidate all 3 mortgages at a low of 4%.
Call me, David Grossman at 416 876 2031, if you need help arranging your mortgage or visit http://www.mortgagemensch.ca for more information.
Thanks for watching!
The Mortgage Mensch trailer
I recently connected with a very talented, young film student named Lior Khananaev who created a video commercial for me posted above on Youtube.
I'm sharing it with you not only because the video does a great job communicating what I do, but also because Lior is now doing video production professionally, and I would like help him out. I also think he is a valuable contact for those of you who would like to use video to promote your own businesses. And since Lior is just starting out, he's not as pricey as some of the more established producers, though he is exceptionally talented.
You can reach Lior by phone @ 416 912 9673 or email at liior_@hotmail.com
For your next mortgage call me, David Grossman, at 416 876 2031 or go to http://www.mortgagemensch.ca for more information. I look forward to hearing from you!
Monday, August 23, 2010
Building Your Business in the Month of August (Tips for Realtors)
August is traditionally a slow month in the real estate market. This August is no exception. A lot of people are on vacation and taking time off to be with family. But just because fewer people are buying real estate, doesn't mean you have to shut down your business. Sure, it's a good idea to take some time off too, to enjoy the warmer weather and spend some time with the kids before they go back to school (yikes!! - just 2 more weeks till the end of summer!@#&&**).
BUT, it's also wise to use some of the time to develop your tools, systems AND the relationships you have with other professionals that help you to operate your business during the busier months. By taking the time to retool and develop new relationships now, you will be more productive and competitive when the market picks up again. So how is your relationship with your current mortgage supplier. Are you satisfied with the service you have been getting? Do you have a mortgage supplier? If not, now is a good time to fix that. You may have a little extra time this month to meet with mortgage brokers and most mortgage brokers will probably have extra time to meet with you too!
In case you don't know me, let me tell you a about myself...I handle residential and commercial mortgages and I enjoy a challenge. I am quick to respond to all inquiries and I always follow up, good news or bad. You can count on me for service and I will always give you the straight goods.
One of my favourite thing to do is find great mortgages for people who don't qualify at the bank. Click here to watch this recent video about a mortgage (at a rate of 4.35% rate) I got for an applicant who had no proof of income and no credit.
Whatever your mortgage challenge, give me a call. I look forward to hearing from you!
Sincerely,
David Grossman MBA
The Mortgage Mensch
Tel: 416 876 2031
david@mortgagemensch.ca
http://www.mortgagemensch.ca
BUT, it's also wise to use some of the time to develop your tools, systems AND the relationships you have with other professionals that help you to operate your business during the busier months. By taking the time to retool and develop new relationships now, you will be more productive and competitive when the market picks up again. So how is your relationship with your current mortgage supplier. Are you satisfied with the service you have been getting? Do you have a mortgage supplier? If not, now is a good time to fix that. You may have a little extra time this month to meet with mortgage brokers and most mortgage brokers will probably have extra time to meet with you too!
In case you don't know me, let me tell you a about myself...I handle residential and commercial mortgages and I enjoy a challenge. I am quick to respond to all inquiries and I always follow up, good news or bad. You can count on me for service and I will always give you the straight goods.
One of my favourite thing to do is find great mortgages for people who don't qualify at the bank. Click here to watch this recent video about a mortgage (at a rate of 4.35% rate) I got for an applicant who had no proof of income and no credit.
Whatever your mortgage challenge, give me a call. I look forward to hearing from you!
Sincerely,
David Grossman MBA
The Mortgage Mensch
Tel: 416 876 2031
david@mortgagemensch.ca
http://www.mortgagemensch.ca
Sunday, August 15, 2010
Just because you've been declined for a mortgage at the bank, it doesn't mean you'll end up paying exhorbitant rates and fees...
Watch the video below for the full story...
Call David Grossman at 416 876 2031 or visit http://www.mortgagemensch.ca for more information. Get the service and attention you deserve!
I've said it before - "just because you're declined for a mortgage at a bank, doesn't mean you'll end up paying exhorbitant rates and fees to get a mortgage." This self-employed applicant was unable to prove income (he was 2 yrs behind on his tax filings) and his credit was ruined due to a marriage break up.
We took steps to prove to the lender that he had an active business, showing them contracts and bank statements to prove he could carry the loan, and they loaned at aggressive rates, 4.35% for a 2 yr term.
Call me for help finding your best mortgage solution. I look forward to hearing from you.
David Grossman
Tel 416 876 2031
For more information visit http://www.mortgagemensch.ca
Call David Grossman at 416 876 2031 or visit http://www.mortgagemensch.ca for more information. Get the service and attention you deserve!
I've said it before - "just because you're declined for a mortgage at a bank, doesn't mean you'll end up paying exhorbitant rates and fees to get a mortgage." This self-employed applicant was unable to prove income (he was 2 yrs behind on his tax filings) and his credit was ruined due to a marriage break up.
We took steps to prove to the lender that he had an active business, showing them contracts and bank statements to prove he could carry the loan, and they loaned at aggressive rates, 4.35% for a 2 yr term.
Call me for help finding your best mortgage solution. I look forward to hearing from you.
David Grossman
Tel 416 876 2031
For more information visit http://www.mortgagemensch.ca
Saturday, August 14, 2010
With as little as 5% down, regardless of credit, "lease to own" may be your solution
Purchase or refinance with as little as 5% down, regardless of credit. Lease to own while you rehabilite your credit. For more information call David Grossman at 416 876 2031 or visit http://www.mortgagemensch.ca.
David arranges mortgage, and Lease to Own solutions, in Ontario Canada.
I recently had several queries from realtors about lease-to-own financing so I decided to send out a product refresher. Also, I want to highlight two very important points below!!!
i) Your buyer gets to choose the property s/he wants to lease, and
ii) You (the realtor) will act as the buyer's agent in the transaction and receive compensation as you normallly would when representing any buyer.
Who needs lease to own financing?
People who have damaged credit and cannot qualify for a mortgage today. With lease to own financing your client chooses the property they want to buy. They should have at least a 5% deposit and they must have solid, provable income.
How does it work?
Your client will lease the property for 2-3 years during which time they can rebuild their credit so they will eventually qualify for the mortgage they will need to buy the property at the end of the term. Their original deposit plus approximately 20% of the monthly lease payment is applied towards the down payment when they exercise the purchase option.
What is the process?
First we prequalify your buyer to establish a maximum purchase price. At the same time, we match your buyer with one of our investors.
Who buys the property?
An investor will buy the property. You shop for a property with your client and they choose the property they want to buy. You let me know when you are ready to prepare an offer - at that time you be introduced to the investor whose name will go on the offer. You, the realtor, will represent the buyer/investor in the transaction.
For more information watch the video interview or call me, David Grossman at 416 876 2031.
Whatever your mortgage query, I look forward to hearing from you!
Sincerely,
David Grossman MBA
"The Mortage Mensch"
Community Financial Group
Tel: 416 876 2031
website: http:///www.mortgagemensch.ca
Residential, Commercial, Industrial, Investment properties.
Friday, August 13, 2010
Get Unbiased Financial Advice from EES Financial Services
The vast majority of "Investment Advisors" in Canada are also "salespeople" who stand to make a buck everytime you buy an investment product. EES are different. They sell time only, Watch this video to find out more.
Contact Jason Heath, CFP, B.A. (Hons) Econ. Consultant at:
Tel. (905) 471-1337 ext. 240 or
Toll free 1-866-590-0001 ext. 240
http://www.ees-financial.com
* Mention you saw this video on the web and receive a special gift
For mortgage solutions contact:
David Grossman, MBA @ tel: 416 876 2031
or visit: http://www.mortgagemensch.ca for more information.
Thursday, August 12, 2010
Canada's 1st Bankruptcy Museum w/trustee Cyril Sapiro
What is the difference between a consumer proposal and a bankruptcy? What is the long term impact of a bankruptcy on your credit? Trustee Cyril Sapiro discusses these topics and more on The Money Show with David Grossman a.k.a The Mortgage Mensch.
To contact Cyril call 416-486-9660 or visit http://www.csapirotrustee.ca/ for more information.
For mortgage information call David at 416 876 2031 or visit http://www.mortgagemensch.ca for more information.
Wednesday, August 11, 2010
Who Needs the Bank
The Bank told the client he had bad credit, but they didn't explain what the problem was or how to fix it. The client felt dejected and didn't know what to do...
When it comes to something as important as your mortgage, are you getting the service you deserve? Call me, David Grossman, The Mortgage Mensch, for the service and the personal attention you deserve, at 416 876 2031, or visit my website at http://www.mortgagemensch.ca.
Monday, August 9, 2010
Who Needs the Bank #2; This is how the bank treats its employees?
"If this is the kind of service the bank gives its employees, what kind of service does it give its customers?" For the service and personal attention you deserve, call David Grossman, The Mortgage Mensch at 416 876 2031 - licensed to arrange mortgages in Ontario, Canada. For more information visit http://www.mortgagemensch.ca
Sunday, August 8, 2010
How to get a mortgage after a bankruptcy
David Grossman is licensed to arrange mortgages in Ontario, Canada. Call 416 876 2031 or visit http://www.mortgagemench.ca for more information.
Saturday, August 7, 2010
First time buyer mortgage requirements
David Grossman MBA is a mortgage specialist in Toronto, Canada. Visit website http://www.mortgagemensch.ca for more info or call 416 876 2031.
Friday, August 6, 2010
Mortgage basics / terminology
For more information call David Grossman at 416 876 2031 or go to http://www.mortgagemensch.ca to visit website.
Wednesday, July 7, 2010
6 Benefits of Canadian mortgage refinancing
Canada mortgage refinancing is the process of taking another home loan in order to pay back your original mortgage loan with potentially different interest rates, terms and even amortization. The CMHC or the Canada Mortgage and Housing Corporation are a corporation owned by the Government of Canada.
Traditionally, the CMHC did not allow the additional funds to be used for debt consolidation. But recently it has changed and now you are able to get CMHC insured mortgage for up to 90% of the home equity for refinancing, and you can use the additional funds for debt consolidation, debt reduction and any other purpose. Read on to know the benefits of taking a mortgage for refinancing.
- You can purchase another property: If you have got home equity, then you can cash out your home equity through refinancing. Use the extra money as a down payment for the purchase of another real estate property.
- You can finance education: With the rising costs of schools and educational institutions, it is very important to secure the future of your children. With the new changes in the CMHC insured mortgage refinancing, you can refinance a mortgage and use the money to obtain good education for your children. Home equity may be the cheapest option to assist yourself in securing your child’s educational future.
- You can consolidate multiple mortgages: With mortgage refinancing, you can consolidate multiple mortgages into one with lower interest rate and extend the term of repayment. This is an easier option than paying the installments of two or more mortgages together.
- Higher Loan-to-Value ratio: Another benefit of using a mortgage for refinancing is that it facilitates more access to equity in your home. The loan-to-value ratios range up to 90% for 2-3 unit residential properties.
- Lowers interest rates: By refinancing your mortgage, you can lower the interest rates on your mortgage and hence enable yourself to repay the loan in an affordable manner. Decrease in the interest rate leads to lower monthly payments thereby making the repayment option easier for you.
- You can pay off other debts: By refinancing your mortgage, you are able to apply the additional funds in paying off your other debts. It may be credit card debt, car loans or any other expenses. By refinancing the mortgage you can save a considerable amount because now you can reap the benefits of lower interest rate.
With mortgage refinancing in Canada, you can have access to flexible refinancing options which allows you to access the equity in your home and helps you achieve your financial goals.
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.
Tuesday, March 16, 2010
More Important to Have a Mortgage Broker Than Ever
Among other recent changes to insured mortgage lending guidelines, the Dep't of Finance has announced a change starting April 9, 2010 that will make it tougher for self-employed people to qualify for a mortgage.
In the past it was understood that some self-employed people, while they weren't necessarily reporting significant income, might still be operating profitable businesses. Starting April 9, 2010, if you've been in business at least 3-years, your "net income" will become a key factor in qualifying for a mortgage.
What this means is that a significant number of self-employed borrowers will have trouble qualifying for a mortgage through traditional lending channels. Fortunately, there are mortgage lenders in Canada who do not use the conventional insurers, and who will still be able to qualify your buyer without proof of income, with as little as 10% down payment.
It will be more important than ever to have a good mortgage broker who can save you time - and possibly your deal too - by quickly determining the best place to get your buyer a mortgage.
If you need my help placing a mortgage, give me a call. I promise to respond promptly and professionally. I look forward to hearing from you!
Sincerely!
David Grossman
The Mortgage Mensch
Tel: 416 876 2031
Website: www.mortgagemensch.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.
In the past it was understood that some self-employed people, while they weren't necessarily reporting significant income, might still be operating profitable businesses. Starting April 9, 2010, if you've been in business at least 3-years, your "net income" will become a key factor in qualifying for a mortgage.
What this means is that a significant number of self-employed borrowers will have trouble qualifying for a mortgage through traditional lending channels. Fortunately, there are mortgage lenders in Canada who do not use the conventional insurers, and who will still be able to qualify your buyer without proof of income, with as little as 10% down payment.
It will be more important than ever to have a good mortgage broker who can save you time - and possibly your deal too - by quickly determining the best place to get your buyer a mortgage.
If you need my help placing a mortgage, give me a call. I promise to respond promptly and professionally. I look forward to hearing from you!
Sincerely!
David Grossman
The Mortgage Mensch
Tel: 416 876 2031
Website: www.mortgagemensch.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.
Tuesday, March 2, 2010
Recent Dep't of Finance Changes: Much ado about nothing
By now you have seen many reports - I am sure - about the Dep't of Finance's recent changes to insured mortgage lending guidelines set to take affect April 19, 2010. However since I'm still receiving questions on the topic, I thought I'd share my views on the subject.
In a nutshell, as far as I'm concerned, it's business as usual. Breaking it down in order of impact:
1) Qualifying for a mortgage on the 5 yr vs 3 yr rate. Though I am hearing from one of the banks that they are confused about whether they need to use their posted or discounted rate in qualifying borrowers, I think this is a non-issue. If they wouldn't have these silly 'posted rates' (which nobody ever pays anyway) they would probably be a lot less confused. We, as brokers, have many lenders available to us that only offer discounted rates to prime customers so I don't see a lot of reason to be confused. The current discounted 3 year rate with most of our lenders is around 3.5% and the 5 yr rate is around 3.79%. A .29% rate difference won't have a significant impact on your maximum mortgage. While a few buyers who planned to go in at the MAX may find they now need to buy something a bit smaller, these buyers are the exception rather than the rule. If you happen to be working with a buyer who falls into this category, find a good mortgage broker who can work with your buyer to try and make the deal work. Sometimes even just paying off a credit card with a small balance can do the trick.
2) Insured investment properties requiring a minimum of 20% down. Call me a small time broker, but in my 6-yrs of brokering, I have only used this product once. People are still allowed to get an insured mortgage on a "second home" with as little as 5% down, and if they're in such a strong position that they can afford to purchase yet a 3rd home, I think they should be able to come up with at least 20% down. They'll benefit by avoiding costly insurance premiums (the insurance premium for investment properties are currently more than double what they are for an owner occupied property!!!).
3) Refinances to 90% instead of 95%. In the hundreds of mortgages I have placed in the last 6 years, only once have I refinanced someone's property to 95%. I hope you don't ever have to do this. The insurance premiums are very high!
So, that's all there is to it. If you need my help with a deal, whatever the story, give me a call. I specialize in bank declines and I'm ready to listen to your story.
We place 1st, 2nd and 3rd mortgages on residential, commercial, industrial and investment properties.
I look forward to hearing from you!!!
Sincerely!
David Grossman
The Mortgage Mensch
Tel: 416 876 2031
Website: www.mortgagemensch.ca
Click here to check out some of my latest Youtube videos at www.mortgagetube.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.
In a nutshell, as far as I'm concerned, it's business as usual. Breaking it down in order of impact:
1) Qualifying for a mortgage on the 5 yr vs 3 yr rate. Though I am hearing from one of the banks that they are confused about whether they need to use their posted or discounted rate in qualifying borrowers, I think this is a non-issue. If they wouldn't have these silly 'posted rates' (which nobody ever pays anyway) they would probably be a lot less confused. We, as brokers, have many lenders available to us that only offer discounted rates to prime customers so I don't see a lot of reason to be confused. The current discounted 3 year rate with most of our lenders is around 3.5% and the 5 yr rate is around 3.79%. A .29% rate difference won't have a significant impact on your maximum mortgage. While a few buyers who planned to go in at the MAX may find they now need to buy something a bit smaller, these buyers are the exception rather than the rule. If you happen to be working with a buyer who falls into this category, find a good mortgage broker who can work with your buyer to try and make the deal work. Sometimes even just paying off a credit card with a small balance can do the trick.
2) Insured investment properties requiring a minimum of 20% down. Call me a small time broker, but in my 6-yrs of brokering, I have only used this product once. People are still allowed to get an insured mortgage on a "second home" with as little as 5% down, and if they're in such a strong position that they can afford to purchase yet a 3rd home, I think they should be able to come up with at least 20% down. They'll benefit by avoiding costly insurance premiums (the insurance premium for investment properties are currently more than double what they are for an owner occupied property!!!).
3) Refinances to 90% instead of 95%. In the hundreds of mortgages I have placed in the last 6 years, only once have I refinanced someone's property to 95%. I hope you don't ever have to do this. The insurance premiums are very high!
So, that's all there is to it. If you need my help with a deal, whatever the story, give me a call. I specialize in bank declines and I'm ready to listen to your story.
We place 1st, 2nd and 3rd mortgages on residential, commercial, industrial and investment properties.
I look forward to hearing from you!!!
Sincerely!
David Grossman
The Mortgage Mensch
Tel: 416 876 2031
Website: www.mortgagemensch.ca
Click here to check out some of my latest Youtube videos at www.mortgagetube.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.
Friday, February 26, 2010
THE TEN COMMANDMENTS OF MORTGAGE LENDING
When it comes to getting advice on something as important as your mortgage, are you getting the service you deserve?
I've come up with a list of commandments or 'rules of engagement' - how I think a mortgage broker or agent should engage his/her customers. Check them out below...
• Thou shalt not charge exhorbitant fees
• Thou shalt not push a borrower into a mortgage they cannot afford
• Thou shalt not arrange a mortgage for a borrower who doesn't understand the risks of the mortgage ie. variable vs. fixed
• Thou shalt not arrange a mortgage at a higher rate of interest than is necessary in order to earn a bigger finder's fee
• Thou shalt not arrange a mortgage for a borrower on a longer term than is desired by the borrower in order to earn additional finder's fees
• Thou shall always return calls promptly
• Thou shall keep clients up to date with the status of their application
• Thou shall give borrowers honest feedback about their application up front, whether it is strong or weak
• Thou shall respect the privacy of borrowers
• Thou shall put the financial well being being of borrowers above all else and treat borrowers as you yourself would want to be treated
If you need my help with your mortgage, give me a call!
I look forward to hearing from you!
Sincerely,
David Grossman
The Mortgage Mensch
Tel: 416 876 2031
Website: www.mortgagemensch.ca
I've come up with a list of commandments or 'rules of engagement' - how I think a mortgage broker or agent should engage his/her customers. Check them out below...
• Thou shalt not charge exhorbitant fees
• Thou shalt not push a borrower into a mortgage they cannot afford
• Thou shalt not arrange a mortgage for a borrower who doesn't understand the risks of the mortgage ie. variable vs. fixed
• Thou shalt not arrange a mortgage at a higher rate of interest than is necessary in order to earn a bigger finder's fee
• Thou shalt not arrange a mortgage for a borrower on a longer term than is desired by the borrower in order to earn additional finder's fees
• Thou shall always return calls promptly
• Thou shall keep clients up to date with the status of their application
• Thou shall give borrowers honest feedback about their application up front, whether it is strong or weak
• Thou shall respect the privacy of borrowers
• Thou shall put the financial well being being of borrowers above all else and treat borrowers as you yourself would want to be treated
If you need my help with your mortgage, give me a call!
I look forward to hearing from you!
Sincerely,
David Grossman
The Mortgage Mensch
Tel: 416 876 2031
Website: www.mortgagemensch.ca
The Bank told the client he had bad credit...
The Bank told the client he had bad credit, but they didn't explain what the problem was or how to fix it. The client felt dejected and didn't know what to do...
For the full story, watch the video below...
When it comes to something as important as your mortgage, are you getting the service you deserve? Call me, David Grossman, The Mortgage Mensch, for the service and the personal attention you deserve, at 416 876 2031. Visit my website http://www.mortgagemensch.ca or send an email to david@mortgagemsensch.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.
For the full story, watch the video below...
When it comes to something as important as your mortgage, are you getting the service you deserve? Call me, David Grossman, The Mortgage Mensch, for the service and the personal attention you deserve, at 416 876 2031. Visit my website http://www.mortgagemensch.ca or send an email to david@mortgagemsensch.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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