Mortgage Realtors Dominion Lending Milton

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Mortgage broker with Value Added Service to realtors. Pre-approvals for clients

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Mortgage Realtors Dominion Lending Milton

  1. 1. Mortgage Agent #M10001503 Brokerage #12358 The Mortgage Maze Presented by:
  2. 2. It’s not about me Value Add Service to Your Business Better Job I do, the more Houses you Sell Educate Clients and Referral Partners Bank’s Make Money SELLING Money!!! I Make Money SAVING Clients Money Assisting Clients with the GOOD Policy – Get Out Of Debt Leverage Equity for Property Portfolio’s Call Direct: 647-274-6029 www.MortgageSource.biz Mortgages Originated as an Agent of Mortgage Allies #12358. License #10001503
  3. 3. Been in Financial Services for many years - Banker (Retail and Commercial) - Stock Broker - Financial Planner (CFP) Licensed with FSCO - Financial Services Board of Ontario Member of IMBA - Independent Mortgage Brokers Association Member of CAAMP – Canadian Asso of Accredited Mortgage Prof Licensed Agent of Neighbourhood Dominion Lending Centres Governed by the MBLAA – Mortgage Brokerages, Lenders and Administration Act
  4. 4. Call Direct: 647-274-6029 www.MortgageSource.biz Mortgages Originated as an Agent of Mortgage Allies #12358. License #10001503
  5. 5. Bank’s Declining Increased 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 an Agent of Mortgage Allies #12358. License #10001503
  6. 6. Call Direct: 647-274-6029 www.MortgageSource.biz Mortgages Originated as an Agent of Mortgage Allies #12358. License #10001503
  7. 7. • Purchase - What: Home, 2nd Home, Rental, Investment, Vacant Land • Existing Mortgage - Lender and Portability - Blend & Extend Rate Offer - Penalty to break Call Direct: 647-274-6029 www.MortgageSource.biz Mortgages Originated as an Agent of Mortgage Allies #12358. License #10001503
  8. 8. • Less than 20% - High Ratio - Insured CMHC, Genworth, Canada Guarantee - Maximum Amortization 25 years • 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 - Amortization up to 35 years Call Direct: 647-274-6029 www.MortgageSource.biz Mortgages Originated as an Agent of Mortgage Allies #12358. License #10001503
  9. 9. Beacon Score B Lenders Expensive Money A Lenders Cheaper Money General Rule of Thumb. Entirely dependent on the lender. Call Direct: 647-274-6029 www.MortgageSource.biz Mortgages Originated as an Agent of Mortgage Allies #12358. License #10001503
  10. 10. 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 Call Direct: 647-274-6029 www.MortgageSource.biz Mortgages Originated as an Agent of Mortgage Allies #12358. License #10001503
  11. 11. • 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 Call Direct: 647-274-6029 www.MortgageSource.biz Mortgages Originated as an Agent of Mortgage Allies #12358. License #10001503
  12. 12. • GDS – Gross Debt Servicing - Mortgage Payment, Property Tax & Monthly Heat - Credit score >680 then Maximum 39% - Credit score <680 then Maximum 35% • TDS – Total Debt Servicing - GDS plus Other Debt (Credit Cards, Loans, LOC’s, Car Payments) - Credit score >680 then Maximum 44% - Credit score <680 then Maximum 42% - B Lender: On exception to 48% - Income type: Verified or Stated (Reasonability Test) - Amortization 30 to 35 Years Call Direct: 647-274-6029 www.MortgageSource.biz Mortgages Originated as an Agent of Mortgage Allies #12358. License #10001503
  13. 13. (A) For 6 months CIBC said no more the $507,000 Thursday a Realtor asked if I could help Friday showed client comfortable numbers of $600,000 Sunday bought a house for $593,000 (B) Small mortgage on principle residence Self employed with minimum income Owns 2 rentals properties, wanting to buy 3rd - kids Leveraged principle to buy additional Bought 3rd rental and Bought a Flip Call Direct: 647-274-6029 www.MortgageSource.biz Mortgages Originated as an Agent of Mortgage Allies #12358. License #10001503
  14. 14. • Educate Clients and Referral Partners • Pre-Qualify Numbers (How much can they afford) • Pre-approvals (Rate Holds) • Commitments within 48 hours (Offer & MLS) • Progress Communication • Feature Sheet Mortgage Charts • Focused on building Property Portfolio’s Call Direct: 647-274-6029 www.MortgageSource.biz Mortgages Originated as an Agent of Mortgage Allies #12358. License #10001503
  15. 15. Warwick Johnston Your “Mortgage Source” info@mortgagesource.biz www.MortgageSource.biz Mortgage Agent #M10001503 Brokerage #12358

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