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
Showing posts with label bad credit mortgage. Show all posts
Showing posts with label bad credit mortgage. Show all posts
Wednesday, March 14, 2012
Thursday, November 11, 2010
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)
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.
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.
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