- First Timer Buyer Mortgage Crash Opportunities – Good time to buy?
- What NOT to tell your LENDER when applying for a MORTGAGE LOAN
- GoodLeap helps you electrify your home and finance your loan
- Boost speed and accuracy with your own mobile-first mortgage application
- Mortgage Broker vs Direct Home Loan Application with a Bank (Philippines)
- Best Bank In Canada To Get A Mortgage | Part 1
- What should you expect at your first mortgage appointment?
First Timer Buyer Mortgage Crash Opportunities – Good time to buy?
highest Pym here from Niche hope youre,well following on for my yesterdays,video which had over 5 000 views and,lots and lots of comments so thank you,for that I thought Ill do a video on,two practical topics right the first,practical topic section one is all about,people that that are coming up their,mortgages are coming up whether theyre,biting it or Residential Mortgages,theyre coming up in the next year what,they can do some of the steps they can,take right now some of the Practical,conversations they can have with their,existing lenders and what they should be,doing to prepare so thats section one,section two is all about first time,buyers next time buyers and property,investors looking to buy property and,why I think its actually a really good,time to buy yes thats what Ive said I,think its a really good time but why,and you could take advantage of this,Market okay and you know whether you,agree with me or disagree with me let me,know let me know in the comments below,like And subscribe take some times to,review some of my videos take my you,know Ive talked about how lenders fund,themselves okay in the last couple of,videos that I did weve talked about the,market conditions Ive talked about the,buy to let sector and how that could be,a real major change and no ones really,talked about this okay so Ill catch you,on the video let me know what you think,dont forget to like and comment,all right,[Music],hi its Prime here from Niche are you,bored of the news yet are you bored,about the crash interest rates and,everybody telling you about mortgage,terms and mortgage Everyones an expert,now Ive been talking about this for,years Ive been talking about,um the way these this stuff can can,happen quite quickly and some of the,fundamentals behind it but now all of a,sudden everybodys an expert on this uh,and um you know you only have to put all,the news channels on uh to hear you know,from from estate agents now theyve,become too economists do this do that,but I tell you something Ive been doing,mortgages for a long long time and I,have actually uh been through a crash,and this is not a crash,um this is a confidence uh problem,um so all the Doom and Gloom out there,Im telling you now Ive had more,inquiries about mortgages today and,yesterday than the whole of last week,why is that because people see it as an,opportunity there are lots of first-time,buyers I am doing mortgages for right,now now that are continuing to progress,on applications there are people that,are phoning me and getting their ducks,in order to buy buy to let so there are,opportunities so lets talk about those,opportunities lets talk about,instead of the Doom and Gloom okay lets,talk about some of the Practical things,that could be done right now to protect,you from a mortgage perspective and also,for for people that are first-time,buyers looking to buy so lets look at,the mortgage perspective the people that,arent their mortgages are coming up for,the next year there are options you can,do so when you speak to an independent,mortgage broker like Niche advice but,there are many good ones out there okay,um,theyve got access to the hole in the,market right so at the moment these,lenders have withdrawn their products,but its a short-term thing because,theyre not sure I mean frankly the,government dont know what theyre doing,the bank of England are looking to,stabilize things so I think thats a,short-term thing I think it will level,itself out its not because they havent,got the money the differences in 2007,2008 they literally lenders were shut in,shop and Ive done various videos on,this because I was there and I worked,for a corporate at the time that dealt,with many many people many lenders and,literally they would get a phone call,from the state saying were no no longer,lending thats it pack up shop thats,not the case here right what theyre,doing is theyre not what theyre,worried about giving cheap money and,then being stuck on that cheap money for,a long term so what they want to do is,price accordingly so its a different,scenario okay so I know everyones got,on the bandwagon I know I know Ive been,to yeah I mean Ive been warning people,about this coming right but now you see,it from people that are just you know,they just say socializing it they just,want to get news they just want to get,views okay and its not about views my,channel is not the biggest Channel out,there but what I will what I try to do,is give information to People based on,my own experience and Im telling you,now Ive had more inquiries today and,yesterday,and the office phone calls about new,deals than the whole of last week right,and thats because,um people want to buy so lets talk,about it so the guys that are coming up,for renewals theres a couple of things,you can do first of all find out what,your existing lender is going to give,you thats important okay you could,start the process off six months before,right with some of the lenders six,months before so you either find out,what it is or if youre working with a,mortgage broker you ask the mortgage,broker to do so for you the benefit of,going why the mortgage broker is the,mortgage broker can take what theyve,given to you and then compare it to what,else is out there okay dont just go,blindly and take what it is because,there may be other options out there,sure generally when you do a product,transfer with a lot of lenders its a,lot more simpler in terms of,affordability checks no valuation checks,and so forth but that could also,um you know hinder hinder you because,you you might be able to get better,better products out there lenders still,need to lend people people forget this,sort of stock you know theyre theyre,stopping lending and all of that they,just theyre just trying to figure,things out lenders still need to lend so,there will be options now if your,mortgage is coming up for uh if its,coming up so find out what youve been,given look at various options can you,ask your lender if youre struggling,with it ask your lender what they can do,to help you okay dont just forget about,it and put the paperwork under under,your bed,speak to them if youre struggling with,affordability if you want them to give,you options now what are the options,though there were certain options that,they did for the pandemic so can they,give you a repayment,um to an interest-only option for a,little while if so ask them does that,affect your,credit profile thats important okay so,one of the things is when youre asking,the lender directly if they can give you,some options what you need to find out,what the implications are and you do not,want them having an adverse effect on,your credit report so when youre asking,them for various things to ask them is,this going to affect my credit profile,will this have you know affect me,getting a mortgage in the future with,yourself or somebody else okay because,some of those payment breaks today will,give you some of the options theyll,give you will affect your credit report,okay so you want to ask them but they,can do,um they they can make exceptions,obviously so can you switch your,repayment mortgage to an interest only,short term until you go through a blip,maybe if youve lost your job or your,incomes dropped or so forth so,keep that dialogue with that lender so,you could do that can you put some of it,on a ninja Stony can you stretch the,term for example you know you were on a,20-year term or 10-year term can you,push that along a little bit with the,term so to make things a little bit more,affordable short term do they have a,Tracker product that they can stick you,on there once your fixed rates are uh,out and that gives you the advantage of,being on a Tracker product preferably,with no early repayment charge so when,the market does stabilize when the rates,do stabilize you can then move off okay,or fixing with that lender longer term,so trackers will come in at the moment,theres not that many out there and I,think there will be an emergen
What NOT to tell your LENDER when applying for a MORTGAGE LOAN[Music],hey guys uh good afternoon angelo,christian financial thank you so much,for watching our podcast real estate,insider i got a fun one for you today,things that you should not tell your,mortgage lender when youre getting a,home loan,and youre saying and youre going to,wonder hey why is angelo saying theres,things you should actually hide,from your mortgage lender no im saying,you know when youre getting a home loan,you want to be very transparent you want,to be honest you dont want to hide,anything or be deceitful,but obviously when youre buying real,estate its a major transaction,uh how many guys out there ever tried to,buy a home before and youre really,taken back or aside,by all the questions that your loan,officer is asking you know there are,some things,when youre getting a home loan that you,dont want to disclose you dont want to,discuss or actually do,because you can actually jeopardize the,transaction or affect yourself from,getting approved for the home loan,so im going to talk about these things,today its very very important that you,pay attention if youre trying to get a,home loan,theres things that you do want to,disclose and theres things that you,dont want to disclose,obviously you want to be on be honest be,truthful when youre getting your home,loan,be very upfront so that way the lender,can properly assess your situation and,diagnose the best type of loan program,for you what you need,but there are some things out there that,i think are,important that you dont want to share,or you want to be careful the way that,you ordered it or scripted,uh to your loan officer so here they go,so the things that you should not tell,your mortgage lender in the order of top,down priority so,one of the things i hate to hear when,im talking to a client,they say hey well angela im still,trying to figure out my down payment i,dont know where im going to get my,money from,lenders dont like to hear that guys you,got to have a plan,for your down payment all right so if,you come to a lender,and you got to do an fha loan you got to,put three and a half percent down,have a plan for where that money is,going to come from i dont know where,im going to get that from my uncle,johnny,or im just going to pull that out of my,401k you have to have a plan to let the,lender know,wheres that money going to come from,because if you tell them i dont know i,dont got the money i aint got no money,then theyre not going to take you,seriously theyre going to want to work,with you okay,so dont dont let dont let a lender,lead on to think that you dont have the,money for closing,all right people dont like to hear that,then theyre going to because a lender,is trying to figure out how they can,close you and get the loan approved for,you,if you have to put 20 percent down for,conventional explain,them where the money is going to come,from right you know this is a funny one,i always i get this all the time,um a lot of people are like hey dont,tell my spouse,whats actually on my credit report they,dont want their spouse to know whats,actually on their credit,because if they see it they might freak,out i had one of my clients he had,uh he was you know he was an uh he was,an attorney,and he had all these different accounts,with like jareds and all these,different um these you know the ring,company brothers go uh,i forgot the name of the company theres,jared he had one with,diamond brothers anyway he didnt want,his spouse to see that because he was,cheating on his wife with some other,women,and so he is and he didnt want his wife,to know about it so if youre telling a,lender you dont want them to know what,your spouse has on your credit it could,be,something thats shocking or scary,because maybe you have a lot of debt and,the loan wont get approved so,thats something that you definitely,dont want to let on to your lender let,them know especially,if youre in a community property say,like in texas if youre getting a,mortgage in texas we have to pull the,credit,on both spouses so even if your wifes,not going on the loan youre doing an,fha loan for example,or a va loan or a usd alone we have to,pull the credit,on both spouses even if theres only one,spouse going on the loan but i thought,this is a funny one i hear this all the,time,hey angelo dont tell my wife whats on,my credit report i dont want her to,find out about it,so dont let your dont let your lender,lead onto that or think that,because then theyre going to think that,some of the fishy is going on and they,dont like to hear that type of thing,number three i hate to get this and,you know and i hear this sometimes from,clients not really so much,more but if youre talking to a lender,like this hey man,im shopping you with five other lenders,whats your rate buddy,thats an immediate turn off to a lender,if youre shopping them with five other,lenders and youre like hey whats your,rate man,people dont like to be talk to you like,that okay and if youre its okay to,shop for a loan theres nothing wrong,with shopping for a loan,but if youre acting like that up front,someones not gonna,work hard for you and put all this,effort and service into helping you to,try to get your loan approved,if youre out there shotgun your deal,all over the city and try to find the,cheapest rate,you know thats not really you know the,best way on how to do business theres,nothing wrong with shopping for a loan,but i think being diplomatic and having,the proper discourse to be able to,discuss that with somebody is very very,important,number four uh this is a no-no right,here,and i hear this sometimes from clients,hey i cant wait to get that money back,from the seller what do you promise me,okay when youre doing a real estate,transaction everything has to be put on,the contract,you cant have any side deals with a,seller hey the sellers going to kick me,back five thousand hey the sellers,gonna give me a hot tub after closing,all that stuff you cant be talking to a,lender like that because it has to show,up in the contract,if the sellers paying your closing,costs has to be in the contract if hes,giving you the hot tub,has to be in the contract if hes giving,you the you know the lawnmower has to be,on the contract,you just cant say all this stuff hey,hes going to throw that back to me,after closing you cant talk to a lender,like that okay thats a big,big no-no this right here is another,turn,off right here if youre telling a,lender i cant believe how much work,this house needs,lenders dont want to fund properties,guys that need a lot of repair,so if youre sitting here telling the,lender hey it needs 50 000,worth of work i promise you the first,thing that lenders thinking is i dont,want to touch this deal,okay so if youre telling a lender oh it,needs all this work lets just wait,until the appraisal comes back,lets wait until we get the inspection,and lets see what that says,if youre sitting here already telling a,lender man this thing is a,its a dump it needs all this work hes,not going to want to go to work for you,and try to get the loan approved because,he thinks its not going to fund,lenders dont like to fund properties,that need a lot of rehab so its a big,turnoff these are the five main things,that i see that people tell,the lenders and why their loan gets,denied or why their lender doesnt,return their call,or doesnt want to do business with them,okay so these are five important things,that,that you definitely dont want to let,your lender know um,because if you do hes probably not,going to want to do business with you so,really important thing great video i,hope you guys got good value out of this,remember,we are a nationwide lender weve been,lending in america for over 20 years we,do commercial,and residential nationwide for over 20,years guys thats where america goes for,funding if we can help you with anything,to get you pre-approved,you can actually call or text us from 9,00 a.m to 9 00 p.m its 832-431-6331,its where america goes for funding guys,for the la
More: the eritic review
GoodLeap helps you electrify your home and finance your loan
all right this is a classic case of,every action has an equal and opposite,reaction demand for adjustable rate,mortgages or arms has suddenly surged to,a 14-year high as home buyers face some,of the highest mortgage rates seen in,more than a decade todays average rate,for a 30-year fixed mortgage has just,hit,5.57 percent that according to bank rate,thats up seven basis points just over,the last week mortgage applications this,is kind of a quick rush in because these,things are only going higher they also,rose up four and a half percent last,week compared to the week before still,nearly eight percent lower than the rate,for applications a year ago fintech,company good leap what they do is they,help americans not only finance their,home loan but also,they loop in home sustainability,projects like solar panels smart,thermostats water saving turf things,like that,ceo and founder hayes barnard joining me,in a fox business exclusive,wow whats your world like with these,rising rates right now,well were in good shape to be honest,with you yes the cost of capital is,going up but the demand for consumers to,take control of their energy needs has,never been higher you know homeowners,want to protect themselves they want to,lock their costs of energy in for the,next 25 to 30 years and they can do that,by thoughtfully financing a number of,items in the home to electrify the home,but also save the money from the very,first month so imagine like solar or,battery storage or energy efficient hvac,liz it really allows them to be,thoughtful about how to take control of,those energy needs man im looking at uh,the cpi numbers and and we we break them,out i mean all of energy year over year,up 30,as far as prices are concerned uh fuel,other oils up 58 so obviously if you can,go into things that are less expensive,great but,what you offer how is that saving me,money and when do i start seeing the,savings,yeah so imagine the world this is the,big misnomer everyone thinks that these,are expensive or uh you know solar is,only for the wealthy its not true weve,democratized this 32 percent of our,business is below the average median,income and so whats really important to,understand is you can be thoughtful,about replacing that sad outdated,water heater thats powered on fuel or a,heating solution thats powered on fuel,or you can put solar on your roof and,battery storage your home goes up in,value instantaneously and heres the,part that i really want to make sure,people understand you save money from,the very first month you know if you,replace these solutions you save 50 to,100 a month instantaneously and and,youre fixing that energy cost over a 25,to 30 year period of time and youre,spot on 32,is what energy costs overall in the,united states went up over the last year,9 just for that electricity i get it i,know i mean a natural gas i mean when,you look at utility natural gas service,up 22.7,in this latest cpi reading year over,year you know your latest round of,fundraising in october youre not public,yet but you have some pretty big hefty,fans michael dell is is in here uh byron,trott who was a big buffett guy you know,he of course is a with bdt capital they,value your company right now at 12,billion,uh they want their money back eventually,is there an ipo in your near future,look i will always do whats in the best,interest of our shareholders like,michael dell and byron trott in addition,to our employees right now i think you,would agree a lot of the companies that,i p owed last year or late last year,theyre trading below their ipo price,theres distractions its very um you,know confusing for those employees i,made a decision thoughtfully to raise,some capital last year remain private,focus on offensive strategies that allow,us to gain market share and were going,to gain a lot of market share this year,were going to see significant growth,this year theres so much demand coming,from various product manufacturers that,are trying to figure out how to finance,these items hey weve got to run but im,very interested you know arms have,suddenly become very hot and especially,with millennials or gen ziers more,likely who are trying to get into,homeownership how do you bundle in what,is the cost for bundling in something,like this so the first thing i would say,is you dont have to touch that first,mortgage you can do an instantaneous,point of sale consumer finance loan,at extremely low rates and you dont,have to touch that first mortgage,now if you want to touch that first,mortgage uh you know we do have the,ability to take our consumer finance,loans and roll them in uh to that,mortgage but as you alluded to in the,segment before mortgage rates have gone,from you know below three percent in,november and december 5.5,yeah,uh hayes um thank you were watching it,and ill be very interested to see how a,company like yours rolls with the,punches of rising rates thanks,great thank you liz appreciate it
More: new oxford review
Boost speed and accuracy with your own mobile-first mortgage application
all right next up we have chris and mary,kay from finastra who builds,systems that enable you to stand up very,very quickly and run various different,parts of your organization and theyre,going to go through fusion mortgage bot,which is market leading point of sale,and origination platforms,mobile first cloud-based,able to apply in any channel and move,seamlessly between channels,so i will let,you chris and mary kay take it away and,then well come back and well run down,some questions with you guys as soon as,you guys are done,[Music],im mary kay theriault the director of,product management for fusion originate,mortgage bot,and mortgage bot los,today i have with me chris fitzpatrick,our senior sales solution consultant,today were going to show you how easy a,borrower can apply online on a fully,responsive ada compliance site from,anywhere on any device in approximately,10 minutes,they can start on their mobile device,while on the train,and complete their application on the,desktop when they get to the office,increase speed and accuracy with online,disclosures never miss that three-day,window,using integrations for acid and income,verification and approvals from,d-u-n-l-p all thats left for you is to,do the closing,chris lets take a look at how fast and,easy a bar work can apply,sure thing thanks mary kay we are,excited to show you a brief demo of,fusion originate mortgage bot with a,particular focus on the key technology,trends that are shaping the mortgage,industry,the digital mortgage should provide,self-service options online with,branding and style elements consistent,with the financial institution and,personalized for loan officers,a personalized website makes it easy for,borrowers to reconnect with a loan,officer,it also makes it easy for a loan officer,to refer borrowers to go online in a,personalized way,most borrowers today start their,mortgage research online,with online resources borrowers can,learn more about the mortgage process or,what to expect at closing,with online calculators borrowers can,enter personal information to see how,much can i save or should i buy a home,or continue to rent taking it to the,next step the borrower can find loan,options specific to what they are,looking for,for purchase refi home equity or,construction purposes,a few pieces of information will provide,the borrower with multiple product and,rate offers,using filters the borrower can find the,product and rate option to fit their,goals,for example i want to keep my monthly,payment down,for each of the different products that,are displayed the borrower can,research those loan fees,origination fees fees for required,services,and also information so they can,understand the cash required to close,for each of those product options,the digital mortgage should be fast and,easy to start,with a fluid and responsive website the,borrower can use any device,the dynamic application should only,display questions that are relevant,while collecting all required,information,the digital mortgage should level,leverage integrations that pre-populate,the application,reducing data entry requirements for the,borrower,for example im logging into my online,banking and importing my checking and,savings details,its fast and easy and imports that,information and pre-populates the,application,from my credit report my liabilities are,also pre-populated,improving accuracy and speed,for my employment information being able,to provide that authorization,for that work and employment,verification,this increases speed and accuracy up,front while streamlining processing with,automated verifications for asset,employment and those liabilities,the digital mortgage should also,automate compliance at every step,with automated trade early disclosures,it provides the borrower great,information,while streamlining processing in the,back office,with a complete application and the,borrowers intent to proceed,the digital mortgage should also,leverage,integrations with automated underwriting,engines,to automate online approvals,using secondary or portfolio for,portfolio underwriting guidelines,with an instant application approval the,borrower is satisfied reducing the,chance that theyll continue to shop,elsewhere for their mortgage,with personalized and dynamic list of,items needed the borrower can begin,uploading required documents securely,and throughout the digital mortgage,process borrowers should be able to,access real-time loan status information,including,contact information,my loan payment,and terms,status alerts will keep the borrower,informed of changes in status or,required documents,these alerts keep the borrower informed,while reducing the number of inbound,calls,enabling a digital mortgage experience,promotes,convenience and streamlines fulfillment,allowing you to close more loans faster,in conclusion the ability to serve,borrowers with simple convenient and,easy to use mortgage technology remains,an important factor in the increasingly,competitive mortgage landscape thank you,for your time today if you have any,questions please contact us at finastra,[Music],hey chris and mary kay great job its,good to see you guys,if if virtually not live this year,julian thanks for having us yep,absolutely or julian yep so lets get,into it just again we were were quick,on time but we can run down i think a,handful of questions so first on loan,types um so uh,is it is it,mortgage like first lien only or can you,do like seconds or helocs can you do,could an institution if theyre doing,non-mortgage set up non-mortgage here as,well,yeah so we support all types of mortgage,loans first mortgages helocs home,equities,on our mortgage platform and then we,also have consumer bot which does all,types of consumer lending so we have,both types of,all types of loans got it okay and then,um,sticking with mortgage and then on the,approval part you know you mentioned,either dulp or proprietary aus,uh so im assuming then that youre just,linking in,either are you providing those,underwriting,engines are you just linking into,whatever systems,that that that each customer has,and if so,then what does that mean from an,implementation and a stand-up time,standpoint on average,yeah so we have direct integrations to,fannie mae and freddie mac to both their,approval engines and the client just,provides um enters in their um user ids,and passwords to connect into those,engines and then we have a proprietary,engine we call power approve and thats,a rule based engine and so we have a set,of default um,criteria the client can set up during,the implementation process or we give,them a workbook where they just pick and,choose so they dont want to approve,anything with a credit score less than,680.,they can set that credit score and its,just through a workbook that they,complete um with one of our,implementation specialists,so that thats super interesting so does,that implies am i to imply then that you,could say use this,maybe less so as like a if you will pure,pos in the sense of like im taking in,an official app but more almost as a,lead gen,mechanism because youre taking those in,and youre taking only ones in that you,actually want with those certain,criteria and its like more of a lead,use or is it really more meant as a true,pos or it can it be both,it can be both yeah so,we have we definitely have clients who,only use it as a lead gen they dont ask,for example maybe they dont ask the,income or they dont ask the property,address because they truly want it just,to be a lead gen and then we have,clients that do the full application,from start to finish they do the asset,verification income verification,underwrite it with fannie or freddie and,then when theyre done all they need to,do is really,finish the processing and close that,loan,yeah that that parts really cool i,actually feel like that is a,standalone competitive advantage of,being able to kind of think about pos as,a,as a standalone so we have one minute,left and i just want to
Mortgage Broker vs Direct Home Loan Application with a Bank (Philippines)[Music],[Music],hi guys welcome im cyrus from nook the,philippines first mortgage broker we,will help you find the right home loan,and get it approved by a major bank for,absolutely no charge,in todays video i have with me tessa,arimado from our team to chat about the,main differences between using a,mortgage broker like nook versus going,directly to a bank for a home loan,welcome tessa,hey say thanks for helping me great,lets dive right in so my first question,for utesa is what are the key,differences between losing a mortgage,for her like milk versus going directly,to a bank,actually not simply it is more choice it,is being able to more accurately compare,to homeless products,we are able to use our technology to,match you to the banks you are qualified,with very quickly for us if you went,directly to a bank you dont get any,choice you can only choose their,homeland products and you dont know if,you match their criteria without,completing the entire home loan process,right thanks tessa so some people say,that using a mortgage broker is much,simpler than going directly to a bank,yes that is absolutely true,when you use snook to secure your home,loan you are handing over the complex,home loan process to a team that handle,home loans every single day,a mortgage broker like you does the,whole home loan process for you,they guide you through the process and,doing all the running around with the,banks for you saving you a lot of time,and stress home loans requires a lot of,paperwork and a lot of time continually,talk to the bank,there are a lot of back and forth,between barter and bank it is very time,consuming for a borrower to work,directly with a buck so nook is much,more convenient,sounds pretty good having someone to do,all that work for you so you can relax,so on ebay,i dont need to visit a bank multiple,times and get the requirements from the,bank that is correct,there is no need to visit a bank or do,any of the useful time consuming process,in fact the only time you will need to,visit a bank is when your home loan is,approved and you sign the final,paperwork with notes we use technology,to streamline the process,so borrower can stay home and talk with,our homeland consultant without leaving,home you also get texts and email alerts,throughout the process keep up to date,and check their home loan status online,24 hours a day oh that sounds great,especially against a situation not in a,post-covered world where people dont,want to leave home and are looking for,smarter ways to do things so tessa,satting in mo how much is this going to,cost our home loan borrowers,that is the great thing about a mortgage,broker like nuke service is completely,free to our clients,we do not charge a home loan borrower,and thing for our services our,arrangement is with the bank and work,with them,someone would use a mortgage broker like,nook for their home loan rather than to,try to do the whole thing themselves,oh that sounds great tessa so it seems,like pretty obvious,when applying for a home loan i think,that would be it thank you tessa for,your time and great to chat today you do,say have a nice day,so thats it thats the advantage of,using nook rather than do it all,yourself now if you are looking for more,home loan help follow us on facebook,instagram,youtube,or twitter,or visit us at,nook.com.ph see you next time
Best Bank In Canada To Get A Mortgage | Part 1
hey its nolan this is 360 and today,were discussing,where is the best bank in canada to get,a mortgage and what were going to do is,were going to run through were going,to compare all the banks were going to,tell you the one little trick that every,single one of them has because they all,have at least one,and at the end were going to get to our,very favorite bank and the one that we,think is,the best choice for most consumers in,canada to get their mortgage,but before we get into it do me that,favor hit the subscribe button hit that,notification bell and please,for the youtube algorithm so more people,can see this video,please hit that like button okay so,lets talk about banks real quickly,they all do certain things well i mean,if you want great commercial banking or,you want wealth management,rbc is the place to go if you want the,best online trading platform for,self investing then bmos the place to,go,and if you want a free ipod and a comfy,couch and,the best technology in the industry then,td is your place to go,and if youre like me and you have a,parent who was a banker for the 47 years,of her life,you make sure that you go to whatever,bank your mother doesnt work at,so that she cant see where youre,spending your money on the weekends,my wife and i personally we have bank,accounts spread over all the different,banks we have them at we have them,at,td we have them at rbc and we have them,at scotiabank because,all of those banks do different things,well and we pick and choose the products,that we want for me,based on what that individual bank does,well but how do we define the best bank,for your mortgage,well its really simple we want to,choose the bank that has the least,overall cost,over the life of your mortgage and the,one with the most flexibility right,you want the bank thats going to cost,you the least amount of money and there,are some banks that will cost you more,money,even if the interest rates are exactly,the same and thats what were going to,examine today,is which bank is the one that makes the,most sense for you you might be,surprised that you dont want to pick,your bank based on the lowest rate and,well talk about why when we get to the, portion of this conversation but,more than just,cost we need a criteria to figure out,which one of the banks is going to be,the best option,and heres how we suggest that were,going to do that were going to look at,their prepayment privileges,because what we find is the banks with,the best prepayment privileges have the,best overall mortgage,and the best prepayment privileges mean,you can pay off the mortgage the fastest,which means that you pay the least,amount of interest over time,and what we found is that the greater,the greed factor the worse the bank is,for a mortgage,and the lower the greed factor the,better the bank is for a mortgage,and how were going to rank these is,based on how quickly they will let you,pay out your mortgage and therefore,the faster a lender will let you pay out,your mortgage the lower the greed factor,which makes for a better lender for a,mortgage so,lets get into this and what were going,to do is were going to rank them from,worst to best finishing with the best,place to get a mortgage in canada in our,opinion so lets start with rbc,theres a clear reason why we think rbc,is the worst lender to get a mortgage,out in canada and thats because their,prepayment privileges are the worst,theyre the only bank in canada that,will only allow you to pay 10,of your mortgage and lump sum payments,every year without penalty,everyone else has higher prepayment,privilege now heres the interesting,part,is rbc clients are the most loyal,clients in the industry,for whatever reason maybe its the,connotation of it being,the royal bank of canada they dont want,to leave and all they want to do is get,their mortgage at rvs okay now slightly,better is, has great mortgages and theyve got,low featured mortgages and you have to,know which one youre getting when,youre getting a mortgage from this,particular bank,they have whats called their smart,mortgage which is their no frills,mortgage,weve talked a lot about no frills in,other videos well link them up here,theyve also got their normal mortgage,which is for all intents and purposes an,awesome mortgage it has 20,prepayment privileges and often comes,with whats called,a mortgage cash account which means that,if you pay your mortgage in advance,and you need to get the money back out,youre allowed to do that theyre one of,the few lenders in the industry that,does this,its an awesome feature that typically,only comes with a mortgage,but that being said most people are rate,driven,and as a result theyre choosing the,most smart mortgage and smart,mortgage is really only smart,for because it comes with a few,things that,arent in the best interest of the,consumer one its got prepayment,privileges,similar to rbcs 10 percent its,also got whats called a bona fide sale,clause which is essentially a no,refinance clause or no,leave and go to a different lender,clause and what that means is that,youre stuck with until such time as,you sell the property,or the end of the term comes up so if,you get offered a better rate elsewhere,if you want to refinance and you dont,qualify at and you want to go,elsewhere too bad because youve got,their smart mortgage,youre pretty much stuck with them so,thats their little trick and youve got,to watch out for that when youre,dealing with,now moving on to cibc cibc depending on,the product you get has different,prepayment privileges,it can be 10 15 20,depending on what you get and what,youve negotiated now similar to,the lowest prepayment privileges often,come with the product that is the least,flexible,the highest ones with the product that,is the most flexible but in order to get,that higher prepayment privilege you,have to pay,a higher rate in most cases now youll,notice that when we get to cibc they,have whats called a 100,increase your payment option now this is,an interesting option because what it,means is that if you want to increase,your payment,by up to double the original payment,amount you can do that which is really,cool because lets say youre paying a,thousand dollars a month and you decide,hey now i can i,can afford to pay fifteen hundred,dollars a month you can increase it by,fifty percent to fifteen hundred dollars,or by,if you wanted to a hundred percent to,two thousand dollars,and they will allow you to do this now,often theyll let you pull it back if,you want to,but there are privileges similar to this,that are better,than increasing your payments by a,hundred percent and well get to those,when we start talking about scotiabank,okay so cibcs little trick is this the,cashback,they love the cashback and heres why so,what theyll do is upon closing they,will say okay were going to give you a,five thousand dollar cashback for,example,and lets say in year three of your five,year term you decide that you want out,of your mortgage you either want to,leave to go to a different lender or,youve sold the property,well cibc is going to make you pay back,that five thousand dollars,in its entirety in fact if you pay off,the mortgage,a day before your term ends they will,still expect you to pay back the whole,five thousand dollars even though youve,paid them,five years worth of interest on that,mortgage weve had this happen with,clients where,we request a payout statement a month,early and cibc comes back and says okay,well you owe us,the mortgage plus the penalty plus this,five thousand dollars we gave them,now if they were to pay out the mortgage,on the renewal date,they wouldnt have to pay the five,thousand dollars back now most banks do,cashbacks but they will only,make you pay back the amount thats,relative to the amount of time you have,left on the mortgage so lets say,you get a five thousand dollar cash back,and you had two years left on the,mortgage,theyre only going to make you pay back,2 000 not the whole,5 000 b
What should you expect at your first mortgage appointment?
how you guys Joanna Perry,loan lady club here powered by eminent,mortgage Im just checking in with you,because a lot of people dont know what,to expect when they talk with a mortgage,lender about purchasing a home so I just,want to give you a high-level overview,of five things that should go on during,your meeting with an experienced,mortgage lender so the first one is,payment affordability we can build all,the different loan options in the world,but it really doesnt matter unless we,are creating a loan thats gonna meet,your monthly payment comfort you know,the bank gets a little crazy in we dont,take into consideration your medical,deductions or IRS taxes that come out of,your check we just qualify everybody,based on their gross income not what,they actually take home so its always,important to start with payment,affordability so that we can reverse,engineer the perfect price for you cuz,lets be honest Realtors can sometimes,take you to a property thats beautiful,but it may be outside of your price we,can just far as your monthly payment,goal the second thing that should go on,is the credit review I understand that,you dont want to have a hard inquiry on,your credit or youre worried about your,FICO score dropping but you guys we need,to be honest here as soon as you make a,couple of monthly payments that credit,inquiry is not going to disrupt your,score two or three points is not going,to be the difference between qualifying,or interest rate the majority of the,time and also as a mortgage lender if we,pull your credit early we can identify,things or actually help improve your,credit score before you actually start,shopping for a home so its just kind of,an organic process and the credit,reports dont even expire for four,months so we want to do a thorough,credit review so that we can give you,best practices to get you a better deal,the third thing that should happen is,the application should be taken it,sounds like a daunting task but really,all it is is identifying your personal,information where you bank to your,address history your employment history,and your income as well as a few other,questions,so you can do that over the phone online,or in person with your mortgage,specialist the next thing that you,should be doing is reviewing an itemized,loan estimate for every single product,and program that youre eligible for,dont let your mortgage lender just,shove you into one product its the best,to fully understand all of the costs,involved with buying a home and if your,mortgage lender is just working with,rough estimates or these broad ranges,thats a red flag you need to work with,somebody who can dial in the numbers and,really articulate to you how theyre,calculated where they come from and how,it impacts your bottom line another,thing that should happen is your,mortgage lender should go over with you,different property types and how,different loans can impact your ability,to purchase that type of property so for,example there are some best practices if,youre looking for a townhome or a,condominium or maybe youre a veteran,looking for a property to purchase as a,primary residence theres some important,things that you need to know thats,specific to your loan and lastly your,lender needs to review with you some,dos and donts because honestly our,industry is federally regulated so if it,makes sense to you we probably do the,opposite so if youre considering,purchasing a home in 2020 and you are,looking for a good consultation,face-to-face where we can go over all,six of those criteria Im your girl Ive,been doing it for 13 years I use the,same recipe my cake always comes out boy,stand fluffy so I can guarantee your,result so give us a call off the loan,lady club be happy to help you comment,guests below if you want us to reach up