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A podcast hosted by mortgage broker, Marko Gelo. Born and raised in Calgary, then moved to Vancouver in 2011. Owner of dually licensed mortgage brokerage, Home Financing Solutions Inc. (a franchise of The Mortgage Centre). Mortgagenomics focuses on economics, real estate and feature segments on mortgage qualification strategies and policies. To make things a bit more interesting, Marko produces all the music tracks for the podcast. Songs are typically 1-3 minutes in duration, but may also fe ...
 
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Over the last decade the process of qualifying for a mortgage has increasingly become more cumbersome and frustrating. In fact, some claim it is easier to attain citizenship to another country than it is to secure basic financing for a 1 bedroom condo in Calgary. So why is this? Why all the questions, the excessive document requests and the never e…
 
What is a real estate assignment contract? Before I get in to the process of how to qualify for a mortgage when assigning a real estate contract, let's first unravel what a real estate assignment is. A real estate assignment is a transaction similar to that of a standard real estate transaction, except rather than being referred to as a buyer and a…
 
Since the launch of the program in Sept 2019, only 13% of the programs allocated reserve actually made it to the hands of first time home buyers. Will the upcoming enhancement spur more interested applicants, or is this program simply a dud? Three words that best describe Trudeau's First Time Home Buyer Incentive (FTHBI) program that was launched b…
 
One of the consequences of selling a home is the unexpected penalty that arises as a result of breaking your mortgage contract ahead of its maturity date. The penalty is determined by the greater of 3 months interest, or the dreaded interest rate differential (IRD). And the scary part is the your penalty can radically change from the day you list y…
 
Mortgages are classified as one of the following three; Insured, Insurable, or Uninsured/Conventional. The way a mortgage is priced and qualified depends on how its funds were purchased, acquired or allocated. Mortgages are either insured by the borrower, bulk insured (securitized) by the lender, or simply uninsured all together. Once they are give…
 
When I first became a mortgage broker (in 2004), the hardest thing for me to understand at the time was how business owners got away with qualifying for hefty mortgages with such low declared incomes. Like how does a contracted engineer who declared $65,000 on their T1 General end up qualifying for a $650,000 mortgage (which requires an annual qual…
 
The following is discussed in this episode: Throughout our lives we will likely be moving from one property to another, and in the process, we use the equity accumulated from the previous property to either buy the new property outright, or use whatever is remaining (once the existing mortgage is paid out) as a down payment for the new property. Bu…
 
Everyone assumes that verification of down payment proceeds for a mortgage is a swift and miscellaneous part of the mortgage qualification process. When you think about it, why would it be difficult? If the applicant does, in fact, have the funds in their bank account, why then does it matter where it came from and how long it's been there? One wou…
 
The following is discussed in this episode: Purchasing a property inside of a corporation: OPERATING COMPANY or HOLDING COMPANY? *this a decision you will want to discuss with your accountant as there are reasons to do so in both cases. However, as far as mortgages are concerned most lenders require that the property be held in a holding company. T…
 
The following is discussed: >for the 6th consecutive week 5 year fixed rates are available for as low as 1.79%. Even lower rates are available for no-frills products (I've seen rates as low as 1.64%). One other rate promo to be aware of -> 1.89% for a 5 year fixed, but no interest for the first three months (and it’s not tacked on to the mortgage e…
 
Key points: New approach/format to podcast...expect weekly episodes based on Marko's weekly newsletter Two upcoming events that could potentially cause interest rates to increase (Bank of Canada's announcement to stop purchasing bonds AND the US Election) a reminder of the 3 golden credit boosters Marko Gelo Garage Band Sessions: (produced and perf…
 
Key points: Consumer Credit Reports (Borrowell, Credit Karma, etc)...why can't brokers accept your free reports? When it comes to mortgages, credit reports are reviewed from a very broad perspective - way more to it then just the actual score Avoid deferring your broker/banker from checking your credit score...do it sooner rather than later learn a…
 
An overview of key points when qualifying for a mortgage in Canada, and what to expect: Key points: The Application Process: Old School and New School processes The Qualification Process: An overview of some key qualification guidelines Getting the best rates: there's more to it than you think ALSO INCLUDED: a Marko-Gelo-Garage-Band creation! Marko…
 
Why is it that banks differ in how much mortgage they approve you for? Even though all banks use the same qualification formulas, there are some banks that have additional boosters that can propel you to higher qualification amounts. Key points: Mortgage Approval Pro Tip #1: Down Payment and Amortization affect your maximum mortgage amount Mortgage…
 
How mortgages will play a key role in how Canada's financial system rebounds in the post-COVID era. Ready or not, here we go. Key points: 8 weeks in isolation and the resulting impact on mortgage qualification and Canada's financial system Canada's life saver...our general conservative nature (move ahead with caution approach) yesterday's compromis…
 
Key points: behind the scenes with (COVID19) appraisal procedures and value determination understanding the impact of loan-to-value ratios on your mortgage qualification preparation for your appraisal during COVID19 real estate value trends since COVID outbreak act now, or later? listen to the episode for more details! ALSO INCLUDED: past Marko-Gel…
 
Key points: access to fully discounted interest rates - not POSTED RATES ability to move to another lender without penalty option to change the terms and features of your new mortgage option to pay off any lingering debt without incurring any break fees how to become fully optimized and prepared for your mortgage renewal with minimal effort listen …
 
Key points: when bond yields go down, mortgage rates are supposed to follow...not these days if Prime Rate goes down, do fixed rates also go down? where are interest rates in Canada headed? What is the "Bank of Canada" and what is its purpose? how to capture the best interest rate for your upcoming mortgage renewal listen to the episode for more de…
 
Key points: YES - most Canadian banks are making the ability to defer your mortgage payments available for eligible applicants YES - the ability to defer for UP TO 6 months seems to be the generally promoted tenure of deferring your payments YES - for those that are anticipating hardship, you need to inquire and apply with, or at the very least inf…
 
Subtitle 4 reasons to use a mortgage broker Summary Key points: the Big 5 Banks in Canada...how many other lenders are there? 4 reasons to use a mortgage broker: (i) there's always a Plan B (ii) engage lenders to compete for your business (iii) interpreting the fine print of all lenders (iv) you won't know what you don't know and much more.. Guest …
 
Key points: average Canadian owes $1.78 for every $1 earned what happens to your credit when: you are behind in payments, your credit card is max'd reach out for a consultation sooner than later - when it comes to credit, time is always of the essence applications and examples of consumer proposals you can still qualify for a mortgage if you had a …
 
Key points: what does "remediated grow op" mean? how do you know if you are buying a property that was once a marijuana grow op? will banks approve your mortgage if your property was previously a grow op? growing marijuana is legal, does that mean your tenant can do so? home insurance and legalized marijuana legislation...what to be aware of and mu…
 
Key points: which party's housing affordability appeals to you most? verifying the source of your down payment - what do the banks expect? what if Bank of Mom & Dad contribute towards my down payment? how long must you have ownership of your down payment proceeds before you move in? money can be transferred into Canada from around the world (for mo…
 
A short talk about the newly launched First Time Home Buyer Incentive program in Canada. Key points: how does it work? how do you qualify? where do you apply? Canada only program For more details about FTHBI: https://www.placetocallhome.ca/fthbi/first-time-homebuyer-incentive Marko Gelo Garage Band Sessions: (produced and performed my Marko) the op…
 
Key points: summary of economic and political factors that surround Calgary life after the provincial election (April 2019) impact of reduced big oil/gas private investment new legislation/bills directed at reviving the economy Calgary inventory stats...19% decrease in listings (year over year) Active buyers on the rise (buyers market) Popular Mort…
 
Key points: 3 main points lenders zone in on when adjudicating your income for a mortgage: Is your income taxed at source? Is your employment & Income guaranteed? Employment Tenure MarkoMusic tracks: (produced and performed my Marko) the opening track features a piece called "BrokenRingFinger" (distorted guitars with Phaser effects, 4-part progress…
 
When it comes to mortgages, there are two charges that a bank can apply to your land title. This episode explains the key differences between a standard and collateral charge mortgage. Key points: standard charge mortgages are the most common charges collateral charges are re-advancable and non-transferrable be cautious about taking the path of lea…
 
Lenders have absolutely no motivation or desire to explain how YOU can pay off THEIR mortgages sooner. This episode explains the key methods that you can implement right now and put yourself on a (much) quicker path towards mortgage freedom. The following is discussed in this episode: lump sum payments and the impact they have on your mortgage prin…
 
There are a lot of illegitimate (crappy) mortgage pre-approvals out there...make sure yours isn't one of them. The following is discussed in this episode: the client interview (application process to qualify for a mortgage pre-approval) signs of a illegitimate mortgage pre-approval how to avoid getting a illegitimate pre-approval what should your m…
 
The following is discussed: Mortgage Programs for 1st time and repeat home buyers: Minimum Down Payment Purchase Plus Improvement Mortgage (apply for a renovation supplement to your mortgage the day you make an offer on a home) Self Employed Applicants...are they treated differently? New To Canada: mortgages for new Canadian Citizens, Permanent Res…
 
INTRO: What really goes on when you pick up the phone, go online, or walk inside a bank and ask, "what's your best 5 year rate?" (or any other rate for that matter). If you haven't noticed by now, the answer to that question from your mortgage broker or banker has gotten very confusing and at times either misleading or simply mistakenly quoted. To …
 
Podcast Notes: Interview with Tony Spagnuolo Spagnuolo and Company: BCs (and probably Western Canada’s) largest residential real estate and conveyancing law firm. Established in 1995, offices everywhere. Terra Firma: a service that has spawned from Spagnuolo and Companys’ countless land title experiences over the years. Terra Firma was formed 2 yea…
 
(May 20, 2018) In this episode we talk with John Darel of Maxwell Canyon Creek Calgary on the various factors involved in determining a homes list price. We also touch on importance of hosting open houses. To end off the segment we discuss home staging strategies and tips with Elysse Bulloch of Simply Stylish Staging. Podcast Notes: SEGMENT 1: Inte…
 
Lisa Gordon of Macdonald Realty (in North Vancouver) discusses the real estate news and trends in North Vancouver. In Mortgage Minute, Marko talks about the key points on how to prepare yourself for a mortgage if you're self employed. For complete episode details, visit the episode blog. (Opening/Closing Music Track: "the cut", performed and produc…
 
New announcement from Nenshi and Calgary real estate outlook (March 22, 2018) Calgary council speeds up the process to get rental suite permits approved. Probably a good thing in the long run, but in the current state of things...pfft, whatever (rental vacancy currently at ~6.7% and still way too many unsold and soon to be converted rental condos).…
 
This episode of Mortgagenomics turns the spotlight on White Rock and South Surrey real estate. Ped Naimi of Vantage Real Estate provides insight on the current market and his thoughts on how it will evolve in years to come. On the mortgage front, Mortgage Minutes explains the down payment criteria when qualifying for a mortgage. For complete episod…
 
An in depth conversation with Meghan Zuvelek of Remax Sea to Sky Real Estate in Squamish, BC (https://movetosquamish.ca/). Is this place an alternative to Vancouverites seeking affordability? Listen in and discover what Squamish has in store for future development. Also, this episode unravels the wrath of the dreaded posted mortgage rate...besides …
 
+ Calgary real estate market update with John Darel (Realtor, Maxwell Canyon Creek Calgary)...buyer, seller or balanced market? + Mortgage Minute...explanation and example of bridge financing Intro Music Track: Cheap Money (Artist: MG) Outro Music Track: DJ Super Agent (Artist: Sleeping Lorry) See acast.com/privacy for privacy and opt-out informati…
 
Hosted by Marko Gelo: +2008...the year mortgage rules really started to change +is Vancouver going to be unaffordable, forever? +how much did real estate appreciate in Calgary from 2011 to 2018? We'll discuss a real life case study +the two biggest mortgage qualification killers +how/when to remove a co-signor from your mortgage **and some indy mus…
 
Discussion about a recent CBC news article that supports an argument for renting a property rather than purchasing one (even though you can afford to). Three young Calgarians are featured in the article explaining their thoughts on their decision in Calgary's real estate market. John Darel (realtor with Maxwell Realty - Canyon Creek) also chimes in…
 
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