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

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.

Watch this Video and find out who is Lending Money

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

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

Up to 85% Financing on Owner-Occupied Commercial Properties

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

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

I want to hear from you!

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

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

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

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)

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)

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

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!

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

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

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.

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

You're looking for a mortgage and you're declined by 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.

Fixed or variable rate mortgage discussion with singer Limore

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.