I am presently working on a deal for my 4th property and I have read the REIN books. I thought the 110% rule was fantastic and all my propertys fall in this category, I mentioned it to my current mortgage broker and she has never heard of it, and noone in her office knows anything of it. Does anyone know of a mortgage broker that might be able to help. Thanks!!
mortgage brokers?
- Thread starter ARBenison
- Start date
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- Aug 30, 2007
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- 235
QUOTE (ARBenison @ Feb 17 2009, 07:08 PM) I am presently working on a deal for my 4th property and I have read the REIN books. I thought the 110% rule was fantastic and all my propertys fall in this category, I mentioned it to my current mortgage broker and she has never heard of it, and noone in her office knows anything of it. Does anyone know of a mortgage broker that might be able to help. Thanks!!
Jason Scott with Urban Mortgage - He has done some fantastic work for me and my clients and he is very accessible.
780.421.0199 (home office)
780.720.2490 (mobile)
He is a REIN member and an investor and always has your best interests in mind.
All the best,
Lucas
Jason Scott with Urban Mortgage - He has done some fantastic work for me and my clients and he is very accessible.
780.421.0199 (home office)
780.720.2490 (mobile)
He is a REIN member and an investor and always has your best interests in mind.
All the best,
Lucas
- Joined
- Sep 19, 2007
- Messages
- 27
QUOTE (ARBenison @ Feb 17 2009, 06:08 PM) I am presently working on a deal for my 4th property and I have read the REIN books. I thought the 110% rule was fantastic and all my propertys fall in this category, I mentioned it to my current mortgage broker and she has never heard of it, and noone in her office knows anything of it. Does anyone know of a mortgage broker that might be able to help. Thanks!!
I definately recommend working with a broker that understands the ins and outs of rental financing. It can make all the difference on your next purchase. I, myself, am a mortgage associate, investor and REIN member. Jason Scott is a co-worker and is based in the Edmonton area, and very capable of helping you with this.
Urban Mortgage, my brokerage, although smaller in size, has several associates that are both REIN members and investors. I believe 5 of the 15. And because of this, our office is very aware of how to do rental financing.
I am based out of Red Deer, and would be more then willing to help. I did not see you mention where you are located.
But I must stress that the broker that you choose should be someone that you know is able to do the job that you need done! Don always says that everything can be done by phone, fax and email. if you find someone that you like, and trust, do not let distance keep you from using them.
The majority of the professionals in my personal investment team, are no where in my immediate area. Other then property managers and realtors. Everyone else I correspond with via email and phone.
But do not settle for someone that does not understand what it is that you are trying to achieve!
Best of luck to you in your search, and if I can be of assistance then please contact me at one of the numbers listed below.
Cheers,
Heather
I definately recommend working with a broker that understands the ins and outs of rental financing. It can make all the difference on your next purchase. I, myself, am a mortgage associate, investor and REIN member. Jason Scott is a co-worker and is based in the Edmonton area, and very capable of helping you with this.
Urban Mortgage, my brokerage, although smaller in size, has several associates that are both REIN members and investors. I believe 5 of the 15. And because of this, our office is very aware of how to do rental financing.
I am based out of Red Deer, and would be more then willing to help. I did not see you mention where you are located.
But I must stress that the broker that you choose should be someone that you know is able to do the job that you need done! Don always says that everything can be done by phone, fax and email. if you find someone that you like, and trust, do not let distance keep you from using them.
The majority of the professionals in my personal investment team, are no where in my immediate area. Other then property managers and realtors. Everyone else I correspond with via email and phone.
But do not settle for someone that does not understand what it is that you are trying to achieve!
Best of luck to you in your search, and if I can be of assistance then please contact me at one of the numbers listed below.
Cheers,
Heather
- Joined
- Sep 3, 2007
- Messages
- 489
I think it was Thomas Jefferson who said " never take financial advise from someone who has less than you" this is a great statement and when ever you hire an expert, make sure they know more then you do. Like Heather said work with a broker that understands Real Estate investment. I too know Jason and I believe he is commited to providing you with very good service.
- Joined
- Sep 21, 2007
- Messages
- 159
Heather touched on some of the major points.
I am a REIN member and a mortgage agent with Cirrius Finance in the Hamilton area. With access to all A lenders, B lenders and unlimited private financing we can put most any deal together. Some of the other brokers come to us for the non straight forward commercial deals.
We would be happy to put together a program for you to get you to your investing goals. If I can be of any assistance to you, please feel free to contact me at any time.
I am a REIN member and a mortgage agent with Cirrius Finance in the Hamilton area. With access to all A lenders, B lenders and unlimited private financing we can put most any deal together. Some of the other brokers come to us for the non straight forward commercial deals.
We would be happy to put together a program for you to get you to your investing goals. If I can be of any assistance to you, please feel free to contact me at any time.
- Joined
- Aug 29, 2007
- Messages
- 128
QUOTE (ARBenison @ Feb 17 2009, 07:08 PM) I am presently working on a deal for my 4th property and I have read the REIN books. I thought the 110% rule was fantastic and all my propertys fall in this category, I mentioned it to my current mortgage broker and she has never heard of it, and noone in her office knows anything of it. Does anyone know of a mortgage broker that might be able to help. Thanks!!
Hi: what province are you in?
Elisabet - Oakville - On
Hi: what province are you in?
Elisabet - Oakville - On
- Joined
- Aug 31, 2007
- Messages
- 7
QUOTE (ARBenison @ Feb 17 2009, 06:08 PM) I am presently working on a deal for my 4th property and I have read the REIN books. I thought the 110% rule was fantastic and all my propertys fall in this category, I mentioned it to my current mortgage broker and she has never heard of it, and noone in her office knows anything of it. Does anyone know of a mortgage broker that might be able to help. Thanks!!
The 1.1 rule is something that Aaron Barkley out of Edmonton is a whiz at.
Here is his contact info
Office:780-980-9848
Cell: 780-720-1640
Glad to hear your on number 4! Power to ya...I knew you`d do it!
Tiffany
The 1.1 rule is something that Aaron Barkley out of Edmonton is a whiz at.
Here is his contact info
Office:780-980-9848
Cell: 780-720-1640
Glad to hear your on number 4! Power to ya...I knew you`d do it!
Tiffany
Hi everyone,
I was revisiting the 110% rule the last two days (it`s been a while since I read REIIC!) and was wondering if any REIN mortgage brokers mentioned in this topic can work on mortgage deals across Canada, particularly in Atlantic Canada?
James
I was revisiting the 110% rule the last two days (it`s been a while since I read REIIC!) and was wondering if any REIN mortgage brokers mentioned in this topic can work on mortgage deals across Canada, particularly in Atlantic Canada?
James
- Joined
- Oct 16, 2007
- Messages
- 758
Mortgage broker licencing is applicable to the province the broker is residing in. It is really a gray area on which provinces you can work in and whether or not you should work across provincial borders. My understanding is that as long as a broker is not actively soliciitng business and/or maintaining a physical presence in a certain province, they do not need to be licenced in that province.
Every province has different rules, and some provinces don`t have a mortgage broker act, at all. I would recommend you contact any of the brokers mentioned and let them decide if they will work on a deal in your province for you.
For example, if I have a client that lives in BC, but buys in Altlantic Canada, I will help them with their application. Unfortunately, the legislation for mortgage brokers is not completely clear.
Every province has different rules, and some provinces don`t have a mortgage broker act, at all. I would recommend you contact any of the brokers mentioned and let them decide if they will work on a deal in your province for you.
For example, if I have a client that lives in BC, but buys in Altlantic Canada, I will help them with their application. Unfortunately, the legislation for mortgage brokers is not completely clear.
- Joined
- Aug 31, 2007
- Messages
- 526
Not all provinces, for example Manitoba, require brokers to be licensed. If you really want to work with a specific broker and he or she isn`t licensed in a particular province that broker can always co-broker a deal with a broker from that province.
By the way, thank you for the kind words folks.
All the best,
Jason
By the way, thank you for the kind words folks.
All the best,
Jason