The Big Story: Fixed-rate mortgage shift
It wasn’t too long ago that the prevailing wisdom held that variable-rate mortgages were the way to go. Now, a recent poll reveals that fully half of all Canadians said they would choose a fixed rate mortgage if they had to decide today, a 10 per cent increase from a year ago. That’s a huge shift from the past five years, when people saved money by sticking with variable rates. Brokers can certainly attest to this trend, and say they are seeing clients choose longer term mortgages with rates at historic lows. They are also recommending that clients go with as long a term as possible, event 10-years, as rates haven’t been this low in 20 years. This week we spoke with Catherine Evel, mortgage broker/owner and mortgage agents Kelly Sams and Julia Parkin at Dominion Lending Centres-Homestead Financial. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.
The Big Story: HELOCs
The right product for the right client. This is especially true for HELOCs, which now account for almost 50 per cent of non-mortgage debt. Even as government moves to cool this market by withdrawing its backing, brokers are finding more lenders are offering them the product. Brokers caution however, that HELOCs need to be used wisely. They need to present the product properly and advise responsibly, so the best long-term interests of their clients are met. This week we spoke to, Ron Alltree, Kunaal Bhalla, Sarah Makhomet Deepak Bansal and Jonathan Tillger, of Dominion Lending Centres Mortgage Village. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.
Bankers sick and tired of the rate wars
Brokers exhausted by this latest battle in the rate wars will have time to nurse their wounds, with the big banks suggesting they’ve put down their weapons for now, if never really for good.
Finalists for Canadian Mortgage Awards broker/brokerage categories announced
As the 2012 Canadian Mortgage Awards wind down on June 1, there may be some familiar names headed to the podium to accept the Broker, Brokerage and National Broker Network of the year awards.
Broker finalists named for Canadian Mortgage Awards
Ask any mortgage broker and they’ll say that they are proud to help people navigate the biggest purchase of their lives. They don’t do for the accolades, but sometimes it’s nice to be recognized for doing a good job.
Even more reason to thank BMO
Brokers may have even more to thank BMO for this time around, with its second “irrational” rate offer encouraging even more fence sitters into the market, say agents.
Brokers flock to old-school lead generator
Open houses are no longer just for rookies, with a growing number of seasoned brokers reincorporating them as a way of grabbing some of the highest conversion rates in the business.
Canadian Mortgage Awards names first group of finalists
It’s that time of year again – time for the finalists for the Canadian Mortgage Awards to be announced.
The Big Story: Prepayment clarity
New code of conduct rules for lenders mean they must clarify prepayment and penalty terms for borrowers. While brokers welcome these changes, they feel they don't go far enough. This week we spoke to Nick Kyprianou, CEO, Equity Trust Financial and Deepak Bansal,Ron Alltree, Kunaal Bhalla, Sarah Makhomet and Jonathan Tillger, of Dominion Lending Centres Mortgage Village. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.
Top broker: Get your 'docs' in a row
It’s a request many brokers fear will scare away clients, but a top B.C. player asks for ALL supporting documents right after meeting with a lead – a way of gauging buy-in levels.