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Old 02-06-2017, 10:40 AM   #181
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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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Old 02-07-2017, 11:59 AM   #182
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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
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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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Old 03-20-2017, 09:29 AM   #185
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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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Old 04-03-2017, 12:10 PM   #187
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I'm booking in meetings for anyone who'd like to see what their options are as we are now in full swing of the spring-market. Lots of lenders releasing their specials to capture their piece of the pie.

120-day rate holds available. Purchases, refinances, renewals/transfers, new builds, etc.

Lastly, we will be hosting a (free) lunch and learn on Wednesday, April 19th from 12:00-1:30. (Last 30 mins. will just be questions if you need to pop out early).

Topics: How sole proprietors/business owners can access financing for business needs, as well as cash-flow planning for businesses - ie. -
running your business, pre-emptively preparing for access to credit before you need it, and how the use of credit can complement a strong foundation for businesses.
This will be featuring SmartCap as well as a financial planning firm we work closely with. Would love to see some CP faces, so PM to confirm attendance or to request more details.

Greg
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Old 04-06-2017, 10:09 AM   #188
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MCAP Releases New Conventional Lending Program:

Conventional lending (< 20% equity/down payment) has become quite a bit more expensive than high ratio (>20%) since the government-imposed changes late last year, so lenders have been scrambling to adjust their solutions. MCAP has released a very cool new product, and are the first to do so.

Essentially they're offering very low interest rates on 5-year fixed, but are charging a 1% fee (of the mortgage balance) that is added on top of the balance. Using a $400,000 mortgage amount, the savings came in at over $2,500 over a 5-year term (including the 1% fee) when compared to a standard 5-year fixed rate with other lenders.

These savings will actually increase as the equity increases, as the rates drop accordingly to the LTV (loan to value).

Really cool and exciting program. Important to note this is a full featured mortgage, so no restrictions on porting/increased penalties etc. There are some terms and conditions, so please feel free to inquire with any questions in here or via PM.

Thanks,
Greg
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Old 04-24-2017, 10:46 AM   #189
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Lunch and learn - "Am I Ready to Buy a Home?"

Hi all - we're doing a joint lunch and learn with a Financial Planning firm we work closely with on Wednesday, May 17th from 12:00 - 1:30.

Description

Are you looking at purchasing your first home?
Are you considering purchasing another home, or upgrading your home to something larger?
Are you thinking about purchasing a rental property?

Things to consider

How do I qualify for a mortgage? Do I understand what is required from my credit score?
How much do I need for a down payment?
Are there additional fees or charges I have to pay when I purchase my home?
What products can be used for the purchase of a home?
How much does home ownership cost? Is it better to rent or to own?

Would love to see some familiar (CP) faces. Register here: https://www.eventbrite.ca/e/am-i-rea...6?aff=Smartcap as well as PM me so I know you're coming.

Greg
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Old 05-12-2017, 02:46 PM   #190
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Check out my latest video with a financial planner I work closely with. Topics:
- Recent industry changes
- Fixed vs. variable mortgages
- Bank vs. broker
- How I differentiate myself in the industry



Please feel free to let me know your thoughts!
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Old 05-12-2017, 03:34 PM   #191
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Quote:
Originally Posted by MillerTime GFG View Post
Check out my latest video with a financial planner I work closely with. Topics:
- Recent industry changes
- Fixed vs. variable mortgages
- Bank vs. broker
- How I differentiate myself in the industry



Please feel free to let me know your thoughts!
Get new socks, you wicked witch of the east.

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Old 05-12-2017, 04:30 PM   #192
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Quote:
Originally Posted by Since1984 View Post
Get new socks, you wicked witch of the east.

Noted!
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Old 05-15-2017, 10:17 AM   #193
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Just a reminder that we're doing a lunch and learn this Wednesday. Food is free. Info is free.

RSVP here: https://www.eventbrite.ca/e/am-i-rea...6?aff=Smartcap

Make sure to PM me to let me know if you're coming as well so I can keep track of the CPers!
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Old 05-26-2017, 02:45 PM   #194
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I was featured in a CREB article today discussing RRSPs for down payment. If anyone would like to know more, please don't hesitate to reach out.

Check it out here: http://www.crebnow.com/borrowing-made-easy/

Happy Friday ya'll!
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Old 05-31-2017, 11:11 AM   #195
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Own a rental property?

I'm noticing that probably 90% of new clients with rental properties DO NOT have efficient mortgages setup on them. The two major things you want to ensure with a rental property are:

1. Are you cash flowing as much as possible?
2. Is your mortgage setup to maximize tax advantages?

If you do own a rental and are curious to see if you have an efficient mortgage on it, I'm happy to have a discussion with you, free of charge of course. There are some very powerful strategies that can be implemented around a rental property that will no doubt help accelerate your financial plan.

PM or email directly to set up an introductory phone meeting.
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Old 06-05-2017, 04:38 PM   #196
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MCAP and BMO release cool new promotion:

From June 1st to August 31st, 2017, any new submissions and closed mortgages with MCAP will give you the opportunity to get free unlimited banking with BMO:

Quote:
the BMO Bank Unlimited Plan (the BMO BUP). The BMO BUP offer provides premium banking features while allowing customers to avoid fees on their everyday banking (with qualifying transactions and products) and when they bank online and use other self-service channels like ATMs.
If you sign up with BMO, you'll receive a free iPad as well. I do have a client information kit for anyone interested. PM if you'd like to see that.

MCAP is one of my preferred lenders anyways, so it's nice to be able to offer this promotion without feeling it's not one of my "go-to's".
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Old 06-20-2017, 12:00 PM   #197
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Great example of why it's important to have a mortgage professional in your corner to help choose a product that's right for you. Too many people shop for a mortgage strictly by interest rate, but there's so much more to it.

http://www.cbc.ca/news/business/go-p...onal-1.4160456
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Old 06-29-2017, 11:32 AM   #198
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So it begins...with whispers of the Bank of Canada increasing rates, and a steadily improving economy, changes are starting:

Significant rate increase by one of my major lenders this morning (a quarter percent!), and I would assume others will follow suit.

If you are coming up for renewal, purchasing new, etc. within the next 4 months, I would recommend getting your application in yesterday. I'd expect other lenders to follow suit before the end of the week.

PM or contact me at 403-998-1490/gregmiller@mysmartcap.com
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Old 06-30-2017, 12:42 PM   #199
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UPDATE:

I have one lender that's waiting until Tuesday most likely to raise their (fixed) rates, and they still have some great specials available with up to 120 day holds on live deals and pre-approvals.

I don't usually work on weekends, but if you want to get an application in, I will be processing them this weekend before the rates go up.

Reach out via phone/email/PM. (Contact details in OP)

Greg
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Old 07-12-2017, 11:52 AM   #200
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Confirmed: Bank of Canada announces overnight rate to go up a quarter percent to 0.75%. Should see lenders start to react tomorrow by raising their prime rates the same amount.

http://www.bankofcanada.ca/2017/07/f...se-2017-07-12/

If you have a variable rate mortgage or HELOC, you can expect your interest rate to go up shortly. Let me know if you have any questions.

Greg
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