Mortgage Default Insurance:
- Will compensate the lender if the borrower goes into default (normally by failing to make mortgage payments).
- Required when the down payment is less than 20%.
- Can be paid on closing in cache, or added to the mortgage amount (“dissolved” in the mortgage).
HOW OUR COOPERATION FLOWS
In our days, almost all clients prefer to communicate via emails to save their time. And, really, at the initial stages there is no need for a personal meeting - the Internet copes perfectly with the task of communication, and urgent issues (if any) are resolved by phone. For the vast majority of clients, it comes as a relief when they learn we can make it happen electronically in the most productive way.
The article Canadians are world’s second most digitally active homebuyers says: "Canadian homebuyers are highly likely to research their housing options online... From online mortgage specialists to paperless mortgage renewals, technology is rapidly changing how we engage with and serve our customers in Canada..."
YOU ARE ONLY IN SEVERAL STEPS FROM YOUR MORTGAGE!
The clients are constantly being instructed what to do - during the whole application process, which, in general outline, consists of a few steps:
STEP 1: The clients contact me initially using one of the follwing methods:
• 'CONTACT NOW' widget on the left of the screen.
• Online application.
STEP 2: I ask a few brief qualifiyng questions in writing to exactly determine and carefully analyze the personal economic situation the best possible mortgage should be found for.
STEP 3: The clients answer the qualifiyng questions and return the file to me.
STEP 4: We ask the clients to collect the documents, required by the lender.
STEP 5: The clients deliver them to us as email attachment.
STEP 6: The clients sign the agreement, approved by a lender, in our office (400 Applewood Cres, Suite 100, Vaughan ON, L4K0C3). If the clients wish, this step can be done remotely as well (that's why we arrange mortgages all over Ontario), but, in this case, a face-to-face meeting is more convenient for both the sides since we have to explain the clients many clauses of the documents.
WAIT, WAIT A SECOND! WHICH STEPS? FIRST OF ALL, WE WANT TO ASK THE QUESTION "WHAT IS THE BEST RATE YOU CAN DO?"!
It is not even theoretically possible to answer this question before execution of STEP 3. That is why it is completely pointless to ring up various mortgage agents - such calling can only determine who is more eloquent and better in the art of persuasion, or more "brave" in their promises. But that is not what you need. You need a REAL mortgage on better terms! Please read what I wrote here: "In the real life, the rate depends on many different factors related both to you (credit score, down payment size, income, type and length of employment, and many-many others) and the mortgage parameters and options... It is likely that I will get the desired best rate for you (after all, I work with the same lenders as those "masters of promise", and I want you to be satisfied and recommend my service), but no mortgage agent in Canada can honestly guarantee it in advance."
EMAILS: PLAY THE GAME
I always reply to emails ASAP.
If an email is not supposed to be answered (like one which is an answer itself, or contains requested documents attached), I reply anyway - simply with "OK", to let the sender know that I have received it, and it has not gone to Deleted or Spam folder.
I have the MailTrack utility in my gmail which informs me when an email, sent by me, has been opened by the recipient. If the recipient has not opened my email in 24 hours, I get the message "Your email to email@example.com has not been opened yet". I recommend that utility to everybody, it has a free version. Let me know if you have it, so I will not bother you with "OKs".
If, in a reasonable time, there is no clear evidence that an important email has been opened, the sender should contact the other side by SMS or phone call and make sure the email is received. It's a hundreds of thousands of dollars deal, so none of us wants to think that the partner "disappeared" just because some email went to the spam folder...
You will get documents for signing, so please double check that your printer and scanner are in the working condition.
A bit of philosophy...
The philosophy of always doing what is best for the client differs from always doing what is suitable for him/her. Constant application of this philosophy leads naturally to the fact that the business increases over time. We do care about getting you happy since we know that you're a future referral source, and we want to see you coming back to renew your mortgage with us after a few years. You are a future success story. Even though sometimes we may make less money on a single transaction, that results in increased earnings overall. A practical reason for doing things which are right for you!
Once you are interested in obtaining a mortgage, then you most likely will also be interested in the help of an experienced real estate agent: