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)
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)
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!
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