Open House- The Real Estate & Mortgage Show March 24, 2018
Wondering about porting options on mortgages? Do you know who you want on your home buying team? Check out this week’s podcast of Open House- The Real Estate & mortgage show for some great advice!
Frank Napolitano joins Paul Rushforth and Steve Gregory discussing the latest in mortgage and real estate news.
The team talks about the current rental property market and using property management companies to help with the upkeep and rental guest turnovers in tourist areas.
Frank talks about the difference in quoting rates for clients. In the past it used to be the same 5 year rate across the board. In the current environment, a Mortgage Brokers needs more information from clients in order to accurately quote a range of rates. Things such as the loan-to-value and whether the mortgage will be for purchasing a home or refinancing affect the interest rate clients are able to secure.
Frank takes the team through some porting scenarios and what happens to the mortgage rate.
The team talks about the importance of getting your team, including your Mortgage Broker and Real Estate Agent, in place before embarking on the road to purchasing a home. Having them all work together also helps streamline the process for clients.
Given the current competitive real estate market, Frank makes an important point for pre-approvals that clients may have a firm pre-approval but the home also needs to be approved by the lenders and insurers.
Frank also discusses the relationships between the bond market and the mortgage rate market.
Click here to listen to the full podcast!
Thinking of purchasing a home? Start here with a trusted Mortgage Broker.