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Old 02-06-2017, 10:40 AM   #181
MillerTime GFG
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Great article here that accurately reflects what it's like today. It used to be easy to give rate quotes to clients within the first 10 seconds of a phone call, but that has completely changed in the last 6 months-year.

I feel a little car-salesman-y (the sleezy ones, not the good ones ) when I tell potential new clients I need an application before I can give an accurate rate quote, but the fact is, there are so many factors to consider now. The worst thing I can do is over-promise and under-deliver.

"Looking for your best mortgage rate? Here's 20 questions to ask"

Quote:
1) What’s the term?
  • Mortgage contract length (“term”) and rate type (fixed or variable) are usually the biggest factors impacting your rate.
  • As of this writing, the cheapest five-year fixed rate, for example, costs 50 basis points (bps) more than the cheapest five-year variable rate. (Note: 100 basis points equals one percentage point, so 47 bps equals 0.47 percentage points.)
2) Is the mortgage for your primary residence, a second home or a rental that you won’t live in?
  • If you rent out the property and don’t live there, you’ll pay up to 25 bps more than if it were your primary residence.
  • The cheapest rates are seldom available on second homes or unusual properties.
http://www.theglobeandmail.com/globe...+Article+Links
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Last edited by MillerTime GFG; 02-06-2017 at 10:42 AM.
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Old 02-07-2017, 11:59 AM   #182
MillerTime GFG
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Pretty excited about this, as it has been in the pipeline for quite a while. Our brokerage has partnered with Lendful, so I can now officially offer unsecured loans. Here are the details:

- $5,000 - $35,000
- Rates starting as low as 7.9%
- 6-month to 5-year terms
- Lending to clients with beacon scores as low as 600
- Funding within 24 hours
- Soft credit pull to qualify

Loans can be used for:
- Debt consolidation
- Home improvement and renovations
- Weddings
- Vacations
- Investments
- Education
- Down payments (inquire for details)

The process:
- Forward your name, email address, and cell number

- I will forward this information onto our rep at Lendful
- Lendful will contact as quick as possible to underwrite the loan and collect the required loan documents

I will be making sure to discuss whether this product is right for my clients before simply sending it in, and would be happy to have these discussions with you as well. This is just another tool to add to the box, but there can be superior options depending what your situation is.

I can personally think of dozens of scenarios over the years where this would have been a great fit. Examples:
- Client has debt but not enough equity in home to consolidate
- Client has debt but is facing too large of a penalty to break current mortgage for refinance
- Client has debt, but bruised credit to refinance with an A-lender


Feel free to fire away any questions/inquiries you may have in here or through PM/email.

Thanks!
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Old 03-01-2017, 10:30 AM   #183
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Bank of Canada holds key interest rate, meaning prime lending rates will hold at 2.70%.

Starting to see a shift in consumer-interest from fixed rates to variable rates, as fixed rates have trended upwards over the last 6 months and variable spreads increasing.

Some really good variable rates available. PM for more info.
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Old 03-02-2017, 08:25 AM   #184
MillerTime GFG
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"How to buy a home the right way"

http://www.cbc.ca/news/business/cmhc...date-1.4002973

Includes the CMHC free guide to buying a home. Rent vs. ownership, home affordability, up-front costs of owning, etc.

Note the debt servicing ratios of 32% (GDS) and 40% (TDS) for CMHC are actually well below what they will allow, at 39 and 44% respectively. However, a few financial advisors I work with like to use 32/40 for their clients. It's important to find the right range for you and your lifestyle.
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Last edited by MillerTime GFG; 03-02-2017 at 08:30 AM.
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Old 03-20-2017, 09:29 AM   #185
MillerTime GFG
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Bump.

If anyone's looking to purchase in the spring market, or is coming up for renewal, there are some great rate promos from various lenders as they fight for their share of the 'spring market pie'.

If you'd like to discuss your options over the phone or in-person, feel free to PM me directly here, or see OP for contact details.

Greg
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Old 03-22-2017, 09:03 AM   #186
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How to check if you have unclaimed money in the Bank of Canada:

http://www.bankofcanada.ca/unclaimed-balances/

http://globalnews.ca/news/3323272/ca...edium=Facebook

Quote:
Millions of dollars are sitting right now in unclaimed bank accounts.
At the end of last year, the Bank of Canada was holding approximately 1.8 million unclaimed balances worth $678 million.
“The biggest balance we have on our banks right now is about $800,000,” said the Bank of Canada’s Josianne Menard.
If a bank account has been dormant for 10 years, the balance is turned over to the Bank of Canada. Unclaimed balances of less than $1,000 are held for 30 years. Amounts more than $1,000 are held for 100 years.
“There’s a lot of money out there that people simply forgot about,” Menard said.
Sadly, I did not have a bank account I forgot about. Was hoping I did something stupid (or SMART!) whilst intoxicated once upon a time, but to no avail.

Is anyone rich?!
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Last edited by MillerTime GFG; 03-22-2017 at 09:05 AM.
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