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The Big Story: Pushing past preapprovals

Brokers are sitting on a mountain of preapprovals, but is there is a way to push past them and get clients off the fence? Jemima Codrington reports.

Video transcript below:

Jemima Codrington, Mortgage Broker News
Jemima Codrington:
 You’ve been pre-approved for a mortgage, you are looking to buy a house, so the next logical step is waiting?  Hi, I’m Jemima Codrington and welcome to the Big Story on Mortgage Broker News.

A number of consumers appear to be pumping the brakes, waiting for a correction that may or may not happen.  It seems to skip the buyer’s remorse, may [lead to] skipping the buying altogether.
Bill Mitchell, The Mortgage Centre
Bill Mitchell:  I think it’s just simply because there is so much economic uncertainty and specifically for a client, job uncertainty.  Someone who was ready to go a month ago, you know starting to talk to their manager about when they are going to need a letter to verify their employment.  I have seen a number of times where the manager is starting to waffle on that.  So that and there is a lot of talk in the media about rates going up and real estate values coming down, so I think that’s just causing a lot of uncertainty in the mind of the consumer.
Jemima Codrington:  But brokers rejoice, there are some ways to help buyers with cold feet gain confidence even in today’s market.  
Sandy Cockburn, Durham Mortgage
Sandy Cockburn:  I think clients right now are all seeing the doom and gloom on the media.  At this point, if they have got confidence in what they are doing, if everything has been explained to them, they qualify for that product, it’s a great time to purchase.  If we can help them establish what they qualify for, how much it’s going to cost per month, I think that they will be confident enough to go out and buy a home.
  • The Big Story: Housing market snapshot The Big Story: Housing market snapshot (views 13856)

    It’s been an ongoing debate for a while now. Housing bubble – no housing bubble. The latest numbers support the idea that the Canadian housing market will have a soft landing in 2012. In January, CREA reported that sales activity was down for the first time since August of 2011, while prices increased by a modest two per cent year-over-year. Forecasts for economic and job growth going forward vary widely for different parts of the country, meaning some markets may soften while others pick up. For experienced brokers, continuing to work with Realtor partners may be one key to surviving any drop-off in the market. As well, people will continue to buy, refinance and renew. So regardless of what the market may or may not do, brokers need to continue to show clients why brokers are an integral part of the home-buying purchase. On today’s Big Story, we spoke to mortgage broker Paula Roberts and mortgage agent Dena Kakaletris of The Roberts Group-Dominion Lending Centres. Find out on today’s

  • The Big Story: Amortization again? The Big Story: Amortization again? (views 16650)

    It’s becoming a broken record. Consumer debt levels rise and there are calls for the government to tighten mortgage lending. The latest rumour involves the lowering of the maximum amortization from 30 to 25 years. Many brokers disagree with the idea, suggesting 30-year amortizations are largely used to free up cash each month, money often better spent paying down high-interest debt. In addition to amortization rumours, some lenders have recently cut or altered their products for business for self and new immigrants. Some brokers think this may be short-sighted, while others say the industry will adapt, like it has always done. On today’s Big Story, we spoke to James Robinson of The Mortgage Centre-Mortgage Watch Inc., John Panagakos of Dominion Lending Centres-Home Financial Inc. and David Smith of Oriana Financial. Find out on today’s The Big Story, on TV, your home for industry news, opinion and analysis.

  • The Big Story: Fighting 2.99 The Big Story: Fighting 2.99 (views 18301)

    It might have seemed like the end of the world: A competitor offering an unmatchable 2.99 per cent on a five-year fixed. Brokers were understandably concerned about the pressure it would place on them to match the historic low. In the end, it actually helped drive business for brokers, as some reported a relatively brisk demand from preapproved and new clients. MortgageBrokerNewsTV recently spoke to mortgage professionals James Robinson of The Mortgage Centre-Mortgage Watch Inc., John Panagakos of Dominion Lending Centres-Home Financial Inc., and David Smith at Oriana Financial to get their analysis Find out on MortgageBrokerNewsTV, your home for the industry’s best news, opinion and analysis

  • Brokers positive about year ahead Brokers positive about year ahead (views 20059)

    2012 is sure to be another year of challenges for mortgage brokers as they face a flat real estate market, international economic uncertainty and increased pressue from banks and the accompanying low rates. MortgageBrokerNewsTV recently spoke to some brokers at the Mortgage Alliance 2012 Kick-Off Rally in Toronto, including Dan Balfour, Lisette Amalfi, Scott Ede, and Walter and Karen Monteiro to find out how they're going to meet these industry challenges head-on. Find out on MortgageBrokerNewsTV, your home for the industry’s best news, opinion and analysis.