The Future is Here with DealTap

)

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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


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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

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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

   




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Find the best mortgage broker

Finding a mortgage broker is not hard. There are about as many mortgage brokers as there are real estate agents, insurance agents or investment advisers  Reality is they are a dime a dozen.

Finding the best mortgage broker, or even a just a mortgage broker who is well suited to service your particular mortgage loan requirements is another story.

Why are there so many mortgage brokers, or mortgage agents around? The reason is that there are few barriers to entry. Unlike law school or medical school, where you have to go to school for many years, practically anyone can become a mortgage broker or agent. The educational requirements are minimal – you need to take just a one week course – and the cost is low. If you have an extra week on your hands and a thousand dollars - that’s how much you’ll need to pay for the course, licensing and insurance - then Bob’s your Uncle, as they say.

As a result of the low entry barriers, there are many, many people signing up to become mortgage brokers or agents. There is no apprenticeship or internship period required either, which means you have a lot of licensed brokers and agents running around with little or no training.

The competition is for business is fierce, not only from other mortgage brokers, but also from banks, who have very deep pockets.  As a result of all the competition, it can take a long time for a mortgage broker or agent to gain a lot of experience, unless they are excellent marketers or have some great referral sources.  This makes it difficult to even find a good mortgage broker, let alone the best mortgage broker.

So how do you find the best mortgage broker?

You must shop around! Talk to a number of different mortgage brokers. Get referrals from people you trust and get educated! You might need to talk to four or five mortgage brokers before you find the best mortgage broker because you need to learn.  Depending on the type of mortgage you are trying to secure, some mortgage brokers will try and get a large retainer from you – be careful! Do not give anyone anything until you are fully convinced the broker can do the job for you. Learn something about the rules of the game, ask a lot of questions and find someone you feel has your best interests at heart!

If you have excellent credit and provable income, the best place to get a mortgage is still the bank.  However, banks are very picky about the people they want to lend money to. If your credit isn’t perfect, or your self employed and you arent reporting income that is commensurate with your station, you many even be a very high networth individual and have trouble getting a loan from the bank.  

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.

Are you looking for a unique & effective way to market your services?

Do you have the gift of gab?

Start your own interactive, internet based real-estate TV show!

We will produce a live broadcast on www.livestream.com/alltalktv
 for you for just *$150 per half hour show. You can pay as you go, or you
 can contract for up to 10 shows to be used anytime between now and
December 31st 2012, if you want to lock in at this price.

*Limited time offer for real estate professionals. Offer expires September 31st 2012

We provide:
• Live camera switching using 3 high quality HD video  cameras
• Professional LED lighting
• Professional set
• Wireless lav microphones for you and your guests
Also provided at no extra charge:
• Integration of your photos (jpegs) into your live production
• Titles - names and contact info for you and your guests ie website,
phone number etc. to be displayed onscreen during your show

Graphics for the intro and bumpers (bumpers are used when coming in and
out of commercials):

We will provide, at no extra charge, a simple graphic with your name and
 the name of your show; for example - The Real Deal with host and real
estate broker Mark Cadesky - or, for a $200 onetime charge, we can
provide a more elaborate graphic to include music and moving images like
 the one shown at the beginning of this show:  https://vimeo.com/45528478.

Sharing/Archiving of Videos

We will upload your show to Youtube or Vimeo within 2-business days
following the broadcast where it will remain indefinitely, and send you
the link you can use to share the video with your online community using
 email, Facebook, Linked In, Twitter etc. The video can also be easily
embedded in your blog or website. We will embed the video on our website
 - www.alltalktv.com - and share
 on our Facebook and Twitter accounts. In other words, people who miss
the initial broadcast can watch it anytime afterwards, and you will
continue to enjoy the benefits of the exposure for years to come.  

Editing (optional):

Usually editing is not required because we are able to integrate all the
 required show components into the original recording/broadcast ie intro
 graphic, photos, camera switching, titles and bumpers; however, if
editing is required the cost is $35 per edit.

Show Content:

You will be responsible for the content in your show and for bringing
your own guests/interview subjects, or you can do the show on your own.
Examples of guests on a real estate show are mortgage specialists, real
estate lawyers and home inspectors, but why stop there? Why not bring in
 representative from your favorite charity or perhaps a local
politician. Be creative.  You could also do a show on your own without
any guests; for example - Johnny Sample's Real Estate Picks of the Week -
 where you talk and we role photos of your favorite listings.

Commercials:

Each 30-minute show/production needs to allow time for 4 minutes of
commercial time.  Half the available commercial time (2 minutes) will be
 reserved for Alltalktv.com and its advertisers. You can use the other
half of the time (2 minutes) however you like. We also offer boutique
production and can produce a television commercial for you to air on
your show, for an additional fee (optional).

Viewers:

Alltalktv.com is a growing network - we currently produce approximately
20 different talk shows and the founder, David Grossman, personally has a
 following of nearly 5,000 people on Facebook - however, for best
results, we recommend you develop and manage your own online marketing
system to grow your audience.

Our production platform - we use industry standard platforms like
Livestream, Youtube and Vimeo - makes it easy to share and distribute
video online. You can even embed the live broadcast onto your website,
without any programming!

If your guests have an online following they might also want to share
the show with their community which will give you additional reach and
exposure for your show and your services!

Interact with Viewers in Real Time:

Viewers can chat with you online during your show via Livestream chat,
twitter and Facebook in real time. Please bring your own laptop to the
shoot/broadcast.

Choose Between Two Different Set Designs:

We currently offer two different set options.  Set #1 has a desk for the
 host and single tub chair for the guest, giving your show a Jay
Leno/David Letterman feel to it.  Click here to see a sample show
produced using set #1: https://vimeo.com/45528478.
 Set #2 utilizes two tub chairs for you and your guest (more like
Ellen), putting you and your guests on a more level playing field. Click
 here to view a sample show produced on set #2: http://youtu.be/igQFZ_Vk1Hw
 

Optional services available at an extra charge (inquire):
• Extended show length (up to 1-hour)
• Interview remote guests via skype
• On site shows at a location of your choice

Don't delay starting your show, take advantage of our limited time
offer. Call David Grossman now @ 416 876 2031 and book your studio time.


Give yourself the marketing edge 
you deserve!


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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.

Ask Our Mortgage Specialists: Hosts and Mortgage Specialists David Grossman & Jeff Risi talk to Vince Pellegrino from TD CT

Ask Our Mortgage Specialists: Hosts and Mortgage Specialists David Grossman & Jeff Risi talk to Vince Pellegrino from TD CT Ep 2 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.

Ask Our Mortgage Specialists - David Grossman & Jeff Risi talk to private lender Graham Tobe

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The Art of the Deal

I'm going to start this column by telling you straight up ~ the above title, The Art of the Deal, was not coined by me. It's the name of a book published by real estate mogul Donald Trump back in 1988.

While it's true that Donald Trump -- or companies that bear his name - have declared bankruptcy four times since then, "The Donald" has successfully fought his way back, not only as a real estate developer, but as a TV personality. Trump is now the star of the popular TV series "The Apprentice" and "Celebrity Apprentice" too!!!

So why do I reference The Art of the Deal to introduce today's article?
The notion of deal-making as an art appeals, not only because deal making is the most important part of any sales job, but when you think about deal making as an art, it makes the job sound like fun! And who doesn't want to have fun?!!
The right way to approach any deal is like a work of art. When an artist renders a painting, in the beginning s/he doesn't know whether his/her work will be loved, or whether it will be ignored. In any event, the artist must put all of him/herself into every stroke, just as you too must give everything you've got on every deal you work on!!!

Despite the notion that deal making is like an art; there is of course, as we all know, much more to running a successful business than being a good artist.

Though written more than 20 years ago, here are some practical tips offered by The Donald in the book, seemingly every bit as relevant today...
• Think big.
• Protect the downside and the upside will take care of itself.
• Maximize your options.
• Know your market.
• Use your leverage.
• Enhance your location.
• Get the word out.
• Fight back.
• Deliver the goods.
• Contain the costs.
• Have fun.
There you have eleven tips from The Donald! Follow them and you too could become
a real estate mogul and TV star!!!

And so it goes without saying, if you're going to have any chance of following in his footsteps in becoming a real estate mogul, you MUST have a good mortgage broker!

That's where I come in!

For mortgage solutions call
David Grossman
@ 416 876 2031...
and get the service you deserve!
• Residential or commercial mortgages
• Good or bad credit (The Donald knows about bad credit!)
• Urban or rural properties
• Self employed
• New immigrants
• Private and institutional funds available
I look forward to hearing from you!

David Grossman
Mortgage Specialist
Tel. 416 876 2031

Website: http://www.mortgagemensch.ca

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.

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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Watch this Video and find out who is Lending Money

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

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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

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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.    

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)

A Holiday Greeting for You

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)

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)

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