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Financing, Mortgages and Insurance What options are best for you and your situation?


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  #1  
Old 2009-05-05, 08:34 PM
EBLAIR EBLAIR is offline
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Default Mortgage closing by May 29/09?

21-months at 2.90% and you can then move into the lender's best 5-year fixed rate at anytime during the 21-month period.

Closing date: Mortgage deal must close by May 29, 2009.

Insurance: Only insured mortgages (insured with CMHC).

Type of Mortgages: Purchases, mortgage switch/transfer, or re-finance business.

Elizabeth Blair, Mortgage Edge
Website: www.missmortgage.ca
Email: eblair@mortgageedge.ca
Phone: (905) 510-5785
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  #2  
Old 2009-05-06, 12:01 AM
oakvillehomeowner oakvillehomeowner is offline
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didn't the US have these mortgages just before their real-estate crash, where people were locked into a long term commitment but their low introductory rate was only for a short period of time?

of course a real-estate crash can't happen here - these are cmhc insured. as a taxpayer, i'm just ecstatic that i get to pay for these mortgages when they go bad. just tickled pink.
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Old 2009-05-06, 06:28 AM
Fingers Fingers is offline
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All of EBLAIR's posts are extremely misleading. She's not mentioning any of the lender's stipulations, just extremely low rates. When I asked her in PM to post all of the fine print, like the extremely limited prepayment options, or even asking who the lender is, she replies "these things are not important, whats important is the amazing service I offer my clients".

Well what are you selling? Really low rates or really great service? Because you're not really offering THAT great of a service if you bait and switch.

IMHO, of course.
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Old 2009-05-06, 09:49 AM
oakvillehomeowner oakvillehomeowner is offline
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kinda like real-estate agents, some mortgage brokers make a living by keeping the details of their business (listings or lenders) secret. it's gotta be a dying profession.
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Old 2009-05-06, 10:47 AM
ijaaz ijaaz is offline
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I just went with a variable rate for 5 years at prime +0.6. I think that currently, it works out to 2.85%.
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Old 2009-05-06, 11:39 AM
realtycoon realtycoon is offline
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Quote:
Originally Posted by Fingers View Post
All of EBLAIR's posts are extremely misleading. She's not mentioning any of the lender's stipulations, just extremely low rates. When I asked her in PM to post all of the fine print, like the extremely limited prepayment options, or even asking who the lender is, she replies "these things are not important, whats important is the amazing service I offer my clients".

Well what are you selling? Really low rates or really great service? Because you're not really offering THAT great of a service if you bait and switch.

IMHO, of course.
What service would I even need from a mortgage rep? Will they be there for me 2 years into a mortgage term when there are possible questions/disputes?!?
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Old 2009-05-07, 09:31 PM
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canabiz canabiz is offline
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Guys, in her defence, she's here to provide a service and if you like what you see, go ahead and contact her for more details. It's a given that you need to do your homework beforehand. Some people like the low rates, other things be damned, some other folks prefer more flexibilities...they all vary based on the individual's financial situation.
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Old 2009-05-07, 10:44 PM
Fingers Fingers is offline
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Quote:
Originally Posted by canabiz View Post
Guys, in her defence, she's here to provide a service and if you like what you see, go ahead and contact her for more details. It's a given that you need to do your homework beforehand. Some people like the low rates, other things be damned, some other folks prefer more flexibilities...they all vary based on the individual's financial situation.
That's the thing, I DID contact her for more details (I just refi'ed). She got flustered and said that she's selling her amazing customer service -- not the low rates.
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Old 2009-05-10, 05:10 PM
EBLAIR EBLAIR is offline
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Default Questions?

Hey all, I am here to answer questions, of course, so what are the questions?



Elizabeth Blair, Mortgage Edge
Ph: (905) 510-5785
Email: eblair@mortgageedge.ca
website: www.missmortgage.ca
Lic # M08005880
Brokerage Lic # 10680
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  #10  
Old 2009-05-10, 05:19 PM
EBLAIR EBLAIR is offline
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Default service from a mortgage rep...what is the value?

Quote:
Originally Posted by realtycoon View Post
What service would I even need from a mortgage rep? Will they be there for me 2 years into a mortgage term when there are possible questions/disputes?!?
This is a great question, so let me address it. When you are assisted with finding a mortgage rate and lender, once you sign the "mortgage contract", you then become a client of that bank, or lender and so of course, ongoing service, on your mortgage, comes from the lender. The VALUE in dealing with a mortgage rep, would truly come with initial mortgage servicing. So what really is the "value" of dealing with a mortgage rep anyway??

Here are some compelling truths, around this question....

A mortgage broker or agent acts as a MEDIATOR or a representative between the client and the bank/lender and when trying to decide whether a "mortgage rep" has any value, here are some things to consider, IF you decide to work with your own bank directly yourself:

a) what if something goes wrong?
b) who will represent you?
c) will you be able to navigate through escalation channels to get something done?
d) will you be able to successfully negotiate what you want on your own?
e) what if the lender says no?
f) how easy will it be for you to get the deal you want from another bank and on your own?

You may be asking, so how does a mortgage rep mediate between the borrower and the bank?

It is easy to quickly assess that any individual’s business, is truly like a small rain-drop in an ocean, to a bank, but NOT SO when business originates from a broker’s office. Mortgage Broker offices generate enormous volumes of business for lenders and therefore with this huge purchasing power, comes privilege.

If for example, an office has 50 representatives, who are actively carrying on in the business of dealing in mortgages. Lets say that each representative has placed 2 million dollars of mortgage business with a particular lender. The brokerage now has a combined volume of 100 million dollars of business with that particular lender. Now that kind of business volume will make anyone sit up and pay attention, agree? So essentially the high volume of mortgage business, that a brokerage has, for a lender, will secure some real benefits, for the client, looking for financing:

1) the lender may now pass along additional mortgage rate discounts to those brokerages who have reached a particular sales volume;

2) a large brokerage will immediately receive dedicated focus and attention from individual lenders, for example, dedicated underwriters. A dedicated underwriter means that a submitted mortgage deal is reviewed quickly and this is essential to maintain the service level to the demands of a busy brokerage;

3) access to senior levels of management. When a lender has a particular brokerage that brings in substantial volumes of business, there is an extremely high importance level based upon that business unit and this is a simple formula to understand: high volumes of business demand greater care as the brokerage now has the ability to move business elsewhere if service levels and satisfaction levels are not adequately maintained to satisfy the brokerage. For the borrower, this means that a difficult situation can be escalated quickly to senior management and issues can be reviewed and approved that an individual client would not easily be able to accomplish on their own.

Elizabeth Blair, Mortgage Edge
Phone: (905) 510-5785
Email: eblair@mortgageedge.ca
Website: www.missmortgage.ca
Lic # M08005880 / Brokerage Lic # 10680
Head office:: 15 Wertheim Court, Suite 210, Richmond Hill, Ontario, Canada.

Last edited by EBLAIR; 2009-05-10 at 05:26 PM. Reason: spelling
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