Category: Renewing

Finance Topics associated with Renewing your mortgage.

Watch out for these deal-killing mortgage conditions.

Posted on by markogel@gmail.com

(February 18, 2024)

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Securing a mortgage pre-approval marks a hopeful step toward homeownership. However, the path from pre-approval to finalizing financing conditions can be tricky. Overlooking key details during the pre-approval stage can turn a promising start into a declined application. This article explores common pitfalls, emphasizing the importance of addressing them early on to avoid the disappointment of a rejected mortgage application during the critical financing conditions period in a real estate purchase transaction.

Following are the most common qualification criteria that are often overlooked or under-prioritized in the pre-approval stages:

Down Payment Verification:

Lenders generally require proof that you have accumulated or had possession of your down payment proceeds for a period of 90 days. But where things get confusing is when applicants have frequently moved their funds from one bank account to another within a condensed time frame. This results in a tangled and very challenging interpretation of down payment verification for two main reasons:

  • Copious amounts of document collection may be required as the funds travel from one bank account to another.
  • Of all the bank statements provided to verify the tenure and whereabouts of your funds, if an unexplained deposit is identified that is greater than $2,000, a further 90-day verification will be required on that particular deposit. This is often the most overlooked thing when a mortgage broker or banker collects down payment verification documents during the pre-approval phase. A singular unverified down payment verification can turn a mortgage approval on its head and result in an 11th-hour crisis. In most cases, it’s just a major inconvenience as the applicant will have to provide further documentation, but where it could become a major/threatening issue is if the funds are sourced from a borrowing account (i.e., personal line of credit, credit card, loan, etc). If this is the case, the entire mortgage qualification needs to be re-qualified at a more demanding standard which often ends up in a crisis as the debt servicing ratios you qualified at will rise significantly in most cases. Moral of the story? Make sure none of your down payment sources are from another credit source (credit card, line of credit, etc), and if it is, disclose it to your mortgage broker from the onset to ensure it gets accounted for.

Property Taxes and Strata Fees:

Many applicants are unaware that annual property taxes and monthly strata fees factor into a mortgage qualification, and worse yet, many mortgage providers underestimate their value within the mortgage qualification. For example, if you’re pre-qualified for a $700,000 condo with an estimated monthly strata fee of $400 and an annual property tax figure of $1,500, this means that if you end up placing an offer on a property with a strata fee of $600 and a $1,900 property tax figure, you will exceed your allowable debt service ratios and slide into decline territory. Make sure your pre-approval accounts for strata fees and property tax, and more importantly, the values should be stated somewhere within your pre-approval document so you are completely aware of the limitations. Once you begin your property search and get a feel for price points, report back to your mortgage provider and request a tune-up for your pre-approval to reflect more accurate strata fees and property tax figures. This process of fine-tuning will ensure a more smooth and predictable outcome.  

Condo Documents and Property Disclosure Statements:

Property deficiencies and non-structural condo/strata issues (financial and legal) are not accounted for in pre-approvals. With the property being the primary collateral source for a mortgage, lenders diligently review all documents associated with the current and past condition of the subject property. If a recent/current/evolving deficiency about the property is revealed within the strata/condo documents, a lender will analyze further to ensure that the future sale of the property is not impacted. If the lender is wary of the condition, they may request a larger down payment, or in some instances, outright decline the application based on the severity of the condition. Your mortgage provider must be aware of any property disclosure as they should immediately disclose it to the lender to ensure the condition complies with their (or the insurer’s) guidelines. In BC, a property disclosure statement is made available to prospective buyers that states any existing or past conditions with the property. Failure to disclose issues during the financing conditions period can leave you vulnerable to 11th-hour crises when lenders eventually discover critical items through their final funding checkers or closing legal providers. Avoid the getting-away-with-one mindset and be proactive and forthcoming if you feel that something may have been overlooked. The outcome will likely have far higher negative implications than any degree of benefit you may have received by not disclosing a potential issue.

New To Canada Intricacies:

The adaptation of provincial and federally mandated policies has made mortgage qualification for new Canadians extremely challenging and for many, prohibitive. The qualification criteria for temporary and permanent residents have remained the same for the past several years, but it is the implementation of the Foreign Buyer Tax and the Prohibition on the Purchase of Residential Property by Non-Canadians Act that have caused many seemingly standard purchase transactions to suddenly go sideways. Here’s what you need to know to avoid any pitfalls if you are a temporary or permanent resident purchasing a property in Canada: upon getting pre-approved for a mortgage, you must then get pre-approved for the right to purchase a property in Canada. As most mortgage providers have no idea about Foreign Buyer tax policies and prohibition legislation, make sure you suit up with a mortgage broker who is well versed about the policies and how they relate to mortgage qualification. Depending on which province you want to purchase in, the legislation varies accordingly. For British Columbia and Ontario: there are two legislations to be aware of that have specifically been drafted to SEVERELY DISCOURAGE Non-Canadian residents from purchasing real estate, they are:

  • Foreign Buyer Tax – in BC the tax is 20%, in Ontario 25% (applicable to all temporary residents who purchase property)
  • Prohibition on the Purchase of Residential Property by Non-Canadians Act – to be eligible for the purchase of a property, an applicant must have either been awarded their Permanent Residency or have at least 6 months of validity remaining on their work permit on the closing date of their purchase

Exemptions: Provincial nominee certificate recipients are essentially exempt from Foreign Buyer Tax in BC and Ontario (provided they fulfill the eligible exemption criteria). But when it comes to the Prohibition Act, it’s a different story, and this is where we have been seeing crises unfold with mortgage qualification. Many Provincial nominee recipients have been caught off guard by the expiration of their work permits upon being awarded the provincial nominee certificate. Understandably so, nominee recipients have been allowing their work permits to expire during their PR (Permanent Resident) application waiting period as their residency statuses automatically renew to an unspecified date until the PR application is approved. This automated renewal process is known as implied status and allows the nominee to continue employment and residence in Canada while their PR application goes through the process. However, when it comes to Canada’s banks, the implied status doesn’t appear to hold too much weight. Lenders continue to request a copy of the applicant’s work permit to fulfill the 6-month condition of validity as per the Prohibition on the Purchase of Residential Property by Non-Canadians Act. Even with their transitionary implied status, lenders are still requesting formal work permits. This has become a major deal breaker as almost every nominee recipient hasn’t renewed their work permit knowing that they can proceed as they are with an implied status, and by the time they realize that a formal work permit is required to remain compliant as per the Prohibition Act, it’s too late. The queue for work permit renewals is not a transactional type of process. Like most government programs, it’s a simple application process, but the servicing and completion process is lengthy and unreliable, thereby leaving nominee recipients in compromised positions as their completion date approaches. There are alternative financing scenarios, but they are costly (higher interest rates and fees). Please note that there are additional exemptions not mentioned in the post: For BC Foreign Buyer Tax exemptions, click here. For Ontario Foreign Buyer Tax exemptions, click here. For Prohibition on the Purchase of Residential Property by Non-Canadians Act exemptions, click here.

Need further clarification on any of the above? Call or text Marko Gelo right now at 604-800-9593, or Click Here to schedule a free, no-obligation phone call with Marko. You can also call Marko on WhatsApp.

Don’t want to miss out on the next blog post?  Click Here to have future issues emailed directly to your inbox!

Contact Marko, he’s a Mortgage Broker!

604-800-9593 cell/text | Vancouver (Click Here to schedule a call with Marko!)

403-606-3751 cell only | Calgary (Click Here to schedule a call with Marko!)

Call Marko via WhatsApp!

Email: gelo.m@mortgagecentre.com

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Maternity Leave, Child Support, and Canada Child Benefits – can you use them to qualify for a mortgage?

Posted on by markogel@gmail.com

(February 11, 2024)

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If you’re navigating the journey towards homeownership and have the unique joy of raising a family, this is a must-read. The path to securing a mortgage takes a distinctive turn when you have little ones in the picture. Discover the built-in child-related qualification boosters designed to tackle and diminish the financial challenges associated with the broader expense load of families. From harnessing government support like Canada Child Benefits to collecting child support payments, navigating maternity leave intricacies, and considering the impact of youth employment – this blog is your indispensable guide to not just a home but a stable and thriving future for your family.

From early childhood to the age of majority, here are the key child-related mortgage qualification boosters:

MATERNAL/PARENTAL LEAVE:

In Canada, the maternity leave guidelines offer flexibility and support for new parents. Both women and men are entitled to take time off from work to care for their newborn child, a provision commonly referred to as maternity or paternity leave. During this time, the government provides financial assistance through Employment Insurance, granting a portion of the individual’s average weekly earnings. There are two primary options available to parents: a standard 12-month maternity leave, offering 55% of average weekly earnings, or an extended 18-month leave, providing 33% of average weekly earnings. Additionally, some employers offer a top-up, supplementing the government’s contribution up to 100% of the individual’s salary.

When it comes to mortgage qualification during maternity or paternity leave, lenders will allow up to 100% of your workplace income, provided you can obtain a letter of employment from your employer indicating the expected return to work date. However, if the return is projected to be greater than 12 months, lenders will scale back the qualifying income to 60% of the base salary as stated on the return to work letter.

CHILD SUPPORT PAYMENTS:

Child support payments are considered eligible qualifying income and can often be a game-changer when it comes to mortgage qualification. For applicants receiving child support, verification documents are required and may include the most recent Notice of Assessment or T1 General/Tax Return, supported by a separation agreement or court order. Alternatively, a two-month history of bank statements illustrating regular support payments, along with a copy of the formal separation agreement or court order, may also suffice. These documents are essential for demonstrating the stability and reliability of the income stream, but also for verifying that the child support payment is expected to continue for the foreseeable future. Additionally, there’s a stipulation that the child-support payment cannot exceed 50% of the overall eligible employment income of the application (of all applicants). Conversely, for applicants who are obligated to pay child support rather than receiving it, the entire payment is factored in as part of their liabilities. Consequently, the total mortgage qualification amount decreases proportionately.  

CANADA CHILD BENEFIT PAYMENTS:

The Canada Child Benefit (CCB) is a financial support program provided by the Government of Canada to assist families with the cost of raising children. It is designed to provide monthly payments to eligible families to help with child-rearing expenses.

In terms of mortgage qualification, lenders account for the CCB in determining eligible income subject to the following conditions:

Age Limit: While the CCB payments are available for children until the age of 17, for mortgage qualification purposes, lenders only recognize payments for children up to the age of 15 at the time the mortgage transaction completes.

Full Eligibility: One hundred percent of the CCB payment is typically eligible for mortgage qualification purposes. This means that lenders consider the entire amount of the benefit when assessing the borrower’s income level.

Income Limit: Similar to child support payments, there is a cap on the total eligible CCB benefit that can be included in mortgage qualification calculations. The total eligible benefit cannot exceed 50% of the total application income.

WHEN CAN MY CHILD QUALIFY FOR A MORTGAGE?

The minimum age requirement to become an eligible applicant for mortgage qualification purposes is determined by each province’s age of majority laws. The age of majority is 18 in the following six provinces: Alberta, Manitoba, Ontario, Prince Edward Island, Quebec, and Saskatchewan. The age of majority is 19 in the remaining four provinces and the three territories: British Columbia, New Brunswick, Newfoundland, Northwest Territories, Nova Scotia, Nunavut, and Yukon.

Any questions on any of the above? Call or text Marko Gelo right now at 604-800-9593, or Click Here to schedule a free, no-obligation phone call with Marko. You can also call Marko on WhatsApp.

Don’t want to miss out on the next blog post?  Click Here to have future issues emailed directly to your inbox!

Contact Marko, he’s a Mortgage Broker!

604-800-9593 cell/text | Vancouver (Click Here to schedule a call with Marko!)

403-606-3751 cell only | Calgary (Click Here to schedule a call with Marko!)

Call Marko via WhatsApp!

Email: gelo.m@mortgagecentre.com

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@markogelo (Twitter)

Interest Rates, Affordability, Zoning, and 2026 FIFA World Cup!

Posted on by markogel@gmail.com

(February 4, 2024)

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The first month of 2024 is behind us!

Here’s a summary of how things are shaping up for the rest of the year.

Interest Rates and Market Trends:

If January is an indication of things to come, it’s fair to say that we’re headed in the right direction. Fixed rates have already dropped by a full percent, comfortably placing them in the 5% range over the last few months. However, variable rates are yet to follow suit. Currently, Canada’s Prime Rate has held steady at 7.20% for the past 7 months. After deducting the industry-standard discounts (-0.35% for conventional mortgages, -0.90% for high-ratio mortgages), you’re left with an effective rate of 6.30% – 6.85%. The question arises: why even bother with a variable rate mortgage then? Opting for a fixed rate might seem like a no-brainer, but hold on. Economists predict a Prime Rate drop of at least 1%, possibly more, before the end of 2024… and likely further drops into 2025. The pace of pre-approvals post-Christmas suggests a robust spring market is ahead of us. If this plays out like I think it will, the Bank of Canada (BOC) will sit idle throughout the spring market without any interest rate reductions. Even though inflationary pressures appear to be on the mend, the BOC will likely go the extra mile and allow higher interest rates to take one final bite out of the economy until it finally begins its descent. While some anticipate this drop earlier, my personal opinion is that a drop will not occur until the July 24 announcement, which will be the fifth interest rate announcement of eight for 2024. By July 2024, it will be 28 months since the rapid ascent of 2022 began when Prime Rate in Canada skyrocketed from 2.70% to 7.20% in 17 months.

Will we ever fix the affordability crisis? (Vancouver, Toronto…Calgary)

Is there genuinely a supply issue in Canada? The past decade has seen various government measures aimed at curbing demand, but affordability remains a pressing concern. Despite measures like the Foreign Buyer Tax, the Foreign Buyer Ban, the 2% stress test, and various other mortgage qualification and real estate purchase restrictions, Canada continues to grapple with an ongoing affordability crisis. Immigration is also a contributing factor, and until Canadians start reproducing en masse, importing talent globally remains essential. Canadian birth rates in the low 1s are not gonna cut it and won’t address our low productivity rates as a nation. Let’s face it; Canadians need to get busy and make strides to increase our population naturally, but until they do, expect strong flows of immigration for years to come. It’s going to take at least a decade and lots of shovels in the ground until we see at least a hint of a meaningful market correction. Vancouver will carry on being Vancouver, Toronto will continue to attract the most newcomers, and Calgary (and Edmonton) will increasingly become the affordability poster child until one day it isn’t anymore.

David Eby’s Zoning Initiative in BC: A Positive Step

Finally, something meaningful! This is the scale of magnitude required to get the pendulum swinging in the right direction. It’s about time someone body-checked the municipalities out of their comfort zones (well done, Eby!). In my opinion, this is where the affordability crisis was born. Ridiculous permitting processes, over-the-top studies, and distracting/strategic community town hall meetings. Like, come on, I get it, let people have their say, but we’ve been letting the minority (aka NIMBY’ers) have their way for far too long already. Too much time building bike lanes, charge stations, and other virtue-signalling construction ventures. Let’s build homes again, and lots of them! The more 700-square-foot condos we insert into our communities, the lower the birth rate will remain… time to ramp up construction and start building more of the bigger, family-oriented, missing middle homes (townhomes, row houses)! The province’s new housing legislation slated for 2026 will deliver more small-scale, multi-unit housing to the market. Homes currently zoned for single-family or duplex use will essentially be permitted for three to four units (depending on lot size), and up to 6-units for even larger lot sizes close to transit stops.

FIFA World Cup is just around the corner, will it kick Vancouver’s real estate market into a higher gear?

We’re about two and a half years away from co-hosting the largest sporting event in the universe, the FIFA World Cup. Vancouver will once again be featured on the world stage. With the Foreign Buyer ban set to expire in 2025, it will be interesting to see which anti-foreign-real-estate-demand policies remain in effect leading up to the World Cup. Following Expo 86 and the 2010 Winter Olympics, Vancouver’s real estate market experienced immediate and prolonged upswings. Will the same pattern happen post-World Cup? We’ll have to wait and see. Until then, be light on your feet and stay subscribed to this newsletter to keep at the pulse of everything real estate and financing!

Want to discuss your financing possibilities for 2024? Call or text Marko Gelo right now at 604-800-9593, or Click Here to schedule a free, no-obligation phone call with Marko. You can also call Marko on WhatsApp.

Don’t want to miss out on the next blog post?  Click Here to have future issues emailed directly to your inbox!

Contact Marko, he’s a Mortgage Broker!

604-800-9593 cell/text | Vancouver (Click Here to schedule a call with Marko!)

403-606-3751 cell only | Calgary (Click Here to schedule a call with Marko!)

Call Marko via WhatsApp!

Email: gelo.m@mortgagecentre.com

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Is your Mortgage Pre-Approval optimized for Maximum Purchasing Power?

Posted on by markogel@gmail.com

(Jan 29, 2024)

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In the unforgiving terrain of Canada’s contemporary mortgage qualification landscape, prospective homeowners face an uphill battle. On top of stress-tested high-interest rates, a persistent affordability crisis, and intricate newcomer policies, there is the ongoing challenge of participating in a real estate market characterized by what seems to be a constantly rejuvenating demand. In a hyper-competitive market where every cent of income matters, the question lingers: Is your mortgage pre-approval truly maximizing your purchasing power? As you grapple with the complexities of the current environment, untapped methods may exist to extract more from your financial arsenal. Could your mortgage qualification be underestimated or underqualified, leaving potential untapped? The answers lie within the following paragraphs—explore seldom-used income qualification gems that have the potential to be game-changers in your relentless pursuit of optimal mortgage qualification in what is perhaps the most challenging real estate market on the planet.

Following are 5 key qualification tips that are often overlooked, and if utilized, could be the ultimate difference-maker in securing your real estate purchase (or refinance):

(1) Application Process: Expect a hefty amount of document and information requests

I personally never encounter resistance when requesting documents from customers during the application process. However, new clients who have had to switch mortgage advisors due to late-stage qualification failures often attribute the failure to a poorly drafted mortgage pre-approval. Concluding a mortgage pre-approval with a brief phone call explaining your maximum qualification amount is irresponsible, especially given what’s at stake—likely the largest investment you will ever make. Mortgage pre-approvals should be in document form, including scenarios, interest rates, calculations, and, importantly, conditions. If your current mortgage pre-approval doesn’t fit this description, then you are not pre-approved.

Examples of pre-approval conditions (to be disclosed in your pre-approval document):

  • If you increase your current debt load, your mortgage approval amount will decrease disproportionately
  • If your credit score decreases below 680, your mortgage pre-approval amount will likely be reduced
  • You must not be in arrears with the Canada Revenue Agency upon completion of your property purchase
  • The interest rates quoted within a pre-approval are subject to specific conditions (be aware of them!)
  • These are just a few examples; countless others exist

Steer clear of unsupervised rookie mortgage advisors. Ask them if they have a supervisor and request their contact information in case your qualification takes an unexpectedly restrictive turn.

(2) Income: Ask how much of your income is eligible for qualification

You’re probably asking yourself, why wouldn’t my income be eligible? Consider a scenario where an applicant earns a salary of $70,000/year and has also recently started a part-time job earning about $6,000/year. Full-time salaried incomes without probationary periods are simple to verify and often result in seamless approval. However, part-time employment/income is a different story. If the part-time employment is classified as casual, a 2-year average of employment with that particular employer is required. But, if the part-time employment is classified as permanent and/or guaranteed hours, then the applicant can qualify as per the current hourly rate. This could be a major boost, especially if the mortgage advisor defaulted to a two-year average where the prior year was a lower income.

Here are some other seldom-used income qualification methods:

  • Capturing a 2-year overtime or bonus average and combining it with current earnings. This method packs way more punch than doing the default overall 2-year average based on the prior year where the applicant likely was at a lower pay rate
  • When it comes to self-employed applicants, there are a million and one ways to qualify! Click Here to be redirected to my recent blog, “Mortgage Qualification Hacks for Self-Employed Applicants”

(3) Rental Income: There are at least 20 different methods of calculating eligible rental income

In places like Vancouver and Toronto with high real estate prices, rental income in the form of mortgage helpers (rental income from a basement suite within the property you intend to purchase) is often a decisive factor. Lenders have varying policies when it comes to how much of the rental income from a rental suite can be used as eligible qualifying income. The plain-jane standard in the industry is 50%, where 50% of the rental income is added to your overall qualification income. This often comes as a shock to many, as the common perception is that 100% of the rental income is eligible, but that isn’t the case (in actuality there are no lenders that accept 100% of the rental income).

When it comes to rental income, lenders vary drastically with their eligibility criteria. For instance, Lender A will allow you to use 50% of the rental income that is generated from your rental property and apply it as qualifying income. But Lender B is offering something different. Rather than applying the eligible rental income to your overall application income, they allow you to use it as an offset to your existing debt load and they further increase the allowance to 80%. As a result, you end up qualifying for significantly more!

(4) Networth: If you hold at least $250,000 in liquid assets, you enter another arena of qualifying

In many instances, applicants and their mortgage providers are completely unaware of this qualification gem. The qualification essentially allows you to boost your mortgage qualification dollar for dollar with your assets. For example, if you qualify for a $500,000 mortgage based on your verified income, but hold $300,000 in investments (or cash), the lender will boost your mortgage qualification to $800,000. For more detailed information about the High Networth Mortgage Program Click Here to read my past blog that reveals the key qualification criteria.

(5) 1-year band-aid mortgages: If all else fails…

Probably the most underrated and overlooked, this pathway has increasingly become prevalent in the past couple of years with the rapid escalation of interest rates. Within a span of 12 months, many homebuyers found themselves in precarious situations where they were blindsided by the fierce impact of generational high-interest rates. Mortgage approvals that were previously approved suddenly found their status severely downgraded, and in many cases, outright declined from their respective lender.

Thankfully, there was a solution. The Band-Aid mortgage providers, as I like to refer to them, stepped up and provided the relief that was needed to save home buyers from defaulting on their purchases. Not only did they salvage many transactions, but they arguably stabilized the entire real estate sector as a result. The value proposition from these lenders (formally known as “B” or “Alternative” lenders) is as straightforward as it gets: interest rates are generally 1.5% to 2.5% higher than traditional banks, qualification guidelines are loosened considerably, a fee of 1% to 2% is skimmed off the mortgage proceeds (therefore your down payment is proportionately increased), and lastly, the available terms generally range from 1 to 3 years. The objective of a Band-Aid mortgage is to secure your purchase (or refinance) with the intention to later refinance the same mortgage with a traditional lender (preferably after 1 year, or longer if required). Prior to committing to a Band-Aid mortgage, your mortgage broker should have a legitimate game plan that details your exit strategy (refinancing to a traditional lender upon the maturity date of the Band-Aid mortgage). If a 1 year timeframe is not realistic, then a 2 or 3 year term should be explored. This is a product that was traditionally geared towards applicants with bruised credit histories and income verification challenges, but lately, it’s broadened its reach to include applicants of all classes. Whether you are a high-earning medical professional awaiting your permanent residence status, or a self-employed plumber who declares a lower income for income tax purposes, this segment of lending is worthy of forming part of the mortgage broker arsenal of products and solutions.

Wondering if your mortgage pre-approval is optimized for maximum output? Call or text Marko Gelo right now at 604-800-9593, or Click Here to schedule a free, no-obligation phone call with Marko. You can also call Marko on WhatsApp.

Don’t want to miss out on the next blog post?  Click Here to have future issues emailed directly to your inbox!

Contact Marko, he’s a Mortgage Broker!

604-800-9593 cell/text | Vancouver (Click Here to schedule a call with Marko!)

403-606-3751 cell only | Calgary (Click Here to schedule a call with Marko!)

Call Marko via WhatsApp!

Email: gelo.m@mortgagecentre.com

Facebook

@markogelo (Twitter)

The Truth Behind Mortgage Pre-Approvals and Rate Guarantees

Posted on by markogel@gmail.com

(Jan 12, 2024)

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The doors to homeownership often begin within the elusive world of mortgage pre-approvals. It’s a crucial step in the home-buying journey, offering the promise of a verified mortgage pre-approval, but also a secured interest rate that shields you from the unpredictable fluctuations of the market. However, there’s a hidden secret within this seemingly straightforward process that many homebuyers are unaware of – the interest rates in mortgage pre-approvals are not always as steadfast as they appear. Imagine securing an interest rate at 5.19% for the next four months, only to discover in the third month that market rates have dropped further to 4.99%. The surprising revelation? Your rate may not automatically adjust, leaving you stuck with the initially agreed-upon 5.19%. This isn’t a result of financial schemes or a ploy to maximize profits (although lenders do earn more on the higher interest rate); it’s more a consequence of file management intricacies within mortgage brokerages and banks. The complexity lies in whether your mortgage provider has the systems and processes in place to proactively manage rate adjustments. In this blog, we delve into the intricacies of why these adjustments are often overlooked, uncovering the surprising truth behind why your pre-approved interest rate may not reflect the current market reality.

Rate Hold Policies

Banks offer interest rate holds on all their terms, but for variable-rate mortgages, they reserve the discount rather than the rate. For instance, if your variable rate is Prime minus 0.90%, only the ‘minus 0.90%’ would be held, not the ‘Prime Rate’. Moreover, most banks restrict ‘blanket reserving’ the entire rate product table; you are allowed only one term/rate at a time, unless you’re utilizing a mortgage broker, who can secure multiple rate holds with various lenders. Rate hold periods can range from 30 to 120 days. It’s also important to note that a formal credit check is typically required for a rate hold. Here, the advantage lies with a mortgage broker, as opposed to a banker, because they can repeatedly submit applications to various lenders using the same, singular application. One application, one credit report, and access to endless lenders.

Float-Down Policies

Now, here’s where things get interesting. The key to rate adjustments lies within a built-in policy that lenders incorporate into their products, known as the rate float-down policy. This policy allows lenders to discontinue a current rate hold and reset it to the lower prevailing market rate if applicable. However, there’s a kicker. The mortgage provider, be it a broker or banker, needs to formally request it. That sounds easy enough, right? The task seems reasonable and simple, but the reality is that many bankers and brokers often lose track of their mortgage approval files and simply forget. Therefore, a better rate could slip by if your mortgage provider isn’t on the ball to recognize and act upon it! There’s one more thing to be aware of when it comes to interest rate float-down policies. While I’ve never heard of a lender that doesn’t allow for it, the diversity among lenders lies in the frequency of adjustments they permit. For instance, lender A could allow unlimited requests for float-down adjustments, whereas lender B might only allow one singular request. This is a critical guideline for your mortgage broker to be aware of to prevent them from using it up too early in the rate hold tenure, jeopardizing the opportunity to capitalize on further rate drops throughout your rate hold period.

Seek a Mortgage Broker Rather Than a Single-Brand Bank

If your mortgage pre-approval is with a bank, you’re missing out on all the possibilities the market has to offer! What if market rates fall, but the single-brand bank you’re currently tied up with maintains its rate? This type of circumstance is an easy fix with a mortgage broker as they would simply pivot and re-submit to the better lender. However, with a bank, there are no other options. Bank representatives are not brokers; they cannot tender your application to the market. All they have to offer you is what’s in their shareholders’ best interest! Optimize your experience and partner with a mortgage broker right from the beginning. Not only will you have access to a larger pool of lenders, but you’ll also be able to access them all at once without having to set foot in their branches!

Is Your Mortgage Broker Legit?

And lastly, ensure you choose a broker that truthfully works with multiple lenders – you might be surprised at how many don’t. In addition to working with multiple lenders, inquire about the type of file management system they utilize to stay on top of changing interest rates. Will your rate hold be monitored throughout its entire tenure, or will it be forgotten until its completion date?

At this point, you might be curious about my internal file management. My production team relies on an internal system called the RateWatch Dashboard. After completing a pre-approval, the applicant’s details are entered into the RateWatch Dashboard, essentially a calendar-style tracker equipped with rate float-down reminders and alarms. We check it countless times every day; it’s like a video game that you never want to stop playing. This system is a critical component of my operation, eliminating human error from what would otherwise be a task prone to such errors. Alongside the RateWatch Dashboard, we receive daily rate updates from our pool of 23 lenders. While one might assume that all applications are paired with lenders offering the best rates and terms, lately, an increasing number of applications are matching up with lenders that adjudicate for higher mortgage approval amounts rather than lower interest rates. The difference in rate is insignificant in many cases, but the variation does exist nonetheless.

DISCLAIMER: The interest rates cited in this article are accurate as of January 11, 2024. Rates are subject to change, and by the time you read this article, they may have increased or decreased. For the most current rate quotes, please contact Marko Gelo directly via email or text at 604-800-9593.

Want to discuss your rate hold? Call or text Marko Gelo right now at 604-800-9593, or Click Here to schedule a free, no-obligation phone call with Marko. You can also call Marko on WhatsApp.

Don’t want to miss out on the next blog post?  Click Here to have future issues emailed directly to your inbox!

Contact Marko, he’s a Mortgage Broker!

604-800-9593 cell/text | Vancouver (Click Here to schedule a call with Marko!)

403-606-3751 cell only | Calgary (Click Here to schedule a call with Marko!)

Call Marko via WhatsApp!

Email: gelo.m@mortgagecentre.com

Facebook

@markogelo (Twitter)

Mortgages, Real Estate, and Life in 2024

Posted on by markogel@gmail.com

(Jan 6, 2024)

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With all the uncertainty these days, it’s easy to succumb to the negative energy amplified by various media outlets like television, social media, and news publications. The year ahead in real estate, mortgages, and life, in general, will be a rollercoaster ride of challenges and triumphs. However, the key to not only surviving but also thriving lies in recognizing the fine line between acknowledging what is out of our control and empowering ourselves to focus on what we can control and influence. Rather than dwelling on the broad spectrum of things we CANNOT control, let’s shift our focus to what we CAN control: our thoughts, finances, and health. These elements form the foundation upon which we can build resilience and drive positive change:

  • THOUGHTS: Our mindset shapes our reality. Choosing to focus on the positive aspects of life, personal growth, and the potential for improvement can pave the way for a more favourable outcome.
  • HEALTH: In the pursuit of a prosperous life, our physical and mental well-being must take center stage. Prioritizing health through exercise, a balanced diet, and mindfulness ensures we have the vitality to navigate challenges.
  • FINANCES: While global economic forces may sway, our financial decisions remain within OUR grasp. Smart financial planning, budgeting, and investing empower us to weather storms and capitalize on opportunities.

A particularly valuable resource in times of uncertainty is the Andex Chart. If you’re not familiar with it, today’s your lucky day! It’s long been described as the document-version symbol of resilience and growth. The Andex Chart is a visual representation of North America’s key financial metrics since 1934. Click here to be redirected to one of the many available online. The chart illustrates the upward trajectory of good fortune, showcasing how, despite valleys and setbacks, the overall trend is consistently upward. This factual analysis will normalize any pessimistic outlook you may currently be fixated on. Whenever you’re feeling down about your finances, net worth, or business, put your reader glasses on and locate an Andex Chart. Just stare at it. It’s a one-page illustrative diagram that includes virtually every relevant financial North American metric and charts it against global events. For example, since 2020, the average inflation rate is approximately 6.2%, but for the 30 years prior, the average never exceeded 2.1%. The last time we averaged 6.2% was the entire decade of the 80s. Despite challenging periods from 1970 to 1990, Canadian stocks rose by about 24%! And all this amid historic negative events (Arab Oil Embargo in the early ’70’s, 22.75% Prime Rate in the early ’80s, and and the infamous Black Monday of the late ’80’s). Pretty crazy, right? Fear not, and have faith in the sacred Andex Chart. It serves as a reminder that the key to success lies in perseverance and a long-term perspective.

Now, focusing on mortgage holders and their journey of survival, evolution, and thriving, we are approaching a period of transition. Some will transition from sub 2% interest rate mortgages to a more long-term average 5% interest rate environment, as a significant number of mortgages are set to expire in 2024 and continue throughout 2025. Others will enter a market intensely contested and surrounded by conditions and outcomes not seen or experienced in decades. So, if you’re faced with a mortgage renewal in the coming year, brace yourself for the shock of new terms. On the other hand, if you’re about to enter the market, you’re committing to today’s reality—higher interest rates, post-inflationary standards, and crisis-ridden real estate supply and affordability issues. A pessimist might say, “pick your poison.” Personally, I’ll be looking at things from an Andex Chart point of view. What is happening at this time is normal, and it will continue to occur in the future. It’s a time to regroup, to adjust, to pivot. It’s not the end; it’s a new beginning. And with new beginnings come new plans and fresh mindsets.

If you’re a mortgage holder renewing at a higher rate, accept that renewal periods are not always optimal times to lock in new rates and terms. However, maintain optimism. Mortgage renewal time is an opportunity to make changes in your financial situation, without penalties. For those anticipating a higher and unmanageable rate, a simple fix may be to increase your amortization. Or, by consolidating substantial credit card debt or lingering personal line of credit balance, you can achieve a drastic reduction in outgoing cash flow. What may seem demoralizing from a mortgaging perspective could be rejuvenating from a personal finance and mental health standpoint. Amortizations and balances can always be managed and improved over time as interest rates and personal income improve.

If you’re entering the market with your first purchase, accept that you may need to adjust your purchase expectations downward, scale back your current lifestyle, improve your employment prospects, or a combination of these. It’s not your fault that you live in an unaffordable market, but going forward, there won’t be any handouts. Commit to a plan to achieve your real estate goals; get pre-qualified for a mortgage and realize where your shortcomings are. Once again, as exemplified by the Andex Chart, your entrance into real estate may appear challenging at first, but with perseverance and a long-term perspective, the challenge will diminish over time.

For current homeowners looking to sell their homes, whether upgrading to a larger home or downsizing to a smaller one, there are crucial considerations in both mortgage qualification and the real estate market. Upgraders should be prepared for a thorough mortgage pre-qualification, accounting for criteria they likely were not aware of when they last purchased a property. This includes the 2% mortgage stress test, minimum down payment thresholds for various mortgage programs (20% minimum for properties exceeding $1M), the elevated interest rate environment, excessive mortgage break penalties, and non-eligible employment (newly self-employed, change in career path, etc.). Downgraders should also be aware that even though they are looking to purchase a property of lesser value, such as a condo, there are other property expenses that could exceed what they were previously accustomed to (strata fees, special levies, etc.).

As we stand on the brink of a new year filled with uncertainties, it’s essential to recognize the duality of our world—the uncontrollable external forces and the empowering elements within our reach. By focusing on what we can control—our thoughts, finances, and health—we not only weather the storms but also contribute to the upward trajectory of our personal and collective destinies. Embrace the chaos, compete passionately, and let the burning desire for improvement guide your journey. In the grand tapestry of life, the trend is, and always has been, onward and upward.

Want to discuss what 2024 holds for you? Call or text Marko Gelo right now at 604-800-9593, or Click Here to schedule a free, no-obligation phone call with Marko. You can also call Marko on WhatsApp.

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Contact Marko, he’s a Mortgage Broker!

604-800-9593 cell/text | Vancouver (Click Here to schedule a call with Marko!)

403-606-3751 cell only | Calgary (Click Here to schedule a call with Marko!)

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What’s the difference between a mortgage renewal and a mortgage refinance?

Posted on by markogel@gmail.com

(Nov 29, 2023)

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While the terms renewal and refinance may seem interchangeable, they represent distinct differences. “Mortgage renewal” is the classification given to a mortgage application that is simply renewing to a new interest rate and term. No new funds are requested at maturity; the mortgage principal maintains its balance and continues on the path of its existing amortization schedule. “Mortgage refinance” is when new funds are added to the existing mortgage principal, resulting in a larger mortgage amount and the option to alter the amortization schedule.

Determining whether it’s a renewal or a refinance mortgage is important for a couple of reasons. Firstly, when it comes to interest rates, you are likely to get a better rate when renewing your mortgage. There are opportunities to get similar rate offerings for refinances, but a few backend specifications of the existing mortgage have to line up (I’ll defer to these details in a future post). After the rate difference, the next significant consideration against refinances is the inclusion of administrative fees. As mentioned above, when completing a mortgage renewal, there is no cost to you (the applicant). However, for refinances, there are a couple of fees to be aware of: appraisal and legal. Depending on where you live in Canada, your legal fee will range from $600 to as high as $1,800, depending on the complexity of the refinance (the more items the lawyer is instructed to pay out, the higher the legal fees). The appraisal fee depends on the property’s size and its proximity to the nearest appraiser, usually around $250 to $400 per appraisal. In most instances, fees get worked into your equity and get tacked on to the new mortgage balance, sidestepping any potential for out-of-pocket expenses.

Mortgage Renewal Key Points

Although adding new funds to an existing mortgage balance at maturity would deem the mortgage a refinance, there is a small allowance for new funds to be added for mortgage renewals. Most lenders will allow for a one-time bump up of $3,000 to cover potential fees or payout penalties of the outgoing lender (when I say bump up, I mean the $3,000 getting tacked on to your new mortgage principal). This is a great loophole for those who prefer to renew ahead of their maturity date, rather than paying the break penalty; they could tack on the outgoing penalty fee to their renewed mortgage (provided their break penalty is less than $3,000). You could also increase your mortgage balance and still be deemed a mortgage renewal if your existing mortgage has an existing HELOC or collateral charge. This is comparable to a pre-approved mortgage principal booster that can be activated at any time in the future. If you are currently in a mortgage with an additional component like a HELOC, this applies to you. If any of your existing HELOC is unused prior to your new renewal, you can simply draw the unused portion and claim it as your renewed mortgage principal at the time of the renewal—a great little hack to classify your mortgage as a renewal, thereby qualifying for fully discounted rates and a fee-free transaction (no legal costs, no appraisal costs). Remember the two key points of mortgage renewals: (i) lower rates (most of the time), and (ii) no legal fees to complete the transaction.

Mortgage Refinance Key Points

The most common triggers that result in a mortgage refinance are increasing your mortgage balance and expanding your amortization. Increasing your amortization at renewal time is technically allowed, but it is limited. Essentially, you only have the option to revert back to the starting amortization since your last mortgage event. For example, if your mortgage is coming due next month, and the remaining amortization is at 20 years, you would have the option of renewing back to its starting amortization period since your last mortgage transaction event. So if your amortization was initially set at 25 years, you could technically reset the amortization accordingly. Conversely, for a mortgage refinance, you can reset the amortization as high as 35 years if you so desire. But heads up, for every 5-year increase of amortization that you seek after 25 years, some lenders will add a premium to the interest rate. The most common gateway to a mortgage refinance is the good old debt consolidation. This is when you pay off a bunch of high-interest debt like credit cards and other consumer loans, rolling them all into your new mortgage, which significantly reduces your monthly mortgage payment (thereby eliminating all your other monthly payments of the previous debts you just consolidated). Simply put, it’s the big reset or game-changer for many embroiled homeowners who were looking for a break and some extra breathing room. In summary, any change to an existing mortgage essentially deems the mortgage transaction a refinance. The following are some of the more common changes that lead to a mortgage refinance: removing or adding someone to the mortgage, increasing the mortgage amount, and expanding the amortization.

In Summary

It’s important to understand the distinction between mortgage renewal and mortgage refinance. While a renewal typically offers better interest rates and involves minimal costs, a refinance allows for adjustments in both the mortgage amount and amortization schedule. Key considerations include potential administrative fees associated with refinancing, as well as the flexibility of adding small funds during a renewal. Ultimately, whether it’s the pursuit of lower rates or the need for a financial reset through debt consolidation, recognizing the nuances between these two processes empowers homeowners to make informed decisions tailored to their unique circumstances.

Make sense? Call or text Marko Gelo right now at 604-800-9593, or Click Here to schedule a free, no-obligation phone call with Marko. You can also call Marko on WhatsApp.

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Contact Marko, he’s a Mortgage Broker!

604-800-9593 cell/text | Vancouver (Click Here to schedule a call with Marko!)

403-606-3751 cell only | Calgary (Click Here to schedule a call with Marko!)

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Email: gelo.m@mortgagecentre.com

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My mortgage is coming due and I’m switching to another bank, is it gonna cost me anything?

Posted on by markogel@gmail.com

(Nov 22, 2023)

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The process of renewing your mortgage is a pivotal moment that ultimately influences your financial landscape for the coming years (in Canada, that’s typically a repeat frequency of 5-year terms). As your mortgage maturity date approaches, the question of whether to renew with your existing lender or explore options with a different bank often arises. Beyond the considerations of interest rates and terms, a more pressing question occupies the mind of a homeowner: Are there any fees if I choose to renew with another bank? The short answer to this question is, no, not for you. While there are costs associated with switching to a new lender, it’s the new lender that covers these expenses, considering them part of the “cost of doing business.”

Before deciding to switch, it’s essential to do a quick cost analysis. Reach out to a mortgage broker well before your maturity date, and discuss your current lender’s renewal offer. A competent broker should quickly assess whether they can match or surpass your current offer. If a better deal is on the table, the next step involves some math: calculate your new payment and the overall savings throughout the mortgage term. For instance, if a lower rate translates to a $100 reduction in your monthly interest charges, the accumulated savings over a 5-year fixed term could amount to $6,000. This financial gain becomes the deciding factor: is the monthly reduction and the long-term savings worth your time? If not, take the simpler plan and sign off with your current lender for the higher offer.

For those with the penny-saved-is-a-penny-earned mindset, the process of switching lenders and requalifying is always a worthwhile effort. However, others may find it less compelling.

What’s involved in this process, you ask? When switching to another lender, keep in mind that they don’t know you, so a complete application, income and property documents, and signing with a mobile agent are required. The good news? There’s no direct cost to you – only an investment of your time.

How long does the qualification process take, and what’s required?

The first step is completing the application. If you’re dealing with me, the online application takes about 5 minutes, with questions you can answer off the top of your head. After completing the application, a custom document request list is generated and sent separately. Once your documents are received, your application is adjudicated within 3 days. If approved, you sign the lender’s commitment, satisfying any remaining conditions. The lender then works behind the scenes, preparing formal documents and instructions for their legal signing agent. Your role? Waiting for a call from the signing agent for a doorstep signing wherever is convenient for you. The rest – handling funds, modifying title registration, and updating home insurance details – is managed by your mortgage broker, the lender, and its legal team.

In summary, switching to another lender for your mortgage renewal is a fee-less transaction. However, the primary hurdle preventing many from taking this step is the effort involved. Surprisingly, a significant number of homeowners renew at the first offer from their existing lender. Don’t fall into this trap. Make the call, crunch the numbers, and then decide – the figures will often speak for themselves and guide your decision-making process.

Mortgage coming due? Call or text Marko Gelo right now at 604-800-9593, or Click Here to schedule a free, no-obligation phone call with Marko. You can also call Marko on WhatsApp.

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Contact Marko, he’s a Mortgage Broker!

604-800-9593 cell/text | Vancouver (Click Here to schedule a call with Marko!)

403-606-3751 cell only | Calgary (Click Here to schedule a call with Marko!)

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Email: gelo.m@mortgagecentre.com

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Is now the right time to choose a variable rate mortgage?

Posted on by markogel@gmail.com

(Oct 14, 2023)

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In a world where financial stability often hangs in the balance, making the right decisions regarding your mortgage can be a pivotal moment in securing your economic future. As of March 2022, we embarked on an unprecedented journey through a rate-hiking cycle, witnessing the prime rate surge from a modest 2.45% to its current towering 7.20% – a jaw-dropping 193% increase. The ripples of this upward trajectory have undeniably reached Canadian households, leaving many grappling with unforeseen financial hardships. However, history often reveals a silver lining in the cloud of uncertainty. In the 1980s, when interest rates skyrocketed by 82%, they subsequently plummeted by 27% within a brief five-month window, followed by another remarkable 33% decrease over the subsequent five months. So, as we stand where many believe to be at or near a peak in prime rate today, currently perched at 7.20%, a glimpse into the past suggests the possibility of a descent, and if mirrored to the trajectory of the 1980’s that could equate to a descent to approximately 5.25% in the next five months, and if history persists a subsequent drop to 3.5%. Skeptics may dub it “too good to be true,” but what if history continues to write a similar script? Whichever way you examine it, this scenario appears far more enticing than the prevailing fixed-rate offerings in the market today.

Let’s put the current mortgage market into perspective. At the time of publishing this blog post, a competitive 5-year fixed-rate mortgage, particularly for high-ratio borrowers, stands at 5.84%. This rate, while offering stability, leaves you contractually locked into your rate and payment, regardless of potential market shifts. In contrast, a competitive variable rate mortgage, set at Prime – 0.95% (based on the current Prime Rate of 7.20%), presents a compelling alternative. Now, consider the historical precedent we’ve explored, where interest rates in the 1980s saw a steep climb followed by a remarkable descent…today that same 27% drop from 7.20% would equate to about 5.25% and after that, another 33% drop to ~3.47%. If this historical trend holds any weight, the variable rate mortgage becomes a tantalizing prospect. In light of these comparisons, the variable rate mortgage demands your attention as a prudent choice in today’s ever-changing financial landscape. With history as our guide, this option is not just intriguing; it’s a serious contender worthy of your consideration.

Moreover, when considering a variable rate mortgage, it’s crucial to keep in mind a few key features that set it apart from fixed-rate counterparts. Firstly, variable rate mortgages offer the flexibility of allowing you to lock in at prevailing fixed rates at any point during the mortgage’s term, without incurring any penalties. This unique advantage enables you to adapt to changing market conditions or your personal financial situation with ease. Additionally, the break penalties associated with variable rate mortgages are typically fixed at a straightforward three months’ worth of interest. Unlike fixed-rate mortgages, where penalties may be calculated based on an interest rate differential, variable rates mitigate the complexity and potential financial risk associated with these penalties. These features not only enhance the appeal of variable rate mortgages but also underscore the importance of exploring this mortgage option.

Wondering if a variable rate mortgage makes sense for you? Call or text Marko Gelo right now to secure your discounted variable rate at 604-800-9593, or Click Here to schedule a free, no-obligation phone call with Marko. You can also call Marko on WhatsApp.

DISCLAIMER: The contents of this blog post are derived solely from my personal analysis and perspective. I must emphasize that I am not an economist, nor have I received this information from any external source. My analysis is based on historical Prime Rate data for Canada, and I’ve conducted manual calculations to develop the hypothesis presented here. While I sincerely hope that my conclusions, drawn from an examination of data charts and graphs, hold true, it is essential to clarify that these findings are not verified, confirmed, or endorsed by any authoritative source or expert in the field. The intention behind this blog post is purely to encourage individuals to explore their mortgage options fully. Rather than dismissing variable rate mortgages outright, I advocate for their consideration in the ever-evolving financial landscape. Making informed choices is of paramount importance when it comes to such significant financial decisions.

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Contact Marko, he’s a Mortgage Broker!

604-800-9593 cell/text | Vancouver (Click Here to schedule a call with Marko!)

403-606-3751 cell only | Calgary (Click Here to schedule a call with Marko!)

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Email: gelo.m@mortgagecentre.com

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Mortgage Rate Holds: Bank vs. Mortgage Broker – Why Choosing the Right Path Matters

Posted on by markogel@gmail.com

(Oct 2, 2023)

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Mortgage rate holds work by allowing applicants to secure a specific interest rate offered by a lender for a predetermined period of time, anywhere from 30 to 120 days. The process begins when you complete a mortgage application directly with a bank, or a mortgage broker.

Should I inquire directly with a Bank, or a Mortgage Broker for a rate hold?

While you have the option to go directly to a bank or work with a mortgage broker, there are several compelling reasons why choosing the latter can be significantly more beneficial:

Access to Multiple Lenders:

Banks typically represent their own suite of mortgage products, limiting your options to what that specific bank can offer. On the other hand, mortgage brokers have access to a wide network of lenders, including banks, credit unions, and alternative lenders. This means they can shop around on your behalf, helping you find the most competitive rates and terms available in the market.

Efficiency and Reduced Credit Inquiries:

When you approach multiple banks directly for mortgage rate quotes, you’re often required to complete separate applications for each one. Each of these applications triggers a credit inquiry, potentially impacting your credit score. However, when working with a mortgage broker, you only need to complete one application, and the broker can then approach multiple lenders with the same application and credit report. This minimizes the number of credit inquiries, preserving your credit score.

Confidentiality:

When banks individually check your credit score, they can see the names of other lenders who have inquired about you. This knowledge can put you at a disadvantage during negotiations, as banks may adjust their offerings based on the competition. Mortgage brokers, however, protect your confidentiality. When they inquire on your behalf, only the brokerage’s name appears as the inquirer on your credit report, not the specific lenders they are contacting. This ensures a level playing field during rate negotiations.

Credit Score Preservation:

Every credit inquiry has the potential to impact your credit score, albeit usually by a small amount. If your credit score is on the borderline between good and fair, even a single additional credit inquiry can make a difference. By working with a mortgage broker and minimizing the number of credit inquiries, you’re safeguarding your credit score and maximizing your chances of securing the most favorable mortgage terms.

SUMMARY:

While both banks and mortgage brokers can help you secure a mortgage rate hold, the advantages of using a mortgage broker are clear. You gain access to a broader range of lenders, streamline the application process, protect your confidentiality, and, crucially, protect your credit score from unnecessary hits. Ultimately, this approach empowers you to make more informed decisions and potentially save money on your mortgage.

More articles related to mortgage renewals and rate holds:

What to do when your mortgage is up for renewal?

Upcoming mortgage renewal have you stressed about payment shock?

Are you ready to secure a rate hold? Call or text Marko Gelo right now at 604-800-9593, or Click Here to schedule a free, no-obligation phone call with Marko. You can also call Marko on WhatsApp.

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Contact Marko, he’s a Mortgage Broker!

604-800-9593 cell/text | Vancouver (Click Here to schedule a call with Marko!)

403-606-3751 cell only | Calgary (Click Here to schedule a call with Marko!)

Call Marko via WhatsApp!

Email: gelo.m@mortgagecentre.com

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Marko Gelo

Mortgage Broker
Vancouver direct: 604-800-9593
Calgary direct: 403-606-3751
E-mail: teamgelo@mortgagecentre.com

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