SERVING Kamloops, Fraser Valley,Vancouver,White Rock - MOBILE
Bonnie Fitzgerald, AMP Accredited Mortgage Professional
Member of CAAMP, MBABC
C 604-991-9944   P 250-573-9328
Email bonnie@ourbestmortgage.com

 

 
  • Mortgage Brokernews
 
| 21 Oct 2015
 
Brokers are echoing the argument that the industry needs more second mortgage options for prime clients.

“I do run into A+ clients requiring - or more accurately - wanting a second mortgage. These are prime, sophisticated clients and the request is to leverage their equity as an investment tool,” MortgageBrokerNews.ca reader, Kristin Woolard of Dominion Lending Centres wrote in the forum. “More often than not I set them up with a HELOC with a credit union and they invest and pay off as needed. More selection of standalone second mortgages would be beneficial.”

The conversation was sparked by Steve Gilmour, a broker withDominion Lending Centres Alliance, who told MortgageBrokerNews.ca that clients who require a second mortgage often have to turn to the private segment and face high interest rates and argues high qualified clients are being let down by lenders.

And he called for more options for those clients with good credit.

It’s an opinion shared by many in the industry, it seems.

“People with good credit and income can also require money for good reasons and should not have to pay the high rates of the private mortgages or bear the expense of refinancing their entire first mortgage,” Ad Lakhanpal, a broker with Mortgage Alliance wrote on MortgageBrokerNews.ca. “If a person can qualify to a refinance of their mortgage to 80% LTV with an A-lender, I see no reason why he should not be allowed to have a first and second combo as long as he qualifies.”
 
 
 
An opportunity for monolines?

One mortgage broker is calling on lender partners to provide ... READ MORE

Broker news forum is the place for positive industry interaction and welcomes your professional and informed opinion.

 

Name (required)  
   
Comment (required)

RELATED LINKS

PROUD SUPPORTERS OF

Total amount raised
$61,104.44
Updated: 01/22/21
Learn More

TODAY'S RATES

TERMPOSTEDMA RATES*
{{rate.Term}}{{rate.Posted}}{{rate.OurRate}}

Subject to change. Conditions may apply.
Updated: {{RatesData.Modified}}

LEARNING CENTRE

Considering a fixed rate mortgage? Get informed!

Learn More
Renovating your home is within financial reach. Find out how!

Learn More
Is your mortgage coming up for renewal? You should talk to a broker!

Learn More

APPLY NOW

Want a mortgage? Get a mortgage! Apply now!

Apply Now

CALCULATORS

Want to find your monthly payment or what you can afford? Find out this and more with our easy to use calculators!

Learn More

OUR TWITTER

TESTIMONIALS


Leave a comment

Email:
Password:
or Register - Cancel
First Name:
Last Name:
Email:
Password:
Confirm Password:
or Login - Cancel