by Cain Daniel | Feb 13, 2015 | Mortgage Brokering, Mortgage Brokering in Ontario, REMIC Blog
Referrals refer to those clients who have been advised to do business with the mortgage agent by a third party. A client may be referred to him or her by a financial planner, a Real Estate saleperson, an insurance agent, a past client, or whoever has come into...
by Cain Daniel | Feb 11, 2015 | Mortgage Brokering, Mortgage Brokering in Ontario, REMIC Blog
The Financial Components of a Mortgage The basic premise behind every mortgage is the borrower’s promise to repay the amount borrowed. There are several components to a mortgage, as is illustrated in the Standard Charge Terms, but at its core a mortgage payment...
by Cain Daniel | Feb 9, 2015 | Mortgage Brokering, Mortgage Brokering in Ontario, REMIC Blog
Real estate property appraisals for mortgage financing A mortgage lender is interested in knowing what the market will pay for a property under normal circumstances. A real estate appraiser will produce a document called an appraisal that calculates the market...
by Cain Daniel | Feb 4, 2015 | Becoming a Mortgage Broker, Mortgage Brokering, Mortgage Brokering in Ontario, REMIC Blog
You might think that since the mortgage broker finds the borrower, the lender doesn’t have to pay the costs associated with obtaining that borrower, such as advertising and marketing, having branch offices, etc., and therefore dealing with mortgage brokers is more...
by Cain Daniel | Feb 2, 2015 | Mortgage Brokering, Mortgage Brokering in Ontario, REMIC Blog
What is a high ratio mortgage? A high ratio mortgage is a mortgage that exceeds 80% loan to value. This refers to either a purchase where the purchaser has less than 20% for a down payment or, in a refinancing scenario, where there is less than 20% equity in the...
by Cain Daniel | Jan 28, 2015 | Mortgage Brokering, Mortgage Brokering in Ontario, REMIC Blog
What is a Reverse Mortgage? A Reverse Mortgage is a type of interest accruing mortgage that is typically provided to seniors. The major provider of Reverse Mortgages in Ontario today is the Canadian Home Income Plan (CHIP). This organization provides...