Lender
Transcript: Mortgage Broker/Agent Mortgage Rate History *Late great Jim Flaherty made some difficult decisions and changes BUT it kept us out of the same mess as the US *Banks raise then drop rates over and over again. The BOC rate has dropped from 5.35% to 4.99% but what caused this? and why is it important to know this? *CMHC has made it increasingly difficult for first-time home buyers and self-employed borrowers Amina Mohamed Mortgage Agent & Real Estate Investor Amina's Mortgage Services License #11977 www.aminasmortgageservices/blog www.amina@aminas-ms.ca Tel: 416 697-5443 Fax: 289-809-3467 www.facebook.com/aminasmortgageservices www.twitter.com/aminasmortgages RRSP's: 1. Non-Arm's Length 2. Arm's Length Financing - Getting the Lenders to say YES! Here are the average 1, 3, and 5 year term mortgage rates over the last seven years. RE Investment Types Year Variable 5 Year Best Rate? 2014 3.00% 5.14% Variable 2013 3.00% 5.23% Variable 2012 3.00% 5.27% Variable 2011 3.00% 5.40% Variable 2010 2.60% 5.57% Variable 2009 2.42% 5.72% Variable 2008 4.79% 7.10% Variable Investing in 1st & 2nd Mortgages -access to over 30 lenders -structure your mortgage for your needs -work for you not the bank or the lender -will help you restructure financing to suit your investment goals Document Checklist History of Mortgages and what has happened since the financial meltdown of 2009 Purchase Price $350,000 Fin. 75% LTV $262,500 10% Own $ $35,000 15% VTB $52,500 1st Mortgage @4.99% = $1525.22 2nd Mortgage @ 4% = $135 Interest only *assuming 25 year amortization, 5 year term, 4.99% qualifying rate Financial Equalization Getting the Lender to Say VTB EXAMPLE YES! Self-Employed: * T1 & NOA (2 years) * Business License/Articles * 6 Months Financials & Bank Statements * Letter from Lawyer confirming self-employed status * Proof of downpayment * 2 Pieces of ID (photocopied back and front) Year 1 Year 3 Year 5 Year Best Rate? 2014 3.14% 3.79% 5.14% 1 Year Rate 2013 3.08% 3.73% 5.23% 1 Year Rate 2012 3.18% 3.91% 5.27% 1 Year Rate 2011 3.53% 4.29% 5.40% 1 Year Rate 2010 3.49% 4.28% 5.57% 1 Year Rate 2009 4.10% 4.64% 5.72% 1 Year Rate 2008 6.72% 6.91% 7.10% 1 Year Rate JV Partnering and Going on Title Average Variable vs 5 Year Fixed Rates Since 2008 Difference in Lending Employed: * T4 & NOA (2 Years) * Letter of Employment * Proof of Downpayment * 2 Recent Pay Stubs * 2 Pieces of ID (photocopied back and front) Bank Specialist *What is Financial Equalization and how can it help you? * Victoria Grant Why is Variable better than Fixed? * Land * Single Family - RTO, Flips, Buy & Hold * Duplex, Triplex, Quad's * Multi-Family (1-4) & (5 +) * Small Buildings (5-50 Units) * Apartment Buildings * Commercial and Mixed-Use * Tax Sales REIT & MIC Investor Different Types of Investing: Lender -work for only the bank -not licensed -earns commission on all the products they sell you -only one lender - themselves! *Building your Team *Different lending criteria for different types of property investments *What documents you need? How to prepare? *Different types of funding and how to get it?
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