Hello all,

This is a new year, filled with new goals, new jobs, and new aspirations. Some of your new goals might include financial goals, career goals, or maybe even investment goals. Whatever your goals may be, as long as you have them you’re already ahead of the rest. Seeing those goals through are what sets you apart from everyone else.

2011 looks promising in the real estate sector, a lot of people are purchasing while others are refinancing. This is all due to the stabilized low interest rates which will continue to stimulate this Canadian economy until rates decide to increase probably well into 2011. Have you asked yourself if your current situation is the best? Better yet, have you asked a professional about your situation? The possibilities are infinite and with these rates you really need to take advantage, whether it be from a purchasing stand point or even a refinancing stand point. The savings are out there…

For example if your current mortgage rate is 5.5% on a $250,000.00 mortgage your monthly payment is $1,332.40

Now if you refinance with today’s lower rates – 3.89% on a $250,000.00 mortgage your monthly payment is $1,085.87

That’s a savings of $246.53 per month which is $2,958.36 a year and over 5 years the savings total $14,791.80…

 That’s HUGE SAVINGS PEOPLE, the point is, start this year off right, talk to a professional, assess your situation, and save yourself some money. It doesn’t hurt to try,  the more money in your pocket and less in the banks pocket is music to my ears, how about yours?

Happy New Year!

It’s been awhile since my last blog but I am back, just been a little busy that’s all!

Anyways, I wanted to talk about how important good advice is, I wanted to touch base on how important it is to choose the right mortgage broker, and more importantly, how the two work hand in hand.

These days people need advice but don’t necessarily know how to go about getting it. It’s important to find someone you can trust with your finances, someone who you know will take care of you, and someone who you know has your best at interest at heart. By statue, myself as a agent/broker must have your best interest at heart first and foremost. Whenever myself or anyone else in my office arranges a mortgage that is not cookie cutter so to speak,  I always include a plan of attack on how to get back on the right track. You would be surprised as to how many people have no clue how credit works. In my experience, the main reason for mortgage hardships is “credit” whether it be from having an excessive amount of credit to virtually none at all, credit is the main factor as to why many people get declined or turned away from banks. Professionals are there to offer the advice, knowledge, and leadership to get these clients who are in the dark about credit back on the right track. We at Fair Mortgage Solutions always want better for our clients, if they have hiccups we put the clients into a mortgage, short term for a year’s time in order to give the clients enough time to fix their credit hiccups. Once the year’s up, if the client has taken our advice and put it into action than we should be able to move the mortgage to a better bank at a better rate. We work with our clients for how ever long it takes, we care, and we are always there to offer good, sound advice.

When choosing a Mortgage broker, it’s important to find someone who is doing this full time. They are constantly in the know how, they are perceived as professionals and have the contacts needed to better serve you as clients. When choosing a mortgage broker, look at their references. If they have any, call past clients and ask them how they would rate their broker’s level of service. After doing that you should have a clear and level head and than can make a conscious decision if this is the right broker/agent for you and your needs.

So a couple week ago, Abode Mortgage Corporation went out of business due to an over night back out of one of their banking investors. Due to this over night back out, it’s left several mortgage deals in the pipeline and still no word if Abode will honor unpaid broker commissions. It surely makes you wonder whose next? You also have to wonder how people can justify using new mortgage companies when a thing like this happens. I know of many brokers, agents, and broker houses are upset with the lack of morals and ethics on the issue of unpaid broker commissions. I mean come on! That’s not how you do good business.  Some of the brokers even commented on ever using a company that hires anyone from the Abode’s upper management division’s again. This is definitely an injustice of sorts and something needs to be done.

Please feel free to comment on this issue, as this is definitely a heated topic around the mortgage industry,

Commercial mortgages are a different beast in itself. We at Fair Mortgage Solutions attack a commercial mortgage right at the heart of the beast! Most brokers are scared of them, where we almost honor them. A lot would call us “ballsy” as my Manager would call it, where we just love a challenge. I have to say congrats to Graeme, it’s not over yet but hard work deserves a great reward.

The market for commercial is tight right now but in this market, it’s not only what you know but who you know. Knowing the right people along with with an extensive knowledge base of our 20+ years of combined experience can be a huge asset.

Toronto Star article. October 13/2009. Goes on to describe boasting and bragging at parties about who has the lowest rate and what was your rate? Can be fixed, can be variable, but the rate is a big bragging point. People used to brag about cars, but now it is your mortgage rate. Not only is rate bragged about but so is the term, amortization, 10 year term, TDSR and GDSR a real kama sutra of options! Predicting rates is like parenting a teenager, you think you know but you really don’t. When people are 25-28 they talk about dating, next it is where you are living then comes mortgage rates. Sort of a cycle. They don’t talk about size of debt, it is all about rate. A broker said “it is not about rate but the important factors are life occurences such as children, job loss and how to plan for that. That is true. Rate is important, the product is even more important and advice is critical.

What’s your rate…. Brag on!

A good crook can beat a smart lawyer. G&M October 14th, 2009. Mortgage fraud continues, but it has lessened. The problem is waning. It is mainly and Ontario problem with some happening in BC. Even getting title insurance still allow some risk. Real estate transaction ripe for manipulation because they are complex and specialized information is involved. Most fraud involves industry insiders. Lawyers can be a key ingredient in the scams. It is CRITICAL to get a good lawyer. The brunt of financial losses being taken by financial institutions and title insurers. FSCO has brought in universal liscensing and disclosure which is having a positive impact. But attraction to commit fraud increases with financially tough times. The criminal mind will not cease, where there is a will there is a way.

There are rumours that some self employed programs that are high ratio may be eliminated or cut back dramatically. The default rates on these programs are sky high at the moment. If you have been self employed for two years with proper documentation and a good credit rating, there are great options available now. But these may come to an end.
Let me know if you have any questions,

Thanks,

Hello Everyone,

I have started a blog on my website to keep you upto date on trends in the market place, on changing innovative products that lenders are offering, and to answer any questions anyone might have regarding your mortgage needs.

I am here to help, so if there is anyway that I can help I will!

Thanks,