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Mortgage Broker News | 07 Nov 2011, 07:00 AM Agree 0
Brokers looking for an in with clients “buying off the plan” should bypass the developer’s office and head straight to online homebuyer forums, said an Ottawa mortgage professional successfully using that detour.
  • Ontario Broker | 08 Nov 2011, 05:13 AM Agree 0
    Years ago Mortgage Brokers often had a number of varied one year rate locks, usually at slightly reduced finder fee (i.e. .5%) BUT unfortunately there were a number of money hungry Broker rather than honour the Lender commitment which got them the deal in the first place for the sake of the almighty dollar would move the same deal that the initial Lender would hedge the rate on their behalf for a year and move the same deal to another 120 day Lender that would pay them .75%. Essentially Brokers shot themselves in the foot when the close ratio of cap rate deals fell below 25% the Lenders simply cut the program off.
  • Ontario Broker | 08 Nov 2011, 05:19 AM Agree 0
    Is it that some people like to see their name in print or do they really like to purposely create more competition between Brokers for a deal. This is called the Storage Wars (TV Program) Syndrome. No one knew you could buy the contents of a storage unit until the TV program and now 100's of people are showing up to....you got it buy storage units and now everyone is paying the premium of more competition. Not sure why certain individuals like to spread their niche marketing ideas of developing business to the Broker Community only to create....you got it, more competition. Should check first with the few other Brokers that were developing business the same way if we wanted the secret out.
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