Tag Archive for: mortgage broker

Walk your talk!

Walk your talk!

It’s all too easy to give advice, and much harder to live by it. We have all seen or heard about the out of shape personal trainers, broke financial planners or the struggling life coaches who just happen to be at the end of their rope. Tony Robbins says that “repetition is the mother of all skill”, and Malcolm Gladwell in his great book “Outliers” says that it takes roughly 10K hours to truly master a skill or profession. I find that if I read it, then I hear it, I teach it, then I know it.

I am not the best mortgage broker out there, but I have learned a thing or two over the past 7 years. Writing and researching these blog posts has allowed me to hone my skills and to pay closer attention to my own financial decisions. Some say ” those who can do, and those who can’t teach”, well I would like to add something to that by saying that the truly great do and teach or at least share their knowledge.   Where would we be as a society if we had to learn it all over again with each successive generation. We would probably still be living in caves, and hitting each other over the head with rocks and sticks.

Knowledge is meant to be shared. I find that with each idea that is shared, 10 more great ones come back to me. if you have found any of my articles helpful then I would be extremely pleased, if you have anything to add or to share please feel free to comment. I look forward to hearing from you.

Cheers,

Pat

Need a new career direction?

How about joining my team as a mortgage broker? It’s a challenging yet rewarding career. As an independent contractor, you get back what you put in to it. Below are some frequently asked questions: Feel free to contact me if you have any questions.

Is this a full time or part time opportunity?

This is a full time career opportunity.

Is there a base salary?
No. The position is entirely commission based.

What can I expect to earn?
Its difficult to say. As a commissioned agent your income is based on your performance. Your commissions are tied to the fees earned on a given transaction. The average loan fee collected on a loan transaction ranges between .75%-2.5% of the loan amount. Your commission ranges from 50-75%% of the net commission. Your commission rate is based on your production .

Is a license required?
Yes it is necessary to obtain a license through Service Nova Scotia the Department of Municipal Relations. You will also become a member of the Canadian Association of Accredited Mortgage Professionals.

Can I earn any money while I am training?
Yes you can. Since Craigburn holds both the Broker License and the CAAMP membership , you can start earning commissions right away. Ask your mentor for the details.

Will I receive any hands on training?
Yes, the best way to learn how to successfully complete a real estate mortgage transaction, is to follow one from start to finish. You will shadow a licensed agent from initial client interview to funding of the loan.

Will I need to work from your office?

No, many of our agents work from their home office and spend time in the field. We all remain in contact though the use of phones, faxes, email, Internet web sites and overnight delivery.

Where do I meet my clients?
The easiest and most efficient place to meet clients is at their home or place of business. This allows you to gather all the needed information without having to set up additional meetings. If your client prefers, you can schedule a meeting at our office.

Can I use the internet?
Yes, your clients can get information and they can apply online.

How will I generate business for myself?
We will show you. One of the most important parts of the training is prospecting and lead generation. We will show you how to benefit from the various market techniques and the use of the internet.

What types of properties can I work with?
Both residential and commercial. We can arrange loans on residential property, such as single family homes up to 4 units, commercial properties, such as larger apartment buildings, office buildings, stores, storage, etc. can also be arranged.

What types of loans are available?
You will be able to place top quality “A” paper loans at the most attractive rates and terms as well as the “B-C” type of loans for borrowers with credit problems or unusual properties. You will have access to a very wide variety of loan programs and lenders.

Is Craigburn Capital a direct lender?
No, Craigburn Capital is an independent broker . As such we broker loan requests to mortgage lenders, both institutional and private. We work with an ever growing number of lenders to best meet the needs of most of our clients.

Please contact me if you have any questions, as always I look forward to hearing from you.

Cheers,
Pat

p.s- You can find me on Twitter,Linkedin, Facebookand friendfeed.

Mortgage Brokers are helping more and more people!

When it comes to mortgage financing, more and more Canadians are choosing to work with a professional mortgage broker. According to a study conducted by CMHC, over 25% of mortgages  were originated by mortgage brokers.

Canadians are just catching up with our American neighbors, who are far less likely to just walk into their neighborhood bank for a mortgage. Over 70% off all American mortgages were originated by a mortgage broker.

If we follow the U.S. model and that seems most likely, then Canadian are in for changes in the way that they manage their most significant personal asset. It all makes sense, investment returns are not as lucrative as they were just 5 years ago and investors are looking for ways to make gains through avenues that they may have overlooked.

There are some significant benefits to working with an independent mortgage broker. Firstly, let’s compare mortgage expertise: Most banks have one or more representatives who are specifically assigned to assist with mortgages. Their role is to develop mortgage business for the banks. An independent mortgage broker on the other hand is a trained mortgage professional who has met standards for education. The comprehensive training of an independent mortgage broker may exceed the training of their counterpart at the banks. Most importantly the mortgage broker is independent. They are not employee’s of a lending institution, however they have access to terms and conditions for a full spectrum of charted banks, and other lending institutions. Their role is the find the best possible terms and conditions that meet your needs.

Let’s also look at choice: An independent mortgage broker offers you access to many competitive lenders, each with a range of mortgage options. It would take weeks of research, telephoning and personal visits to recreate the range of terms and conditions that a mortgage broker has at their finger tips. Rate information, mortgage options, and payment schedules are up to the minute, so you and your broker can make valid comparisons of the options available. The result of all this choice is a mortgage witch is customized to meet your needs and to save you money.

Also consider accessibility. Your mortgage does not sleep, just kidding, but we are available to you both before and after your mortgage closes. However if you prefer you can be put on hold or get put in an endless voicemail answering loop at your local bank.

Over all clients have turned to mortgage brokers for better terms and conditions. Access to a broad range of lending institutions is also a critical advantage to mortgage shoppers. If we can just save you a quarter point, that can save you thousands of dollars over the life of your mortgage. Many mortgage brokers work with large brokerage firms with sufficient mortgage volumes and that can help get you the best possible rates and terms for your mortgage. Canadian who have used a broker, are more likely to continue using one than to ever return to a world where they have to accept the best posted rate at their local bank.

Add a mortgage broker to your team!

For most Canadians, buying a home is the largest financial decision they will make in their lifetime. Yet, consumers across the country are more likely to painstakingly review dozens of investment possibilities for their portfolios than to scrutinize their mortgage choices. 

The mortgage world like the investment world can sometimes be confusing. There is a vast array of choices, open, closed, fixed, variable or floating, long or short amortization, prepayment options, portability and of course the rate itself. Making the right mortgage decision can have a huge impact over the long term.

Many Canadians have an investment advisor to help them sort through all their investment choices. Now Canadians are also beginning to turn to Mortgage Brokers to help them make better mortgage decisions. We are just starting to catch up with our counterparts south of the border, ( American’s rather than Mexican’s for those with less then stellar geography skills) where mortgage brokers currently originate about 70% of the mortgages.

So what is a mortgage broker? ( See my last post or read on for a summary) The role of a mortgage broker is to understand your mortgage needs, seek out the best terms and conditions for your situation, and guide you through the lending process. A mortgage broker does not work for any individual institution or lender, but is independent, and has up to the minute terms for a wide variety of banks and other lending institutions. 

  There was a time when the banks exercised the view that they “ owned “ their customers, and mortgage brokers were perceived only as a last resort for consumers with less than perfect credit history. However times have changed, and consumers of every type are learning that they can benefit from the professional advice of a mortgage broker.

Just as a good investment advisor can make you thousands of dollars, a good mortgage broker will save you thousands of dollars. Whether you are buying for 1st home or your 5th, renewing your mortgage, or just looking for sound mortgage advice, then you should consider adding a mortgage broker to financial team this year!