Did you read the fine print in your mortgage? This client didn’t

We recently completed a mortgage for client that was refinancing his property to get a larger mortgage and use the additional funds for investment purposes.  The bank that he was looking to pay out had a clause in their mortgage that basically read “you cannot payout your mortgage unless the property has been sold”.  ThisContinue reading “Did you read the fine print in your mortgage? This client didn’t”

Here is a sure fire way to freeze up the economy

If you own a home or have ever purchased a home but did not have more than 20% to use as a down payment chances are that your mortgage needed to be insured by CMHC or another company.  Mortgage insurance helps banks and lenders in the event that you stop making mortgage payments and yourContinue reading “Here is a sure fire way to freeze up the economy”

1,000 pages later

Talk to any banker, lender, mortgage specialist or broker about paperwork and one of their biggest frustrations  would be “when clients send me their information in bits and pieces over dozens of emails and faxes”.  It’s amazing that everyone needs access to the documents and information associated with a borrower but there is no streamlinedContinue reading “1,000 pages later”

What if credit scores did not exist?

As a pick-up from yesterday (click here) regarding why credit scores are so important I thought I would offer another side of credit scores:  What if credit scores did not exist?  Having worked with borrowers for more than a decade I can tell you that a credit score is a real data point that banksContinue reading “What if credit scores did not exist?”

How much does my credit score really matter?

It’s amazing to me that many of the clients that come to us seeking a mortgage or loan do not know their credit score.  In fact, not only do they not know their credit score most of them have never even seen their personal credit report.  I find it amazing because your personal credit scoreContinue reading “How much does my credit score really matter?”

Should I get a second mortgage?

This is a great question that we often get asked and often consider when someone really needs cash but may not qualify to refinance their existing mortgage OR they do not want to pay the penalties associated with paying out an existing mortgage.  There is no perfect answer or a “one size fits all” solution,Continue reading “Should I get a second mortgage?”

$9,000 almost cost a client their new construction home

It doesn’t happen often but sometimes we get to the last days of a deal when all of the pieces can be broken a part by one small unforeseen change. Recently we helped a client purchased a newly constructed townhouse with a well known builder who at the last moment had one of these unforeseenContinue reading “$9,000 almost cost a client their new construction home”

2 clients that hated our service

It’s not every day that a company will share the complaints it receives from its customers but I thought it would be a great opportunity to address some of the things we deal with that people may not know or care to know.  Over the past 12 years I can assure you that not everyContinue reading “2 clients that hated our service”

The one topic I address most often

If someone were to ask me “what is the one topic you have to answer or address most often” I would without hesitation say interest rates.  Borrowers are always very intent on knowing what interest rate they will get, the reasons behind why one bank or lender charges more than another in addition to tellingContinue reading “The one topic I address most often”

Bank versus lender

Often the question is asked of us from people and businesses looking for a mortgage: “What is the difference between a bank and lender”.  They are usually responding to our mortgage quote that they receive indicating the different financing options