36 months later, Right Mortgage(R) Sales Hit $3 Billion!
Mortgage Alliance Professionals have a lot to celebrate these days including the recent launch of their MortgageBOSS(TM) Offline Application, their National Brand campaign that has Canadians literally singing “Mortgage Alliance” and now a landmark achievement with their Right Mortgage(R) sales of approx. $3 Billion in mortgage origination.
Mortgage Alliance was the first “super broker” to launch their own mortgage product with a unique and proprietary consumer benefit. The Right Mortgage(R) has given Canadian mortgage consumers the freedom to choose their own terms, features and rate. And chosen they have!
“From the minute we launched the Right Mortgage(R) it seemed to resonate with consumers. The entire premise for the product was to “demystify the mortgage process” said Michael Beckette, President & CEO of Mortgage Alliance.
He went on to say “it’s been our network of mortgage professionals that has really helped to make this a success.” “We create new mortgage products by listening to consumers and our brokers and it was their early adoption and support (referring to MAC professionals) of the Right Mortgage(R) that’s created this remarkable industry achievement.”
Another key ingredient to the success of the Right Mortgage(R) is that it provides MAC professionals the choice of aggressive compensation models from “up-front”, “trailer” or a combination of both.
For more information about the Right Mortgage(R), please contact Tony Bartolomeo at tbartolomeo@mortgagealliance.com or call Tony at 416-499-5454 ext#251.
This entry was posted on Friday, November 19th, 2010 at 1:44 am and is filed under Press Releases. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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29 December 2010
Mortgage brokers handling growing number of deals
Mortgage brokers handling growing number of deals
BY JAMES PASTERNAK, FINANCIAL POST
When Hamilton, Ont., residents and partners Kathy Funke and Grant Bivol wanted to purchase an investment residential property in 2000, they did what most Canadians do when it’s time to borrow. They headed to the bank branches in their area.
They shopped around a bit, made lots of phone calls, compared mortgage conditions and rates and then signed.
“That was our first experience. We didn’t really know where to start. And I didn’t know anything about mortgage brokers at that time. The bank seemed like the obvious place to start,” said Kathy Funke, 45.
But in retrospect, they found the whole experience exhausting.
“During our first experience we tried to shop around. The banks discouraged that. They gave us some story that because we had a mortgage being approved and when another bank does the same thing it shows that another mortgage is being approved,” said Ms. Funke.
Three years later when they were shopping for another house, they had a different strategy.
“We didn’t even go to the bank then…We were just so frustrated from the last experience that we didn’t want to run around to the banks. We figured we couldn’t do any worse so we just put ourselves in the broker’s hands and let her do the shopping around for us. We use insurance brokers for insurance, why wouldn’t we use a mortgage broker?” said Ms. Funke.
Grant and Kathy are part of a growing number of Canadians foregoing the traditional walk into the bank branch and instead sitting down with the local mortgage broker.
This growth is a core finding of Maritz Research Canada, which studied the broker industry on behalf of the Canadian Association of Accredited Mortgage Professionals (CAAMP)
“In the past, the first or only place a person would go when looking for a mortgage was to their local bank, however more and more Canadians are now seeking out the services of Mortgage Brokers to help them navigate the biggest purchase of their lives,” concludes study author Rob Daniel, managing director, Maritz Research Canada.
The Maritz Research concluded that the mortgage brokerage channel handled 23% of all mortgage activity in 2008. The broker channel is particularly strong in Western Canada (34% of all activity in Alberta, 27% in British Columbia). In addition, women are more likely than men to deal with mortgage brokers. (26% vs. 20%).
Young Canadians are much more likely to consult with and deal with brokers than their older counterparts; Brokers represent 28% of mortgage activity among 18-34 year olds, 24% among 35-54 year olds, and just 17% among those 55 and older.
A mortgage broker works as a conduit between the buyer and the lender. In many cases, the mortgage broker is informally representing lending institutions. The banks have used brokers to outsource the job of finding and qualifying borrowers.
Grant and Kathy felt they got a better interest rate than the banks offered and there were no brokerage fees. And they wanted a mortgage that offered an annual pay down of 20% with no penalty on the balance outstanding.
Maritz Research Canada concluded that the average Canadian who renewed or renegotiated through a broker saw their interest rate reduced by an average of 125 points, compared with 114 among those who dealt directly with a bank or credit union.
For Toronto resident Leanne Bernardo, the mortgage broker not only represented a one-stop shop, it provided a number of “add-ons.” These included a line of credit, a life insurance option, annual and monthly lump sum payment options without penalty and weekly interest rate alerts. The variable interest rate selected was comparable to what the banks offered.
“We just wanted to have a number of different options presented to us and we felt that going through a broker would give us an unbiased opinion of different options. Otherwise we would have gone to three or four different banks to get our options. It was great for us in terms of time efficiency,” says Ms. Bernardo.
According to one banking insider, the banks are chilly about mortgage brokers because they make it a more competitive market in which interest rate competition takes away the ability of the local branch to hold firm on posted rates.
As for Grant Bivol and Kathy Funke, they’re making it a habit. They currently have two rental properties and live in a third house. But it doesn’t look like they are going to stop there. They have another home purchase going through in April.
“We wouldn’t even consider not using a mortgage broker. If it isn’t broke you don’t fix it,” says Kathy Funke.
This entry was posted on Monday, January 18th, 2010 at 2:48 am and is filed under Press Releases. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
BY JAMES PASTERNAK, FINANCIAL POST
When Hamilton, Ont., residents and partners Kathy Funke and Grant Bivol wanted to purchase an investment residential property in 2000, they did what most Canadians do when it’s time to borrow. They headed to the bank branches in their area.
They shopped around a bit, made lots of phone calls, compared mortgage conditions and rates and then signed.
“That was our first experience. We didn’t really know where to start. And I didn’t know anything about mortgage brokers at that time. The bank seemed like the obvious place to start,” said Kathy Funke, 45.
But in retrospect, they found the whole experience exhausting.
“During our first experience we tried to shop around. The banks discouraged that. They gave us some story that because we had a mortgage being approved and when another bank does the same thing it shows that another mortgage is being approved,” said Ms. Funke.
Three years later when they were shopping for another house, they had a different strategy.
“We didn’t even go to the bank then…We were just so frustrated from the last experience that we didn’t want to run around to the banks. We figured we couldn’t do any worse so we just put ourselves in the broker’s hands and let her do the shopping around for us. We use insurance brokers for insurance, why wouldn’t we use a mortgage broker?” said Ms. Funke.
Grant and Kathy are part of a growing number of Canadians foregoing the traditional walk into the bank branch and instead sitting down with the local mortgage broker.
This growth is a core finding of Maritz Research Canada, which studied the broker industry on behalf of the Canadian Association of Accredited Mortgage Professionals (CAAMP)
“In the past, the first or only place a person would go when looking for a mortgage was to their local bank, however more and more Canadians are now seeking out the services of Mortgage Brokers to help them navigate the biggest purchase of their lives,” concludes study author Rob Daniel, managing director, Maritz Research Canada.
The Maritz Research concluded that the mortgage brokerage channel handled 23% of all mortgage activity in 2008. The broker channel is particularly strong in Western Canada (34% of all activity in Alberta, 27% in British Columbia). In addition, women are more likely than men to deal with mortgage brokers. (26% vs. 20%).
Young Canadians are much more likely to consult with and deal with brokers than their older counterparts; Brokers represent 28% of mortgage activity among 18-34 year olds, 24% among 35-54 year olds, and just 17% among those 55 and older.
A mortgage broker works as a conduit between the buyer and the lender. In many cases, the mortgage broker is informally representing lending institutions. The banks have used brokers to outsource the job of finding and qualifying borrowers.
Grant and Kathy felt they got a better interest rate than the banks offered and there were no brokerage fees. And they wanted a mortgage that offered an annual pay down of 20% with no penalty on the balance outstanding.
Maritz Research Canada concluded that the average Canadian who renewed or renegotiated through a broker saw their interest rate reduced by an average of 125 points, compared with 114 among those who dealt directly with a bank or credit union.
For Toronto resident Leanne Bernardo, the mortgage broker not only represented a one-stop shop, it provided a number of “add-ons.” These included a line of credit, a life insurance option, annual and monthly lump sum payment options without penalty and weekly interest rate alerts. The variable interest rate selected was comparable to what the banks offered.
“We just wanted to have a number of different options presented to us and we felt that going through a broker would give us an unbiased opinion of different options. Otherwise we would have gone to three or four different banks to get our options. It was great for us in terms of time efficiency,” says Ms. Bernardo.
According to one banking insider, the banks are chilly about mortgage brokers because they make it a more competitive market in which interest rate competition takes away the ability of the local branch to hold firm on posted rates.
As for Grant Bivol and Kathy Funke, they’re making it a habit. They currently have two rental properties and live in a third house. But it doesn’t look like they are going to stop there. They have another home purchase going through in April.
“We wouldn’t even consider not using a mortgage broker. If it isn’t broke you don’t fix it,” says Kathy Funke.
This entry was posted on Monday, January 18th, 2010 at 2:48 am and is filed under Press Releases. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
8 December 2010
Housing Starts November CMHC
FOR IMMEDIATE RELEASE
CMHC SAYS NEW HOME STARTS INCREASE IN HAMILTON
TORONTO, December 8, 2010 – Preliminary data released today by CMHC show that there
were 272 new home starts last month in the Hamilton Census Metropolitan Area (CMA). More starts
of single-detached homes, townhouses and apartments in Burlington boosted total starts and offset
the lower-than-average number of monthly starts in the City of Hamilton. There was an almost
equal split between starts in Burlington and the City of Hamilton and just nine starts in Grimsby.
Single-detached homes accounted for exactly half of all new home starts last month, and
apartments and townhouses made up the vast majority of the remaining starts. There were 65
apartments started during the month in Burlington, contributing to the total of 630 for the year so far.
The majority of the apartment starts this year have been condominium apartments, all of which
were in Burlington.
“There were more new home starts in Burlington than average for this year” said Sarah Fong,
CMHC’s Senior Market Analyst for Hamilton. “The starts in Burlington have primarily consisted of townhouses and apartments.” added Fong. …/2
-2-
As Canada’s national housing agency, CMHC draws on more than 60 years of experience to help
Canadians access a variety of quality, environmentally sustainable, and affordable homes ---homes that will continue to create vibrant and healthy communities and cities across the country.
.
- 30 -
Aussi disponible en français.
For additional information please contact/Pour obtenir de plus amples renseignements,
veuillez communiquer avec :
Hamilton CMA: Sarah Fong, (416) 250-3294 or sfong@cmhc.ca
En français: David Lan, (519) 873-2426 ou dlan@schl.ca
Ontario: Ted Tsiakopoulos, (416) 218-3407 or ttsiakop@cmhc.ca
Canada: Charles Sauriol, (613) 748-2799 or (613) 816-5978 or csauriol@cmhc.ca
Housing Starts November 2010
Note - Graphs not included in this post as they did not replicate properly.
CMHC SAYS NEW HOME STARTS INCREASE IN HAMILTON
TORONTO, December 8, 2010 – Preliminary data released today by CMHC show that there
were 272 new home starts last month in the Hamilton Census Metropolitan Area (CMA). More starts
of single-detached homes, townhouses and apartments in Burlington boosted total starts and offset
the lower-than-average number of monthly starts in the City of Hamilton. There was an almost
equal split between starts in Burlington and the City of Hamilton and just nine starts in Grimsby.
Single-detached homes accounted for exactly half of all new home starts last month, and
apartments and townhouses made up the vast majority of the remaining starts. There were 65
apartments started during the month in Burlington, contributing to the total of 630 for the year so far.
The majority of the apartment starts this year have been condominium apartments, all of which
were in Burlington.
“There were more new home starts in Burlington than average for this year” said Sarah Fong,
CMHC’s Senior Market Analyst for Hamilton. “The starts in Burlington have primarily consisted of townhouses and apartments.” added Fong. …/2
-2-
As Canada’s national housing agency, CMHC draws on more than 60 years of experience to help
Canadians access a variety of quality, environmentally sustainable, and affordable homes ---homes that will continue to create vibrant and healthy communities and cities across the country.
.
- 30 -
Aussi disponible en français.
For additional information please contact/Pour obtenir de plus amples renseignements,
veuillez communiquer avec :
Hamilton CMA: Sarah Fong, (416) 250-3294 or sfong@cmhc.ca
En français: David Lan, (519) 873-2426 ou dlan@schl.ca
Ontario: Ted Tsiakopoulos, (416) 218-3407 or ttsiakop@cmhc.ca
Canada: Charles Sauriol, (613) 748-2799 or (613) 816-5978 or csauriol@cmhc.ca
Housing Starts November 2010
Note - Graphs not included in this post as they did not replicate properly.
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Mortgage Alliance Oac Mortgages
As a registered franchise of the Mortgage Alliance Network, we have a number of mortgage professionals who can bring you the choice, convenience, and counsel you need to get the RightMortgage®. Working with over 40 lenders (some offered exclusively through brokers) we'll provide unbiased guidance in your mortgage decision.
We are legislated by the Ministry of Finance FSCO and our brokerage license is 10928.
We are dedicated to educating our clients about their mortgage! We want you to be well informed and comfortable with the mortgage you have and the options available to you. This blog is intended to offer information, updates, current mortgage products and current rates.
Please provide your feedback and let us know if there is anything else we can provide to help you in your mortgage process.
We are legislated by the Ministry of Finance FSCO and our brokerage license is 10928.
We are dedicated to educating our clients about their mortgage! We want you to be well informed and comfortable with the mortgage you have and the options available to you. This blog is intended to offer information, updates, current mortgage products and current rates.
Please provide your feedback and let us know if there is anything else we can provide to help you in your mortgage process.
