Navigating The Mortgage Maze - Mortgage Broker Milton Ontario

408 views

Published on

Has your bank told you you don't qualify for a mortgage? You are not alone. With the new mortgage rules, more and more clients are being told no. As a mortgage broker our job is to navigate the maze of lenders and their products to find the mortgage that is right for your financial situation. Their are many more opportunities outside your bank.

Published in: Economy & Finance
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
408
On SlideShare
0
From Embeds
0
Number of Embeds
2
Actions
Shares
0
Downloads
0
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Navigating The Mortgage Maze - Mortgage Broker Milton Ontario

  1. 1. Mortgage Agent #M10001503 Servicing Milton, Oakville, Burlington, Mississauga and GTA in Ontario Brokerage #12358
  2. 2. Alt A High Ratio Conventional GDS Non- Conforming TDS Credit History Verified Income Derogs Tr a nsf er Pre-payment Privileges Genworth A Walk in the Park
  3. 3. New Mortgage Rules Banks Adapting - changing product offerings - changing qualifying criteria Self Employed Increasing Overall Economic Caution Call Direct: 647-274-6029 www.MortgageSource.biz Mortgages Originated as a Licensed Agent of Mortgage Allies #12358. License #10001503
  4. 4. Call Direct: 647-274-6029 www.MortgageSource.biz Questions asked by a Lender: A. What do you need to do? B. How much you putting down? C. How’s your Credit Score? D. Income Type? E. Total Debts? F. Credit History? Mortgages Originated as a Licensed Agent of Mortgage Allies #12358. License #10001503
  5. 5. Call Direct: 647-274-6029 www.MortgageSource.biz • Purchase - What: Home, 2nd Home, Rental, Investment, Vacant Land • Mortgage Renewal - Existing Lender and Renewal Offer - Over 80% LTV Switch or Transfer • Mortgage Refinance - Maximum 80% - Debt Consolidate - Amortization Schedule to ensure savings Mortgages Originated as a Licensed Agent of Mortgage Allies #12358. License #10001503
  6. 6. Call Direct: 647-274-6029 www.MortgageSource.biz • Less than 20% - High Ratio - Insured CMHC, Genworth, Canada Guarantee • More than 20% - Conventional - A Lenders: Insured / Non-insured - B Lenders: Conforming / Non-conforming Over 65% must conform to Credit Score, TDS and Income If LTV <65% does not need to conform Mortgages Originated as a Licensed Agent of Mortgage Allies #12358. License #10001503
  7. 7. Call Direct: 647-274-6029 www.MortgageSource.biz Beacon Score B Lenders Expensive Money A Lenders Cheaper Money General Rule of Thumb. Entirely dependent on the lender. Mortgages Originated as a Licensed Agent of Mortgage Allies #12358. License #10001503
  8. 8. Call Direct: 647-274-6029 www.MortgageSource.biz • Verified Income - Paystub, Employ Letter, NOA’s, T1 Gen’s, Financials • Non-Verified or Stated Income - Side A: Business License, Articles, Invoices, Websites - Side B: Reasonability - Insured or non-insured Mortgages Originated as a Licensed Agent of Mortgage Allies #12358. License #10001503
  9. 9. Call Direct: 647-274-6029 www.MortgageSource.biz • TDS – Total Debt Servicing - Credit score >680 then Maximum 44% - Credit score <680 then Maximum 39% - B Lender: On exception to 48% - Income type: Verified or Stated (Reasonability Test) - Amortization 30 to 35 Years (even 40 years) Mortgages Originated as a Licensed Agent of Mortgage Allies #12358. License #10001503
  10. 10. Call Direct: 647-274-6029 www.MortgageSource.biz Equifax and Transunion - Proprietary Algorithms - up to 7 year history (14 years for 2nd bankruptcy) • R1 to R9 and I1 to I9 - Payment history • Derogs - Judgments, Collections, Consumer Proposals, Bankruptcy - Closed by Credit Guarantor - Written Off Mortgages Originated as a Licensed Agent of Mortgage Allies #12358. License #10001503
  11. 11. Call Direct: 647-274-6029 www.MortgageSource.biz Mortgages Originated as a Licensed Agent of Mortgage Allies #12358. License #10001503
  12. 12. Call Direct: 647-274-6029 www.MortgageSource.biz Mortgages Originated as a Licensed Agent of Mortgage Allies #12358. License #10001503
  13. 13. Warwick Johnston Your “Mortgage Source” Servicing Milton, Oakville, Burlington, Mississauga and GTA in Ontario

×