what to look for in a mortgage
Post on 23-Jun-2015
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Mortgage Agent #M10001503Brokerage #12358
Warwick Johnston
What are they looking for?
What do Mortgage Lenders look for?
What should Mortgage Brokers look for?
What should Clients look for?
3 Perspectives
Call Direct: 647-274-6029www.MortgageSource.biz
Mortgages Originated as an Agent of Mortgage Allies #12358. License #10001503
The 5 C’s of Credit:• Capacity• Credit• Capital• Collateral• Character
What Do Lenders Look For?
Mortgages Originated as an Agent of Mortgage Allies #12358. License #10001503
Call Direct: 647-274-6029www.MortgageSource.biz
Capacity
Can you afford your mortgage:• Income Type• Employment Status• Covenants• GDS / TDS
>680 – 39% / 44%<680 – 35% / 42%
Mortgages Originated as an Agent of Mortgage Allies #12358. License #10001503
Call Direct: 647-274-6029www.MortgageSource.biz
CreditBeacon Score
B LendersExpensive Money
A LendersCheaper Money
Mortgages Originated as an Agent of Mortgage Allies #12358. License #10001503
Call Direct: 647-274-6029www.MortgageSource.biz
Capital
Mortgage Down Payment:• Source
- Equity- Cash- Gifts
Mortgages Originated as an Agent of Mortgage Allies #12358. License #10001503
Call Direct: 647-274-6029www.MortgageSource.biz
Collateral
Bank Mortgage Security:• Property Type• Location• Age• Purpose• Owner Occupied / Rental
Mortgages Originated as an Agent of Mortgage Allies #12358. License #10001503
Call Direct: 647-274-6029www.MortgageSource.biz
Character
What makes you a goodMortgage Risk for the bank:• The Story• More than numbers• Who are you
Mortgages Originated as an Agent of Mortgage Allies #12358. License #10001503
Call Direct: 647-274-6029www.MortgageSource.biz
The Process:• The Story• The Product• The Bank• The Rate
What Should Mortgage Brokers Look For?
Mortgages Originated as an Agent of Mortgage Allies #12358. License #10001503
Call Direct: 647-274-6029www.MortgageSource.biz
Client Situation
Mortgages Originated as an Agent of Mortgage Allies #12358. License #10001503
Call Direct: 647-274-6029www.MortgageSource.biz
• Family of 5• Live in parents basement• Want to buy a home
• $500k in the bank, Income of $250k• Offer on previous home very good• Buying 4th home• HELOC product for future investment
Beware the following:• The Great Rate• The Penalty Calculation
IRD – Posted vs Actual
• The Compounding Interest• The Cash Back Mortgage• The Closed Mortgage
What should Clients Look For?
Call Direct: 647-274-6029www.MortgageSource.biz
Call Direct: 647-274-6029www.MortgageSource.biz
Mortgages Originated as a Licensed Agent of Mortgage Edge #10680. License #10001503
Multiple Banks,Multiple Products
Remember, we get paid by the banks. Our service is free.
Warwick JohnstonMortgage Broker
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