We’re Hiring Mortgage Professionals in Fort St. John!

Hey everybody! I usually try to tailor this blog to clients, or Canadians looking to learn more about their mortgage options. And that’s been working great – so great, in fact, that my business is growing too big!

To that end, I’m looking to hire highly motivated, success driven people to join my team of mortgage brokers in Fort St. John. I have a passion for this industry and believe that Northern BC is the best place to be right now, and if you agree with that – and are looking to make your mark – I think you’d be a perfect fit.

And why should you join my team? My company, Paragon Pacific Mortgages Inc., works with Canada’s largest mortgage broker network – Verico – and can provide you with all the tools and assistance you need to succeed in your career. On top of that, you’ll have access to a selection of industry benefits:

  • Competitive industry splits
  • Volume bonuses
  • No monthly fees
  • Status levels with lenders
  • Dedicated underwriters
  • State of the art marketing tools to help you grow your business
  • Personal websites
  • Industry leading CRM

 

…and a dedicated team of professional brokers supporting you along every step of the way. If that’s sounds like exactly what you’re looking for, send me a resume and cover letter at lori.lalonde@verico.ca. Ideal candidates would be driven and self-motivated, with strong people and interpersonal skills. Of course, financial industry experience and a licence to broker mortgages in BC is required.

All applications will be kept confidential, and if you qualify I’ll contact you right away for an interview. Thanks a million for you interest in the position, and I hope to have you on the team soon!

Lori Lalonde, Your Northern BC Mortgage Broker

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Now is The Perfect Time to Get a Mortgage: A Friendly Reminder

Hey everyone! It’s been a busy month for me so far, and while I’m always happy to be able to say that, I haven’t had time to put out a blog post in a while. So I thought I’d take a few minutes to do that now, and to that end I’m gonna run through the current state of the Northern BC mortgage market. Consider this a quick refresher on everything I’ve been talking about over the past couple months, but first let me skip straight to the point: if you’re thinking about getting a mortgage in Northern BC, now is the time to do it.

Firstly, the spring housing market is here! Nobody wants to go house hunting or, worse yet, move in the winter – and in Canada that’ll be back before you know it (and long before you’re ready for it). But more pressing than aesthetic or convenience concerns is the simple fact that right now, this spring, is one of the most financially prudent times to buy: as I quoted last time from the Globe and Mail, “…the most notable mortgage trend for 2015 has been lower borrowing costs for home buyers.” And if you’re not living in BC yet but are thinking of coming up, there’s even more incentive: the 2015 BC budget came in with a surplus of almost a billion dollars. Pair that with the insane demand for workers in Northern BC right now, and you have every reason to be shopping around for a mortgage.

Secondly, and perhaps more importantly, is the fact that CMHC (The Canada Mortgage and Housing Corporation) just announced an increase in homeowner mortgage loan insurance premiums for buyers with less than a 10% down payment. That means that effective June 1st, you’ll be paying about 15% higher premiums if you fit into that bracket than you would be with a mortgage right now. If you’re on the fence or are simply shopping the market, that’s something you should keep in mind – if you want to get a mortgage, you’d better do it before June.

Lastly, as I’ve touched on in posts such as this one on home buying help or this one on how brokers get paid, I can personally make your mortgage-buying experience as easy and painless as possible. Not only do I keep my phone on 24/7 (250-782-9665, and yes, that means evenings and weekends!), give you access to over 40 lenders who all compete for YOUR business, and offer you rates much lower rates than anything you’ll get from the banks, but I provide all these services absolutely FREE of charge. Barring any special requirements on your end (which happens rarely), I get paid exclusively by the lenders – there’s no cost to you whatsoever. There is 100% zero downside to using a mortgage broker, and with all the upsides… well, like I said, now is the perfect time to get a mortgage.

What are you waiting for?

Lori Lalonde, Your Northern BC Mortgage Broker

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Should You Go For a Collateral Mortgage?

Hey everyone! I hope you all had a Happy Easter and are enjoying the beautiful weather. If you’re thinking about buying a home and getting a mortgage (and now’s the perfect time to do it!), you may have seen the recent new rate announcements by some of the Big 6 Banks. BMO and TD are advertising low rate, no frills mortgages at 2.79% – according to Steve Garganis, that’s “the lowest advertised rate by a Big 6 Bank in history.”

So that’s great, right? Well if it were, this wouldn’t be much of a blog post! In the article I linked on CanadaMortgageNews.ca, Steve does a great job of outlining the various pitfalls of those historic low rates, but it comes down to a few simple things:

  • Those mortgages come with unnecessary restrictions, hidden fees, and penalties.
  • You’re not allowed to pay out the mortgage prior to maturity (unless by a bona fide sale).
  • You give up your ability to negotiate rates in the future, because refinancing is made exclusive to the bank.
  • Prepayment penalties are wildly inflated, so penalties can be up to 4 or 5 times higher than normal.
  • But most importantly, this isn’t the lowest rate you can get!

In fact, I can get you a 5-year fixed rate as low as 2.59% – without any of the drawbacks of going through the Big 6 Banks. Just give me a call at (250)-782-9665 to talk about it (it really is that easy!).

There’s one final drawback to those “low rate” mortgages offered by TD specifically, and that’s what I want to talk about today: since 2010, TD has registered all new mortgages as a collateral charge. So what does that mean? Essentially it means easy approval and no legal fees for refinancing, which according to TD is good for consumers. And they’re right: on the surface, that sounds great. But the catch is severe – a collateral mortgage is not portable. You’re stuck with TD, which means they’re in charge of your interest rate. If you want to increase your mortgage in the future but they don’t approve it, you’re out of luck… and money. That ends with penalties, costs, and the type of legal fees you were trying to avoid with a collateral mortgage in the first place. What’s the advantage? For TD, it means customer retention. And if TD’s profit margins are something you value as well, then their new mortgage might just be right for you.

But otherwise? Stay far away from collateral mortgages! CBC Marketplace even did an episode called “Uneasy Money” about these shady, fine print loans – it’s a real problem for millions of Canadians who trust the Big 6 Banks to have their best interests at heart. They may not, but I do – my job is to get you the best mortgage possible. And remember, TD doesn’t give you a choice: all their mortgages are collateral. I have a network of 40+ lenders all competing for your business, offering every type of mortgage imaginable. Who would you rather work with?

So to answer my titular question, should you go for a collateral mortgage? I’ve heard it equated to handcuffing the customer, but frankly, whether or not you should go for one is beside the point. Getting a mortgage is a hugely important decision, and you should be able to get the one that fits best for YOU, not the Bank. The majority of the time your best fit will be with a different lender, but depending on the type of property you’re trying to finance, it could very well mean going with a loan from TD. The point is that you should have the freedom and the ability to get the mortgage that’s perfect for you, no matter what – and talking to a mortgage broker will allow you to do just that.

If you agree, my phone is right beside me – and I wasn’t kidding about that 2.59% rate.

Lori Lalonde, Your Northern BC Mortgage Broker

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