Below is a link to a Calgary Herald article regarding a type of mortgage fraud.
http://www.calgaryherald.com/entertainment/Mortgage+frauds+rise+Calgary/1568065/story.html
One of the common issues that people in Calgary who are looking to refinance is the current market value of their property – the tax assessment says one thing but the market says another. People are frustrated and are wondering where the bottom of the market is.
Well Royal LePage seems to believe that prices are holding up better than expected.
http://www.cbc.ca/canada/calgary/story/2009/04/08/lepage-housing.html
I find the graph at the bottom of the page very interesting – namely that prices in St Johns Newfoundland have increased in the last 12 months Wow!
Cheers!
The iceberg is a beautiful and powerful sight. While it floats out of the water, its true wonder lies beneath the surface. A Mortgage Broker is no different. When I ask people in our neighborhood about the benefits of a Mortgage Broker, I typically hear the same thing, “They got me a great interest rate.” While this is often true, it is also only the tip of the iceberg. Mortgage Brokers can do so much, and it is a shame when people do not take advantage of all of our services.
A Mortgage Broker asks all key questions of you before you move forward. We ask lots of questions in the process because the lenders are going to ask. The more we understand, the more we can be prepared to answer all of your questions and their’s. We also check your situation with lenders before you move forward. Each situation, the details of your finances and your purchase desires, is unique. Knowing that your specifics have been dealt with leads to peace of mind. We do not always have the answers, but when in doubt, we will check with key lenders in order to get the best answer for you.
In order to meet with lenders you must have certain documents gathered. We assemble this paperwork to confirm your situation before you commit to purchase or refinance. The documents are important as they can tell your story from a different perspective; one that can affect your overall application. We check what the paperwork is saying to be sure you understand your situation as the lending institutions will.
There are many players involved in the purchase of a new home, including realtors and lawyers. Your Mortgage Broker can work directly with your realtor for a better and stronger team dynamic. It is important to have continuous communication between you and your realtor. Communication is a key driver for all business activities. We open the lines of communication to strengthen your team. We can also follow-up with your lawyer if necessary, to confirm dollar amounts, closing dates or other miscellaneous but important details. It is in everyone’s best interest to ensure that there are no problems at any point of the process. Your Mortgage Broker will typically keep in contact with your lawyer’s office to steward the final part of the purchasing process.
The money side of a home purchase can seem daunting so we confirm that your payments will work for you before you commit. For many of us, the use of financing is based upon how it will affect our monthly budget. We let you know all the costs associated with your purchase. Your Mortgage Broker can mitigate most, if not all, of the risks in your file. Because we are active daily in the business of lending money we understand it as well as the risks associated with your specific situation. What if there’s an accident or death after the purchase? Your Mortgage Broker can give you information regarding mortgage insurance as well as other options for life and disability insurance to assure that your family and your home are protected.
While all of these are services your Mortgage Broker can offer; some of the greatest are understanding and knowledge. We can explain the process and the documents in a way that you can understand. We make sure you are comfortable with what is being done. If you do not understand due to a language barrier, it is vital to find a Mortgage Broker who can speak in your native tongue.
The real value of a qualified Mortgage Broker goes far beyond getting you a great rate. We can be helpful in stabilizing the entire refinancing or purchasing process. By taking advantage of all the tools that Mortgage Brokers have at their disposal, you can ensure the smoothest home buying purchase possible. Please take a moment to ask your friends or do some research on the web to find out which Mortgage Brokers can offer you the great service you deserve. The resulting smooth and worry free purchase will be well worth your time.
In my last column I looked at the reasons why you should consider using a Mortgage Broker to help find the financing you require: Mortgage Brokers have the expertise, the experience, and their services are typically at no charge to you.
Armed with this information, you have decided to use a Mortgage Broker – there are literally hundreds of them in Calgary and the surrounding area. Looking up names in the phone book or on the internet doesn’t really tell you anything. Are all Brokers created equal? Do they all have the same access to lenders and products? How do you know if they are all equally competent? In short, how does one pick a Mortgage Broker?
The answer to this question is not simple. There are many factors to look at. Here are the key things for you to consider when choosing your Mortgage Broker. Use these as guidelines to get you started on your journey.
Do your due diligence then trust yourself. You will have made a good choice for the person that is right for you so stick with that Broker instead of shopping around further. A great Mortgage Broker will work hard for you and they deserve to be treated with respect. Speak to them directly about any issues or concerns that may arise and be clear and honest about your expectations. Communication is the core of any good relationship: especially with your Mortgage Broker.
Use this list as a starting point and add to it based on your specific needs. It is important to have thought through these questions prior to your first meeting. Have the list handy and don’t hesitate to refer to it as you are interviewing your new Mortgage Broker. While this may seem like a lot of work, you will find that you will be able to get the answers to these questions in a few short phone calls. The benefit in the end is a business relationship that you are comfortable with and can trust.
As of today most of us have been back in the office for a bit more than a week. Our holiday binging is over and for the most part we are beginning to feel back to normal.
The New Year so far has been filled with doom and gloom from our media in Canada. Sometimes it seems like they get paid some type of bonus for every bad news story they can publish. So with all of this bad news coupled together with a credit card bill that we all are expecting in the next couple of weeks it is no wonder that we feel a little glum.
So this week I have two things I want to discuss.
Firstly I am going to suggest that we all make a concerted effort to pay down our consumer debt in the first quarter of 2009. I am not a credit councilor but I know that paying down your high interest rate consumer debt is good place to start.
Secondly I am telling everyone I know that participating in the recession is a choice. If people want to join The Sky Is Falling Club let them but you can make a choice not to join. So in my case instead of feeling sorry for myself I have tripled my marketing this year and have worked hard to know where my money is going and to reduce my expenses.
I have made a commitment to end 2009 in a far better position than I entered it regardless what the media has to say about our economy.
I hope you join with me.
Happy New Year!!!