Equity Refinance Mortgage Loans Canada - Equity Mortgage Loans Canada - Second Mortgage Loans Canada
Mortgage Loans Canada, Mortgage Refinance Canada, Equity Mortgage Loans CanadaOnline Mortgage Application Form Instant Mortgage Approval 1-866-573-3122 24 HOUR CUSTOMER SERVICEEQUITY REFINANCE MORTGAGE LOANS CANADA BLOGMortgage Canada Buying and selling a home cheat sheetMortgage Canada Words To Know When Buying A HomeImportant Mortgage Websites linksMortgage Canada Basics - Mortgage Canada GuideMortgage Canada CMHC Newcomers to Canada Buying your First HomeMortgage Canada CMHC Home Buying Step By StepMortgage Canada CMHC Condominium Buyers GuideMortgage Canada Compare all Canadian Credit CardsHow Credit Effects Your Canadian MortgageMortgage Canada CMHC Housing Market Outlook Canada Edition Page 1Mortgage Calculator - Mortgage calculators allow you to make informed mortgage decisions
Equity Refinance Mortgage Loans Canada, Home Equity Unlocking, 1st & 2nd Mortgages, Your Mortgage Experts. My right Mortgage, INSTANT APPROVAL 24/7 CUSTOMER SERVICE FAST MORTGAGE PAYOUTS IN CANADA HIGHEST MORTGAGE APPROVAL RATE IN CANADA 1-866-573-3122

HOME BUYING, BUYING YOUR FIRST HOME & INFORMATION FOR SEASONED HOMEBUYERS
FINANCIAL CONSUMER AGENCY OF CANADA
CANADIAN ECONOMY NEWS
MORTGAGE BROKER NEWS
October, 2015
November, 2015
December, 2015
January, 2016

How to thrive in the new construction segment

Brokers complain about the difficulty of working with new construction mortgages, but one of the leading players in that space says those who dedicate the time to understand the market will thrive.

How to thrive in the new construction segment

 
Brokers complain about the difficulty of working with new construction mortgages, but one of the leading players in that space says those who dedicate the time to understand the market will thrive.

“Generally, we don’t have any problem with those deals; the biggest problem is brokers not taking the time to understand them,” John Meredith, president and CEO of the brokerage CityCan Financial, told MortgageBrokerNews.ca.

Meredith estimates new construction deals comprise 25% of his business. He usually completes 4-5 of those files a month, which account for $6-10 million in funded mortgages.

And while many brokers say there are few options for new construction clients, Meredith says it’s all about working with private lenders and understanding the process.

“The big keys are getting the proper costs for building construction, dealing with the right appraisers, and understanding draws,” he said, noting that draws are the phases in which lenders release money based on work-in-place (completed work).

Another key is working with organized clients.

“We try to avoid the merry-go-‘round and get all the information up front,” Meredith said.
Experience is also paramount.

“If you give the deal to an inexperienced agent it’s not going to go through,” Meredith said.
Speaking to MortgageBrokerNews.ca recently, broker Steve Bucher noted the lack of brokers currently operating in the space.

“I think it’s going to be a lost art,” Bucher said. “Brokers who do these deals should be congratulated.”
<< Back Add New Comment
0 items total
Add New Comment
Name*
Subject*
Comment*
Please type the confirmation code you see on the image*
Reload image

Powered by 4GoodHosting