Our Brokerage has openings for Experienced Mortgage Agents who have least 2-3 years in the business. Similar Bank experience as a Mortgage rep would be suitable.
We offer access to Canada's top lenders. Status with the major A Lenders resulting in top tier commissions and dedicated Underwriters.
Top commission splits available to strong volume producers.
Work with a experienced Principal Broker who sells actively and understands the market
Mortgage Centre Canada is an Iconic brand in the Canadian Mortgage space.
Access to a Free CRM program
Access to Benefits
Access to Commercial lending
Access to Equipment Leasing products
Access to a White Label product
Mentoring and Coaching available
Contact Bob at beach.b@mortgagecentre.com
Monday, 22 July 2013
Tuesday, 9 July 2013
Toronto Flooding Shuts down some Lenders
Yesterday was a tough day in the Mortgage Business. Several Lenders were forced to shut down there approval centers because of flooding and power outage issues.
They are getting back to normal today but some still have no power in their buildings.
An unrelated issue also hampered service when Filogix, the software delivery system most banks and brokers use went down for several hours yesterday.
I managed to get 3 new deals approved despite these issues.
Hopefully we will be back to normal later today.
They are getting back to normal today but some still have no power in their buildings.
An unrelated issue also hampered service when Filogix, the software delivery system most banks and brokers use went down for several hours yesterday.
I managed to get 3 new deals approved despite these issues.
Hopefully we will be back to normal later today.
Monday, 8 July 2013
Poor Credit and Difficult to prove Income Mortgages still get good rates
We call these non conforming or B deals.
Example, the bank wont approve you because you have a low Beaon score on your credit and some late payments. Or, you are self employed and don't show enough income.
My B Lenders offer rates for deals like this between 3.70% and 5.00% The average rate for a 2 year term is about 4.50%. The higher rate offsets the risk the Lender feels they take on with income or credit challenges.
Not bad when you consider anything under 5% would be thought of as a good rate in the last 10 years.
I usually place clients with these challenges in a 2 year mortgage. The hope is that during this 2 year term, the client will be able to repair their credit or get their 2 years NOAs from their business.
At that point we can move the deal back into an A deal at prime rates.
Bob
Example, the bank wont approve you because you have a low Beaon score on your credit and some late payments. Or, you are self employed and don't show enough income.
My B Lenders offer rates for deals like this between 3.70% and 5.00% The average rate for a 2 year term is about 4.50%. The higher rate offsets the risk the Lender feels they take on with income or credit challenges.
Not bad when you consider anything under 5% would be thought of as a good rate in the last 10 years.
I usually place clients with these challenges in a 2 year mortgage. The hope is that during this 2 year term, the client will be able to repair their credit or get their 2 years NOAs from their business.
At that point we can move the deal back into an A deal at prime rates.
Bob
Thursday, 4 July 2013
5 Year Fixed Mortgage 3.39%
While most banks have raised their 5 year fixed mortgage to 3.59 % or 3.69%, I have a great lender who is still offering 3.39% and a Line of Credit available for Prime plus .50%
I also have 5 year Variable mortgages at Prime minus .40% ( 2.60%)
In most cases my services and 30 plus years of experience are free to my clients.
Bob
I also have 5 year Variable mortgages at Prime minus .40% ( 2.60%)
In most cases my services and 30 plus years of experience are free to my clients.
Bob
Mortgage Rates are up but Good Deals are still Available
In recent weeks the 5 year fixed mortgage rate has jumped from 2.89% to 3.59%. This 70 Bps jump will increase the average Burlington mortgage payment by $175.
If this kind of increase continues many believe the healthy market we are seeing will dry up.
I see many clients considering the 4 year term which is still available under 3%. The challenge with choosing this term is most buyers will need to qualify for the mortgage under the Canada Qualifying rate of 5.14%.
Another choice that is regaining popularity is the 5 year Variable mortgage. At Prime minus 40 or 2.60% its looking like a bargain. Like the 4 year term, clients need to qualify at 5.14% .
I think the 5 year rate will fall back as the bond market settles and competition for market share kicks in with the Lenders and the pie shrinks.
Until then, consider these other 2 options and call me for my advice!
If this kind of increase continues many believe the healthy market we are seeing will dry up.
I see many clients considering the 4 year term which is still available under 3%. The challenge with choosing this term is most buyers will need to qualify for the mortgage under the Canada Qualifying rate of 5.14%.
Another choice that is regaining popularity is the 5 year Variable mortgage. At Prime minus 40 or 2.60% its looking like a bargain. Like the 4 year term, clients need to qualify at 5.14% .
I think the 5 year rate will fall back as the bond market settles and competition for market share kicks in with the Lenders and the pie shrinks.
Until then, consider these other 2 options and call me for my advice!
Wednesday, 26 June 2013
MORTGAGE RATES CONTINUE TO CLIMB
How high will they go? It depends on the Bond market and the 5 year Canadian bond yield.
The best 5 year has gone from 2.89% to 3.39% in only 3 weeks.
This is happending because of the turmoil in the US surrounding the government possibly cutting the
economic stimulous program. The bond prices have gone up as a result and Mortgages are funded by bonds.
This happened 3 years ago and rates went from the low 3.29% range to as high as 4.89%.
They did trickle back down over a 6 month period.
My advice is to work through a broker and get a rate set through pre approval to hold todays current rates.This will stop the bleading.
I think these rates a nearing a peak and clients serious about buying a home or refinancing should be prepared to shop hard or use a broker. There are still some great deals out there. If rates drop in the next 90-120 days, the client will get the lower rate provided they haven't closed their deal.
The best 5 year has gone from 2.89% to 3.39% in only 3 weeks.
This is happending because of the turmoil in the US surrounding the government possibly cutting the
economic stimulous program. The bond prices have gone up as a result and Mortgages are funded by bonds.
This happened 3 years ago and rates went from the low 3.29% range to as high as 4.89%.
They did trickle back down over a 6 month period.
My advice is to work through a broker and get a rate set through pre approval to hold todays current rates.This will stop the bleading.
I think these rates a nearing a peak and clients serious about buying a home or refinancing should be prepared to shop hard or use a broker. There are still some great deals out there. If rates drop in the next 90-120 days, the client will get the lower rate provided they haven't closed their deal.
Thursday, 20 June 2013
Another Rate Hike
Hold onto your hats, rates are rising again tonight at midnight.
Several Banks and other mortgage lenders have anounced another increase in the 5 year fixed term.
Most companies will charge 3.19% for a 5 year mortgage tomorrow.
Thats why I preach pre approval all the time.
2 weeks ago we had 5 year money at several lenders prices at 2.89% and a rate guaranteed for 120 days.
On an average mortgage in Burlington, this increase of 30 bps can cost up to $75.00 a month.
Hopefulyl the Bond market will settle down and allow competition amongst the banks to draw the rate below 3% again.
Several Banks and other mortgage lenders have anounced another increase in the 5 year fixed term.
Most companies will charge 3.19% for a 5 year mortgage tomorrow.
Thats why I preach pre approval all the time.
2 weeks ago we had 5 year money at several lenders prices at 2.89% and a rate guaranteed for 120 days.
On an average mortgage in Burlington, this increase of 30 bps can cost up to $75.00 a month.
Hopefulyl the Bond market will settle down and allow competition amongst the banks to draw the rate below 3% again.
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