Buying your first home in metro Vancouver is not difficult if you have the income to qualify for financing. If you make around $56,000 a year gross income, you can be qualified for a loan around $255,000 at 5.25% interest rate, 30 years amortization. At today's low rates around 4.5% and stretching you loan to 35 years, you can get a loan up near to $300,000.
You can buy with as little as 5% down payment, or if your parents are able to help out, they can provide the 20% down payment you need.
Renting versus Owning
Renting is for the short term. If you want to build wealth, home ownership is a proven way for many home owners to build wealth. A home say at $280,000 value can be rented at around $1,400 a month.
Now, lets look at some numbers when you are owning your home. If you can provide the 10% down payment, you will be financing your home with a $255,000 mortgage (including 2% mortgage insurance premium). Your monthly mortgage payment for the loan is around $1,400 a month. The cost home ownership is around $250 a month more than renting when you add your maintenance fees and property tax.
You initial mortgage principal pay down is at around $296 the first month, and this increases about a $1 each month on your principal repayment. This may not be much in building your home equity. But, over hthe long term, a 5% appreciation in your home value makes owning your home a winner.
Paying Off A 30-year Mortgage Sooner
You can pay of your 30 years mortgage in just over 11 years at the same monthly mortgage payment as your 30 years mortgage. A mortgage repayment accelerator program like Money Merge Account will optimize and accelerate paying off your mortgage.
Wealth building through the purchase of a second home can start as soon as you are comfortable with your finances, and the discipline involved in managing your mortgages. Finding the down payment for your second home can be worked out. There are many ways how this can be done. If you have built up enough equity, co-ownership with family members or your family income has increased substantially, you can plan on buying your second home.
Building your mortgage business required good planning. Working as a team helps greatly in building your mortgage business. Team efforts outperform individual efforts because in a team environment, special effort from team work results in higher productivity . Team members work together magnifying their personal energies and talents to deliver tangible results.
Team Incentive
Working as a team helps to leverage your time and income. The TMG team model allows you to recruit other mortgage brokers to join your team. As a team leader you are paid 10% on the commission earnings of team members you recruited.
Incorporating Money Merge Account Activities
TMG's team concept and United First Financial MMA business concept can help you build your business many times bigger than doing it on your own. A team member can provide a unique "customer for life" service to their customers using the money merge account system. Home mortgages are often multi-generational as the parents are involved in their grown-up working children's purchase of their homes.
A team can provide better service to their home owners when they are able to provide a comprehensive personalized mortgage service to their clients. If you are planning to join a mortgage team in Greater Vancouver, You may want to check out how you can expand your mortgage business by joining the Vancouver Home Mortgage team.
Vancouver home mortgage and loan service is a 24/7 one-stop mortgage solution for home owners. If you are interested to find out more information on how best your can manage your mortgage and pay off your loan in 8 years or less. Follow this link to read how you can save thousands of dollars in mortgage interest payment.
The mortgage market in Canada is still evolving. There is a constant partnership-competitor conflict between Canadian Banks' and mortgage brokers for home owners. The Banks' retail banking operations are separate from their Broker Service mortgage business.
Home owners are using Mortgage Brokers for their personalized services and access to better mortgage rates!
Mortgage brokerage companies are at a disadvantage position for mortgage renewal business. Currently, over 80% of home owners renew their mortgages with the same lenders when their mortgages are due for renewal. Some mortgage bankers are working closely with their mortgage brokers in retaining their book of business.
Mortgage Interest Savings
Any home owner can save tens of thousands of dollars in interest payment on their home mortgage. In recent years, Manulife One is the only mortgage plan being promoted to home owners on how they can accelerate repayment of their mortgages.
A new innovative mortgage program called Money Merge Account program is now available to home owners in the US and Canada. You can contact James Wong at Vancouver Home Mortgage.com for more info on this program.
Customer For Life
Any experienced mortgage advisor will learn to develop their own market and source of business referrals. Mortgage is a commodity and home owners are sensitive to the rates being offered, and valued the service of a mortgage broker.
The mortgage business like any service business is about "Marketing You" and being seen and noticed by the public what you do for a living. Home owners and home buyers have a need for home mortgages and they are motivated for self-interest to find the best mortgage products that help them save money. Large Market For Mortgage
The news media have helped to bring to the consumers the awareness and services provided by mortgage brokers. Most consumers are still fixated on shopping for the best or lowest rate mortgages. Your role as a mortgage advisor essentially is to win over your client's mortgage business and hopefully "to keep the business and the client for life".
Branding Yourself
TMG will be the first mortgage brokerage company that can offer your own branded TMG mortgage products. Your mortgage lenders who are not working with TMG and you as "business partners" are more often your competitors. The reason being onces the your client's mortgage is placed with your lender, your client is likely to renew his or her mortgage 80% of the time. You do not get paid if the lender is not your business partners, and your are not protected through a "trailer-fee agreement".
Mortgage Advisory Service
The signing of a mortgage by a home owner is only the first step in his or her financial obligation to repay the loan according to the term of the loan contract. As a mortgage advisor, your value to your client is helping the client save money by "designing a mortgage repayment plan" that will result in the mortgage being paid off in "half-the-time"
The availability of TMG branded mortgage insurance and fire insurance will compliment your role and service as a one-stop solution to your home owner's mortgage needs. This further reinforce your role as your home owner's personal mortgage advisor.
If you are exploring the career opportunity and like to become a Mortgage Broker, you are welcome to contact me at 604-721-4817 or email me. The income for a Mortgage Broker can be greatly increased by promoting the Money Merge Account program to homw owners.
A mortgage broker get paid for his effort in bringing a mortgage deal to a mortgage lender. He or she is not an employee of any mortgage lender, but works independently helping borrowers with their home financing needs. The compensation is only paid when a mortgage financing deal is successfully completed.
Direct Compensation
Depending on the types and terms of the mortgages being funded, a mortgage advisor may be compensated from 50 bps to 80 bps on the traditional fixed term and variable term mortgage products. The commission payable by a lender is based on the mortgage loan amount, and 100 bps fee is amounting to 1% of the loan amount. Some mortgage lenders use a matrix system while others may change the compensations according to the special promotions or rate discounts they offered.
Volume Bonus
This is an additional commission payable on the deal by a lender to a mortgage company based on a mortgage company's annual business volume target set by a lender. A larger and more established mortgage brokerage will likely be compensated with the highest volume bonus payment of 35% or more.
Commission Split with Brokerage
Majority of the Canadian mortgage companies set individual sales targets for their broker, and the split a mortgage broker receives may range from 75% to 90% of the direct commission and volume bonus. The annual commission a mortgage broker receives varies and is largely dependent on the number of deals the broker is doing.
Other Fee Incomes
There are other incomes a mortgage broker may get from direct sales of Money Merge Account system, referring mortgage life insurance, referral fees from real estate referral deals, commercial mortgages, mortgage investment corporation, etc.
Broker Fees on Non-traditional Loans
There are other income opportunities for a mortgage broker. He or she may get paid on sub-prime mortgages, private mortgages, construction loans and other mortgage services provided by the broker.
Trailer Fees - Your Business Model
Some mortgage bankers are working on compensation models that enable a mortgage broker to build up their book of business by retaining mortgage borrowers book of business through renewal of borrowers' mortgages. TMG will be providing a TMG Mortgage that will help the brokers to build their own mortgage businesses and keep their customers.
This is the future direction and change to mortgage origination and customers retention business model for any mortgage broker. Being paid once for placing a mortgage and only having less than 20% chance of being paid again the second time when a client's mortgage is due for renewal is not for your long term interest.
The role of a Vancouver Mortgage Broker is to help their clients with their mortgage financing.
A mortgage broker acts as an intermediary who sources mortgage loans on behalf of individuals or businesses. Typically, a mortgage broker is paid by the lender based on the loan he or she successfully placed with a lender.
A Vancouver mortgage broker would prefer working within a geographical area so as to better serve their clients.
A Mortgage Broker has to perform many tasks like:
* Marketing to attract clients * Assessing borrowers circumstances, including credit history and incomes. * Assessing the market to find a mortgage product that fits the clients needs. * Getting a pre-approval or approval from the lender(s) * Gathering all needed documents like paystubs, bank statements, employment letter, etc. * For strata propertries, ensure all required documents are gathered for the lender. * Explaining the legal disclosures and forward Solicitor contact to lender.
Market Acceptance
The proportion of purchasers using the services of mortgage brokers has risen to 33% from 2006's level of 27%. Mortgage brokers enjoy 26 per cent of the mortgage market share in Canada, according to an annual survey of mortgage buyers by Canada Mortgage and Housing Corp. (CMHC).
The licensing of a Mortgage Broker in Canada is regulated by the various provincial authorities under the Ministry of Finance. Quebec is unique in all of North America as its laws are based on the Civil Code. The law permits mortgage brokerage to be performed by those in the finance industry, as well as those in the real estate industry.
A Mortgage Broker or mortgage advisor is an individual who is a registered, licensed and trained mortgage specialist helping his or her clients with their home financing needs.
Mortgage Broker Career
Anyone who are looking for more information on becoming a Mortgage Broker can search online using common Google search terms like "Canadian Mortgage Broker licensing requirements", "obtaining a Mortgage Broker License", "Mortgage Broker career in Canada", "how to become a Mortgage Broker", etc.
How a Mortgage Broker gets paid?
A mortgage broker is not paid a salary by the mortgage broker company he is licensed with. Instead he or she receives a fee or commission as financial compensation for bringing a mortgage business to a mortgage lender. An independent Mortgage Broker can access the mortgage products of mortgage lenders who are funding deals through their Mortgage Broker Centres.
Mortgage Specialists Working For Canadian Banks
Some Canadian Banks like Royal Bank and Bank of Montreal employed their own Mortgage Specialists to promote the bank's mortgage products. For these Mortgage Specialists, they only can promote their own bank's mortgage products, and alternative lenders that are endorsed by the banks.
These Mortgage Specialists may be paid a basic salary and sales commission on deals they successfully funded through their banks. Some of these specialists may be paid solely on commission on t he deals that they done with the banks.
A new mortgage repayment program that does not required a person to be licensed called Money Merge Account system by First United Financial is available for any finance and real estate related person to become the company's agent.
For more information on how to become a licensed Mortgage Broker, or becoming an Agent for First United Financial, you are welcomed to email me.
The mortgage business in Canada is well developed and home buyers have easy access to many mortgage lenders for home financing when buying their homes. Definition of A Mortgage
A mortgage loan is a loan secured by real property through the Sunday, June 15, 2008 use of a mortgage - a legal instrument. The word mortgage used commonly by consumers everyday is often referred to as mortgage loan.
As with other types of loans, mortgages have an interest rate and are scheduled to be repaid over a period of time - normally from 25 to 40 years in Canada. Mortgage lending is the primary mechanism used to finance the private ownership of real estate.
The Income Opportunity
Home ownership in Canada is a multi-trillion dollars business. Home loan origination by Independent Mortgage Brokers or Consultants accounts for about 25% of the total home loan business in Canada.
Mortgage Brokers are independent agents who work for themselves and not for the mortgage lenders. A Mortgage Broker is paid a commission or fee for the mortgage business that he or she successfully places with a mortgage lender. The income potential for successful Mortgage Brokers is high and can be very rewarding for those who find their market niches.
Requirements To Become A Mortgage Broker
All Mortgage Brokers are required to pass a sub-mortgage broker course before they are can be licensed and registered to work as sub-Mortgage Brokers. Employees of Canadian Banks, Credit Unions and Trust Companies are exempt by the Government and not required to be licensed to market their employers mortgage products to home owners.
For more info on becoming a mortgage broker, you can send me an email using the email-link to the right.
Have you been thinking how you can become a Mortgage Broker?
There are online resources you can do your research on the career prospect for a Mortgage Broker. The attraction of the mortgage business is the low cost to become a licensed Mortgage Broker, the freedom to work your own hours and the attractive commission income you can generate from the business. You are in control
In today's competitive home financing business, service is everything. You have the access to the most competitive mortgage rates from dozens of mortgage banks and lenders. When you join a leading mortgage company, you have the tools to become a successful Mortgage Professional.
The Mortgage Group
If you are thinking of joining a mortgage company, I welcomed you to join my team. You will find that The Mortgage Group has the business building tools and management support to grow your business.
With over 400 Mortgage Advisors across Canada, you are in the company of dedicated home loan specialists helping home owners achieving their dreams of home ownership.
If you like to have more information about your career prospect, or how The Mortgage Group can help you build your own mortgage business, your are welcomed to send me an email using the "email-link to the right" of this post.
TMG The Mortgage Group > Richmond Mortgage Broker, James Wong offers you one-stop convenience and impartial advice when you shop for your mortgage.
We can help simplify your home financing and purchase decisions. You'll find answers to mortgage related questions and we can help you choose the mortgage that's right for you.
Richmond Mortgage Broker
We deal with a network of over 30 Canadian Banks and Mortgage Lenders. For borrowers who are having difficulties getting their mortgage financing from traditional financial institutions, we can access home financing from alternative mortgage lenders.
Managing You Mortgage
Most homeowners realize that by the time they pay off their $200,000 loan amortized over 30 years at 5.5% per annam interest rate, they would have paid $206,000 in mortgage interest.
There are a few simple mortgage saving ideas that can help shaving off thousands of dollars in mortgage interest payment from your mortgage. Smart mortgage management can help you pay of your mortgage in a third of the time you'll take without having to increase your regular monthly payment.
For more information on home financing, you are welcome to contact your Richmond Mortgage Broker, James Wong at 604-721-4817 or email me.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Vancouver Real Estate: Buying Your First Home
Building your mortgage business required good planning. Working as a team helps greatly in building your mortgage business. Team efforts outperform individual efforts because in a team environment, special effort from team work results in higher productivity . Team members work together magnifying their personal energies and talents to deliver tangible results.
Mortgage Interest Savings
The mortgage business like any service business is about "Marketing You" and being seen and noticed by the public what you do for a living. Home owners and home buyers have a need for 
A mortgage broker get paid for his effort in bringing a mortgage deal to a mortgage lender. He or she is not an employee of any mortgage lender, but works independently helping borrowers with their home financing needs. The compensation is only paid when a mortgage financing deal is successfully completed. 
The role of a Vancouver Mortgage Broker is to help their clients with their mortgage financing. 
How a Mortgage Broker gets paid?
The mortgage business in Canada is well developed and home buyers have easy access to many mortgage lenders for home financing when buying their homes.
TMG The Mortgage Group > Richmond Mortgage Broker, James Wong offers you one-stop convenience and impartial advice when you shop for your mortgage. 
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