I guess it depends on a person's situation... my experience with mortgage brokers have been really bad, they suggested B lending but when I talked to the bank, the simply approved in no time I was able to close in 2 weeks and yes, I didn't get the HELOC option but again getting mortgage was more important
Great Video, thank you for your insights Jacob! It would be great to have a video on any tips and tricks Jacob may have for self-employed and high net worth investors.
Matt - you mentioned in one of your earlier videos about using something called mortgage plus mortgages that gave you 4 months to complete your transaction. Can you shed some light on this? What type of mortgages do you suggest we use? If I am locked into a 3-year mortgage and I find a property I like to purchase in year 2, I would be liable for extra fees to refinance at that point - right? How should I avoid this?
Hey Sheldon - lots of moving parts to this. Purchase plus improvements is great but depending on your situation not always necessary or beneficial (how much % you're putting down has a lot to do with this). Also depending on your lender their may be zero fee to break that, would have to get more details.
(1) dont have tunnel vision on the interest rate, read into the underlying terms such as penalty to break a mortgage (2) dont do a five year fixed rate at a major bank (is it OK to do a 5-year-fixed rate with a broker? ) (3) use a mortgage broker
How do you find a good mortgage broker? How do I know if my broker give me the best bank package not because he/she gets the most bonus from that bank?
Good thing about the broker industry is that there is very little difference, if any, in terms of compensation bank to bank so in terms of incentive, there is little at all aside from doing a great job & winning a lifelong client.
60k downpayment with 50k income and no debts.. any of the 5 big banks in Canada can approve the mtg up to 350k.. as long as the clients credit is average.
Danny Wang - Maybe I wasn’t as clear as I should as possible. The example factored in the client keeping his primary as a rental as he moved on to his next property. So it’s not as straight forward as a FTHB purchase.
There were lots of good advice in this video! Well done Matt & Jacob!!
Hey guys welcome back didn't realize this was a new video.
Thank you Matt Mckeever and Jacob Perez.
Love these videos, thanks to the both of you
Great content. Thanks Matt and Jacob
Thanks Joe! - Be sure to hit the notification bell - more Jacob coming up in the future
Subscribed- keep the quality videos coming.
These videos are sick I’m 21 going in the mortgage financing industry can’t wait!!
The first tip is literally worth paying for. good shit
I guess it depends on a person's situation... my experience with mortgage brokers have been really bad, they suggested B lending but when I talked to the bank, the simply approved in no time I was able to close in 2 weeks and yes, I didn't get the HELOC option but again getting mortgage was more important
Great tips! thanks Matt and Jacob!
Thank you Matt for the valuable content.
Great Video, thank you for your insights Jacob! It would be great to have a video on any tips and tricks Jacob may have for self-employed and high net worth investors.
Maybe we can revisit this in a new UA-cam video indeed. Good suggestions Mit
Great video, very informative information
Matt - you mentioned in one of your earlier videos about using something called mortgage plus mortgages that gave you 4 months to complete your transaction. Can you shed some light on this?
What type of mortgages do you suggest we use? If I am locked into a 3-year mortgage and I find a property I like to purchase in year 2, I would be liable for extra fees to refinance at that point - right? How should I avoid this?
Hey Sheldon - lots of moving parts to this. Purchase plus improvements is great but depending on your situation not always necessary or beneficial (how much % you're putting down has a lot to do with this). Also depending on your lender their may be zero fee to break that, would have to get more details.
This video answered some questions for me, thanks for the great content!
(1) dont have tunnel vision on the interest rate, read into the underlying terms such as penalty to break a mortgage (2) dont do a five year fixed rate at a major bank (is it OK to do a 5-year-fixed rate with a broker? ) (3) use a mortgage broker
Notes taken, thanks!
Matt hit me up going for my second rental property like to get your in put on few things cheers
I discovered the hard way of just how bad a 5 yr fixed rate is. Never again.
How do you find a good mortgage broker? How do I know if my broker give me the best bank package not because he/she gets the most bonus from that bank?
Good thing about the broker industry is that there is very little difference, if any, in terms of compensation bank to bank so in terms of incentive, there is little at all aside from doing a great job & winning a lifelong client.
60k downpayment with 50k income and no debts.. any of the 5 big banks in Canada can approve the mtg up to 350k.. as long as the clients credit is average.
Danny Wang - Maybe I wasn’t as clear as I should as possible. The example factored in the client keeping his primary as a rental as he moved on to his next property. So it’s not as straight forward as a FTHB purchase.
So far the mortgage broker offered me worse rates and terms than TD Bank...