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Mortgage Broker News | 07 Oct 2014, 12:47 PM Agree 0
Brokers are often frustrated when dealing with underwriting requirements and trying to get a deal done, but one leading lender has shared a helpful list of tips for securing one type of difficult deal.
  • alphonse negro | 07 Oct 2014, 02:17 PM Agree 0
    This is all very nice but this is not the typical deal out there..........
  • MP | 07 Oct 2014, 05:59 PM Agree 0
    This is for multi-unit buildings...Why don't they list some residential tips....
  • Jake Abramowicz | 07 Oct 2014, 08:22 PM Agree 0
    Resi is 10x easier to do, I guess that's why they posted this. What kind of tips do you need on residential deals?
  • alphonse negro | 08 Oct 2014, 10:40 AM Agree 0
    Here my 35 years of experience in a few words.
    1) stay very ethical
    2) prepare your clients well in advance so that they have complete documentation for full disclosure ( key word is FULL DISCLOSURE )
    3) take your time to take accurate information, proper spelling of name, address and explain any variances from the credit bureau.
    4) income rules, no income = no mtg unless a conventional mtg and income is in cie name and can be proven for those BFS.

    5) If client has rentals it is the net income showing on the T776 that counts. If there are losses good luck. No one is lending on losses...

    Take the time to build and document your file, accuracy is a big part of the approval combination..

    Wishing everyone across Canada great success!
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