what do banks look for? mortgage milton
TRANSCRIPT
Mortgage Agent #M10001503Brokerage #12358
Warwick JohnstonMortgage Broker
Financial Services - Banking, Stock Broking, Financial Planning
Clothing Production - Factory Management (Jockey)
Marketing Automation - Start up to Acquisition
Licensed with FSCO - Financial Services Board of Ontario
Member of Independent Mortgage Brokers Asso
Licensed Agent under Mortgage Edge BrokerageGoverned by the MBLAA – Mortgage Brokerages, Lenders
and Administration Act
Brief Bio
Call Direct: 647-274-6029www.MortgageSource.biz
Mortgages Originated as a Licensed Agent of Mortgage Allies #12358. License #10001503
The 5 C’s of Credit:• Credit• Capacity• Capital• Collateral• Character
What Do Mortgage Lenders Look For?
Call Direct: 647-274-6029www.MortgageSource.biz
Mortgages Originated as a Licensed Agent of Mortgage Allies #12358. License #10001503
Capacity
Call Direct: 647-274-6029www.MortgageSource.biz
Can you afford your mortgage:• Income Type• Employment Status• Covenants• GDS / TDS
Mortgages Originated as a Licensed Agent of Mortgage Allies #12358. License #10001503
Call Direct: 647-274-6029www.MortgageSource.biz
Capital
Mortgage Down Payment:• Source
- Equity- Cash- Gifts
Mortgages Originated as a Licensed Agent of Mortgage Allies #12358. License #10001503
Collateral
Bank Mortgage Security:• Property Type• Location• Age• Purpose• Owner Occupied / Rental
Call Direct: 647-274-6029www.MortgageSource.biz
Mortgages Originated as a Licensed Agent of Mortgage Allies #12358. License #10001503
Character
What makes you a goodMortgage Risk for the bank:• The Story• More than numbers• Who are you
Call Direct: 647-274-6029www.MortgageSource.biz
Mortgages Originated as a Licensed Agent of Mortgage Allies #12358. License #10001503
CreditBeacon Score
B LendersExpensive Money
A LendersCheaper Money
Call Direct: 647-274-6029www.MortgageSource.biz
Mortgages Originated as a Licensed Agent of Mortgage Allies #12358. License #10001503
Credit - Credit Report
Call Direct: 647-274-6029www.MortgageSource.biz
Poor
Mortgages Originated as a Licensed Agent of Mortgage Allies #12358. License #10001503
Credit - Credit Report
Call Direct: 647-274-6029www.MortgageSource.biz
Mortgages Originated as a Licensed Agent of Mortgage Allies #12358. License #10001503
Credit - Credit Report
Call Direct: 647-274-6029www.MortgageSource.biz
Good
Bad
Mortgages Originated as a Licensed Agent of Mortgage Allies #12358. License #10001503
Client Situation• Beacon 489• $79,000 in arrear debts (Credit) ✗• Self Employed – little income, no web presence• Separating from Wife• $1,750 in Child Support (Capacity) ?• Selling existing Home (Capital) ✓• Buying a New Home (Collateral) ?• Not a good story (Character) ✗
Call Direct: 647-274-6029www.MortgageSource.biz
Mortgages Originated as a Licensed Agent of Mortgage Allies #12358. License #10001503
Client Solution• Debt Negotiation saved $30,000
- avoided Consumer Proposal or Bankruptcy- Cleared all debt saving $884 pm
• New Mortgage with B Lender- 80% LTV
- 1 year rate at 5.99%
Call Direct: 647-274-6029www.MortgageSource.biz Mortgages Originated as a Licensed Agent of Mortgage Allies #12358. License #10001503
Call Direct: 647-274-6029www.MortgageSource.biz
We do the WORK!Contracts with over 28 LendersWe find the mortgage that is right for you.
Mortgage Broker
Mortgages Originated as a Licensed Agent of Mortgage Allies #12358. License #10001503
Let The Numbers Do the Talking
For a Free Mortgage Analysis simply call 647-274-6029
Warwick JohnstonYour “Mortgage Source”
Mortgages Originated as a Licensed Agent of Mortgage Allies #12358. License #10001503