RSS

Monthly Archives: May 2013

Mortgage Agents Wanted

Do you have strong sales skills and a desire to make good money working part-time or full-time from home with a flexible schedule?  Motivated, hard working, results orientated sales person sought by fast growing mortgage company.  You have the potential to earn $50K – $100K+.  100% commission with unlimited growth opportunities available.

Excellent sales skills including…
Building rapportProviding counsel and advice
Overcoming objections
Asking for referrals

If you qualify for this position, we will provide you with:

Outstanding 1 on 1 training and support
Turnkey lead generation systems
Highly competitive mortgage products (to sell)
Opportunity for advancement
A great team environment

 

 
Leave a comment

Posted by on May 29, 2013 in Uncategorized

 

5 Ways to Improve your Credit Score

Your credit score is a three digit number that lenders use to predict yur creditworthiness.  credit reporting companies calculate your score based on your payment history, how much you owe, how long you’ve had credit and how often you apply for new credit.  If your score is lower than you’d like, here’s how to raise it:

1.  Check your credit report regularly.  request a copy of your report at least once a year from Equifax and/or TransUnion.  Make sure your report agrees with your records.  Correct any errors as soon as possible and watch for signs of identity theft.

2.  Make sure your credit limits appear.  If your credit card limits aren’t listed, your cards are assumed to be maxed out, which damages your credit score.  Ensure your limits are indicated, and stay well below them to maintain a higher score.  Staying below 50% of your limit is best.

3.  Pay past due accounts.  Delinquent accounts reduce your score more than anything else.  Pay these accounts first.

4.  Pay new liens or charge offs.  These are your next priority.  But once they’re older than 24 months, they’ve done all the damage they can do.  In that case, move them to the bottom of your payment priority.

5. Don’t close credit cards.  Credit score software totals your available credit limits across all your cards.  If you close an old card, suddenly you have a lower total limit which means your credit-to-debt ratio is higher.  This drives down your score.  Only close old cards if you have no self control.

6.  Keep old credit limits active.  The longer you’ve had an account open, the less likely you are to default on it, and the higher your credit score.  But it’s not enough to simply keep old accounts open, you have to use the card, even if it’s only once every six months.

If you’d like to learn other proven ways to improve your credit score, talk to me today!

Eva Neufeld
Mortgage Broker
Mortgage Tailors
(780) 244-0505

 

 
Leave a comment

Posted by on May 29, 2013 in Uncategorized

 

Bank of Canada Update

Good morning

As you know, your variable rate mortgage, line of credit and/or student loans are all based on the Prime Rate and, as promised, here is your personal update from me on the recent Bank of Canada announcement on changes to their Overnight Rate which in most cases impacts your Prime Rate.

At 10:00 am EST, Wednesday May 29th, 2013, the Bank of Canada again did what we expected them to do… they continued to maintain their overnight rate.    What this means to you is that once again the prime rate on your mortgage, line of credit or student loan will not change and remains at 3.00%.  This of course is fabulous news but as always, I like to remind you to make the most of the low payments you still have as the rate will increase in the future.  If you haven’t done so already, give me a call and we can chat about helping you get set up with a great GIC, Tax Free Savings Account or Retirement Savings Plan as your payments continue to remain low.    Maybe you are thinking of saving for a special occasion or expect a large expenditure in the near future (car, college/university, cottage or investment property purchase), and would like to chat about some budgeting and saving strategies – let me know as I would be happy to assist.

Here is an excerpt of the announcement from the Bank of Canada and what they had to say about their decision:

“In the United States, the economic expansion is progressing at a modest pace, with continued strengthening in private demand partly offset by fiscal consolidation. Japan’s economy is beginning to respond to significant policy stimulus. Europe, in contrast, remains in recession. Growth in China has continued to ease from very strong rates, weighing somewhat on global commodity prices.

In Canada, recent economic indicators suggest that growth in the first quarter was stronger than the Bank projected in April. For the year as a whole, growth is expected to remain broadly in line with the Bank’s forecast. Over the projection horizon, consumer spending is expected to grow at a moderate pace, business investment to grow solidly, and residential investment to decline further from historically high levels. Growth in total household credit is slowing and the Bank continues to expect that the household debt-to-income ratio will stabilize near current levels. Exports are projected to continue to recover, but to be restrained by subdued foreign demand and ongoing competitiveness challenges, including the persistent strength of the Canadian dollar.”

Based on this news and still the ongoing slack in the Canadian economy and the muted outlook for inflation, the Bank does not expect to increase their rate in the foreseeable future with any change most likely to occur possibly as late as late 2013 to early 2014!   Remember, that any increase to the prime rate since 1992 has only been by 0.25% at any ONE time, so you won’t see a large significant increase all at once.

Fixed rates haven’t changed at all since the last announcement, at around 2.89% to 3.09% for a five year fixed term.

Based on this recent announcement, and the anticipation that the prime rate will still remain low for a while now, unless you feel otherwise, I’d recommend that you remain with your current variable rate product as the interest is lower than a fixed term rate right now.  However, if having a fixed payment is important to you, call me so I can calculate what your new payment would look like and also if it is suitable for you. The next announcement on any change to the prime rate is July 17th, 2013 at which time I’ll be in touch again.

I wonder if I can ask a favour – rates are still so low right now and we are well into the Spring market and it is a great time for first time home buyers and those planning their University or college accommodation to start considering their options.  Do you have a friend, family member or colleague that is looking at University College for their son and daughter and might want to chat about purchasing a property rather than renting with as little as 5% down payment?  It is a perfect time to work with me to not only hold rates for up to four months while they go house hunting but also work on their action plan to make dreams of homeownership a reality! If you know of someone that is looking for advice on their mortgage options, with no obligation, would you mind passing my contact information on to them – this is very much appreciated.

Yours truly,

Eva Neufeld
Mortgage Broker
Mortgage Tailors
(780) 244-0505

.

 
Leave a comment

Posted by on May 29, 2013 in Uncategorized

 

Lender qualifying changes make a BIG IMPACT

A move by two lenders to change their calculations on debt servicing ratio’s for both Visa and Lines of Credit is frustrating.  Instead of using the interest only payment or 1% of the balance two lenders are now using 3%.  This greatly affects qualifying ratios when purchasing a property.  They are also now making clients use a payment in their qualifying ratios for secured Lines of Credit, even if the balance is a zero.  “The implications of these changes in underwriting could be huge if it catches on with all lenders”.  Fewer people will be able to qualify to purchase a home.

 
Leave a comment

Posted by on May 24, 2013 in Uncategorized

 

Tags: , , , , , , , ,