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Tuesday, 26 February 2013

We are in the business to lend money no matter what the needs are....
We specialize in private mortgage lending, investing our own and many of our private investor funds into mortgages. Private Lender Inc. helps "hard to approve" applicants obtain mortgages. We have a variety of options available for your client and can often have you approved in 24 hours.
Visit our Broker page to view guidelines and lending criteria. We are never too busy to take your call, listen to your proposal on a file and certainly we are never too busy to find your client a solution.
It would be foolish to say we will do anything and we will approve every file you bring to us, but it is safe to say, if we can not do it most likely nobody else will. 

When your clients have been turned down by the banks, Private Lender Inc. can provide a short term, temporary solution while you work with them to find a permanent, low interest, institutional lender. We will find a product that fits their circumstances and needs even when they have credit or job issues. Equity rules!

We have been sending out promo emails to you in the past, however with the new privacy laws and Brokerages blocking our emails, we will be able to send only limited amount to limited Mortgage Brokers in the future. 

Files, where clients have issues are our specialties. Credit repair, debt consolidation, debt settlement and other solutions are part of our plans. We turn your client bankable, you get them a bank mortgage, everybody is a winner.

Beware of hidden mortgage penalties, use a broker

Interest Rate Differential (IRD) by CMT
The IRD is a compensation charge that may apply if you pay off your mortgage prior to the maturity date, or pay the mortgage principal down beyond the amount of your prepayment privileges.
The IRD is based on:
·    The amount you are pre-paying; and,
·    An interest rate that equals the difference between your original mortgage interest rate and the interest rate that the lender can charge today when re-lending the funds for the remaining term of the mortgage.
Most closed fixed-rate mortgages have a prepayment penalty that is the higher of 3-months interest or the IRD. Most variable-rate mortgages do not have IRD penalties.
Visit us online, book a time for a FREE consultation and let’s estimate your mortgage penalty.
Things to note…
·    Each lender has its own formula for calculating penalties.
·    Some lenders do not use the discount you received in their calculation, which decreases the IRD and can lower your penalty considerably.
·    When determining the comparison rate, some lenders round up your remaining months to the next longest term.  Some round down.
·    The Interest Act prohibits IRD penalties on terms over 5 years, after five years has elapsed.  In such cases, a maximum 3-month interest penalty may apply. For example, someone who has been in a 6-year mortgage for 60 months or more would pay a 3-month interest penalty (maximum) to break it before maturity.
·    A small number of lenders prohibit breaking a mortgage early—regardless of the penalty—unless in the case of an approved bona fide sale.
·    The moral:  Always contact your mortgage broker directly for an exact penalty quote. He will get it for you from your lender.

Calgary Mortgage Broker MortgagePRO, Mortgage PRO is a full service brokerage providing mortgage accross Canada.

Wednesday, 20 February 2013

Canada's local markets experiencing price growth

Home sales in Canada appear to have successfully pulled out of the dive they went into back in July of last year. That was when the federal government tightened mortgage rules, reducing the maximum amortisation period to 25 years.

The January figures from the Canadian Real Estate Association show sales edged higher compared to December, increasing 1.3% in this traditionally slow sales period. The association’s numbers show half of the country’s local markets experienced increases, including Greater Toronto and Greater Vancouver. Toronto rose 5.6% month-over-month and the battered Vancouver market saw a 4.7% m/m improvement.
Compared to a year ago, home sales in January dropped 5.2%. But CREA reports prices continue to rise. Using its MLS Home Price Index, the association reports a 2% increase from a year ago. (The MLS Index uses a different method of calculation than StatsCan or CMHC.) Vancouver continues to show price declines, which pulled down the national average.

Make sure you look us up for a FREE Consultation session to have a clear view on your situation!

Nikki Maas
Internal Account Manager Alberta & Prairies FNF

Wednesday, 13 February 2013

Over million dollar home sales up 3.5% in January

by FNF  Nikki Maas
Internal Account Manager

Multi-time buyers will be the biggest force in the market

The predicted slump in Canada’s housing market has failed to materialise. Apart from two areas of acute weakness – Toronto’s condo market and Vancouver in general – there has been an orderly retreat.

While the December 2012 figures in Toronto, for example, showed a 20% drop in sales compared to the year before, the January 2013 numbers show a modest 1.3% decline year-over-year. At the same time prices for a single family home rose 4.3% year-over-year. Elsewhere in the country, away from the Toronto and Vancouver volatility, Calgary saw sales climb 15% while Edmonton was up 3%.

Interestingly homes in the $1 million-dollar-plus range saw a 3.5% increase sales increase in January. This would back-up recent survey results from Re/Max Realty that indicate a shift in the buyers who are driving the market. The survey suggests that second-time and multi-time buyers will be the biggest force in the market with some 70% being serious about making a move in the next two years. First time buyers made-up about 30% of those who’d buy in the same time period.

Mortgagepro is a mortgage broker Calgary headquartered, providing mortgage solutions for everybody in Canada even if you have credit, age, job, income or any other issues. We have solutions for new to Canada, self employed people. Please look as up for a FREE CONSULTATION to assess your needs and circumstances.

We believe a well informed client can make a better decision, so we have created a new website with all information included from reason to hire a mortgage broker to what are the most important issues when you make a decision to apply and or refinance a mortgage. Please read on, will save you a lot in interest payment if you are educated about rates and products.