at 9625 Macleod Trail SW, Calgary, T2J 0P6 Canada
587.436.2348 Helping you find the right mortgage. Ryan Iannone is a mortgage broker in Calgary.
49 FB users likes Ryan Iannone - Calgary Mortgage Broker, Dominion Lending Centres Calgary, set it to 57 position in Likes Rating for Calgary, Alberta in Bank/financial services category
Are you really pre-approved?? Mortgage financing has become tougher over the last few years and not everybody will qualify for a mortgage today. I recently met with a client that was under the impression that they were pre-approved with one bank, and another bank would approve them given certain docs. After spending some time with the client and doing a "full" pre-approval, which includes a credit check, it was very cut and dry that they did not qualify for a mortgage and actually couldn't even go on a mortgage application. This was after weeks of looking at houses with a realtor and spending lots of physical and emotional effort on buying. If someone had done their job from day one this would not have happened. The simple fact is that if your mortgage person doesn't pull a credit bureau for your pre-approval you are not pre-approved. Credit scores play a huge part in getting approved for a mortgage, so if I don't know your credit score, I don't know if you qualify. Really no grey area here. In this case the client was under the impression that the one bank did pull credit. I was able to show him that this wasn't true. When you are getting your pre-approval ask about your credit. Any mortgage professional that does pre-approval's the right way should be able to have a discussion with you. If they won't pull credit until you go out and buy, go see someone else.
5 year Government Bond hits a 16 month low today. Could we have a cut in mortgage rates? Right now it is a wait and see approach as the banks don't seem too anxious to cut at this time.
Possibility of a rate increase soon. Bond rates have been on the rise and now sit 30 points over the low from the summer. The last time the bond was at this level, regular rates were about 20 points higher and if you wanted today's rates you would have had to fit into a special offering. Today's low rates can be held for 120 days. Don't sit on the fence any longer.
Always do what's right for the client. Had a potential new mortgage today but they had a pretty high penalty to break their current mortgage with one of the big banks (shocking). They still wanted my advice on their decision and it was a pretty quick one, stay with your current lender and port. Just another reminder to make sure you know the details of the mortgage including how the penalty is calculated. This couple didn't want to stay with their bank because of terrible service but the penalty killed any other options. The penalty could have been much lower if they were placed with another lender from the beginning. It's your mortgage, take some control of it and deal with someone that has your best interest in mind at all times.
Bank of Canada will make another scheduled interest rate announcement tomorrow regarding their prime lending rate. No expectations that this will change as the Canadian economy continues along the same path. Some believe that there may be an adjustment in the fall to the benchmark inflation rate that they currently use as a guideline. Wait and see as usual. Good news is that if you have a variable rate mortgage, business as usual.
Finally a 5 year fixed mortgage product under 3% with all the bells and whistles. 2.99% is now available with full prepayments, portable, regular payout penalties and all the other features you should have with your mortgage. Call me today if you want to discuss as these types of deals don't always last long.
Only one CMHC insured mortgage allowed One thing to note about CMHC's changes is that they will no longer allow more than one CMHC insured mortgage per person. So someone with a CMHC insured mortgage will no longer be allowed to co-sign for someone else. If you are not working with a mortgage professional that knows this you could be wasting lots of time. Especially considering some mortgage lenders only use CMHC or have to send a high majority of deals to them.
There are generally two ways to get a mortgage in Canada: From a bank or from a licensed mortgage professional.
While a bank only offers the products from their particular institution, licensed mortgage professionals send millions of dollars in mortgage business each year to Canada's largest banks, credit unions, trust companies, and financial institutions; offering their clients more choice, and access to hundreds of mortgage products!
As a result, clients benefit from the trust, confidence, and security of knowing they are getting the best mortgage for their needs.
Whether you're purchasing a home for the first time, taking out equity from your home for investment or pleasure, or your current mortgage is simply up for renewal, it's important that you are making an educated buying decision with professional unbiased advice.