Mario Daniel Sconza Buying, Selling & Investing System
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+Mario Daniel Sconza and home owner must agree on price and closing date
Scripts & Dialogues - Mortgages
Mortgages
Have you been more than 30 days late on any payment over the last 6 months.
We have to send that to our underwriting department.
The underwriter will give you a higher price because the listing price will reflect a high value.
Sometimes from a qualifying standpoint they can't go higher than that
they will get the loan outside of death
we've established relationships with lenders
The penalties are greater than my fees
partial discharge privileges
We imalgimate the downpayment in to the mortgage payment
Preferred lending partner
Borrowing money is not cheap and borrowing money that you do not qualify for is more expensive than that
the shorter the term and the lesser the amount the harder the money is to come by and the more interest is charged
pre approval means that the lender has stated in writing that you do qualify for a mortgage and what amount based on your current income and credit history
another advantage to pre approval is that when it comes time to purchase pre approval lets the seller know that securing financing should not be an issue. This is of particular importance in a competitive market whereby the seller may receive multiple bids
while receiving a pre approval does not commit you to a single lender it does guarantee that the lender's rate offer is locked into you for 90 to 120 days which helps if interest rise while you are still shopping. If interest rates decrease you will be offered the lower rate
what we have is an outline of the benefits we offer that clearly states no cost and no obligation and if we under deliver you only let us know you wish yo stop working with us
a swift close with a magnificent lender
Buying and/or selling Real Estate is most often about the elevation of lifestyle
those are what the industry calls discount brokers and I refer to as limited service brokers
Toronto is ranked first in CIBC World Markets Metropolitan Economic Activity Index. Been in the top 5 for 7 consecutive years.
3690 sales in December 2012. Down 19.5% from 4585 Sales on December 11.
13,241 Active listings in December 2012. Up 2.9% from 12,868 in December 11.
Average days on market are now 36 days up to 10.6% from 32 days in December 2011.
Toronto unemployment rate is 8.4%
Prime rate is 3%.
Stricter mortgage lending guidelines that preclude government backed mortgages on homes sold for over 1,000,000 and the city of Toronto’s additional upfront land transfer tax played a role in the slower pace of luxury detached home sales.
The MLS Home Price Index Composite benchmark price covering all major home types eliminates fluctuations in price growth due to changes in sales mix.
Inflation rate is 0.8% also known as Consumer Price Index
Stricter Mortgage lending guidelines resulted in some households postponing their purchase of a home
Canada's economy is transitioning from one dependent on borrowing to one more reliant on strong reports.
The delinquency rate on Canada mortgages is 0.38% compared to an average 3.4% in the USA.
We expect the Bank of Canada to begin the process of raising its overnight rate in the third quarter of next year assuming that the European crisis remains contailed and that the US fiscal challenges are addressed.
that is a predictable indicator
there is no pressure but there should be a sense of urgency if something is good
you will rarely know clearly all the dynamics of it until you execute it
there is no shortage of inventory but there is a shortage of homes available for sale on the MLS
we have the expertise to manouvre
doing loans is easy. Getting the clients to submit the Documents is the hard part
if I asked you to pay me $100 in Simple interest to borrow $5000 so you can save $20000 would you
mortgages is derived from the Latin word MORTIR which means it is a contract until death
decrease your expenses to increase discretionary income
leverage discretionary money to maximize the efficiency of your finances
would you pay $5 in simple interest to borrow $100 if you knew it would save you $2000 in compound interest in the long-run
by borrowing small amounts of money at simple interest we will eliminate serious compound interest by building wealth
we have to understand the Bankers business model to win at it
accelerate the payoff of your mortgage by leveraging existing cash flow and a home equity line of credit
accelerate the amortization table on your mortgage
most of us are designed to make our monthly mortgage payment and pay no attention to how much is being payed to principal and interest
banks typically lend you money when you don't need it. Not when you do
consolidate minimize and pay things off
for every $100 or it's equivalent in any other currency only about $4 exists as printed paper notes or coins whilst the remaining $96 exists as numbers stored on computers
shred My mortgage is a behavior modification software
Eliminate interest expense on debt
leverage the bank system against the bank
let us skip over the pre approval and start the underwriting process
Senior Mortgage Strategist
a reverse mortgage never has to be paid back until the last remaining spouse passes away or they sell the home
we have mortgage products for every income type that exists in Canada
-salaried
-hourly
-full time
-part time
-guaranteed hours
-fluctuating hours
-seasonal
-contract work
-cash
there are 5 levels to financing
-pre qualification
-pre approval
-commitment
-under writing
-funding
Risk-averse sellers can be skittish about working with buyers who have low cash down payment. It is wise to include mortgage pre-approval letters with your offer.
Reverse mortgage is 25% up front and then 5% for every 5 years in age up to 55% and 85 years of age
annual income multiplied by 5 for simple math is the amount of mortgage they will qualify for
we work with Good credit bad credit and I should not have credit
it's not that I am unable to as much it is that it is unlikely to be done
our Lending Partners are salaried employees and they earn a commission based on volume
you marry your house but date your mortgage
Mortgage commitments by mortgage lenders are inevitably conditional on a property appraisal
Creative financing is a combination of knowledge and skill
If the conditions warrant doing creative deals but you are not able to put these deals together then you could be done doing many deals
Affordability is the Real Estate industry because Buyers must be able to Buy in order for Sellers to be able to Sell
Creative financing is a combination of knowledge and skill
Amortization is the time it will take to pay off the loan assuming you don't make any extra payments
Interest is calculated on what you owe
A 1% increase in mortgage rates equates to a 10% decrease in Buying power based on the interest rate jumping from 6% to 7% with a 25 year amortization
5 times income with 20% downpayment and 4 times income with less than 20% downpayment is a quick qualifying mortgage amount
A 1% increase in interest rates equals $50 more monthly for every %100,000 of loan amount at 6% interest
First right of refusal belongs to the co equity Partner
Principal paydown is credited to the benefit of the Home Owner
The Buyer gets back original downpayment plus a proportionate share of equity increase
The co equity Partner contributes to the land transfer in a proportionate share
Guarantors don't go on title and it does not affect their credit
We have very lenient debt to income ratios
Co Equity is a 10 year term ending with a proportionate share being paid out on the upside of the appreciation
We will take a wholistic approach to formulating a solution
We deal with 50 lenders that have 7000 products
We have in House Mortgage strategists that are salaried employees
A score is not a credit
Finance is a combination of knowledge skill and connectivity
The lower you go down the ladder relative to financing the higher the interest rate and the more substantial the fees are to gain that loan
It is not a bank it is a financial institution
The term is the time frame that the bank is committed to you at that interest rate and for that amortization schedule
Amortization is the time it will take to pay out a loan without any change to the interest rate or the term of the loan
Financing is often about packaging positioning creativity and ingenuity
Toronto is ranked first in CIBC World Markets Metropolitan Economic Activity Index. Been in the top 5 for 7 consecutive years.
Toronto unemployment rate is 8.4%.
Prime Rate is 3%.
5759 Sales - February 2013
6809 Sales - February 2012
The share of sales and dollar volume accounted for by luxury detached houses in the city of Toronto was lower this February compared to last February. This contributed to a more modest pace of overall average price growth.
Stricter mortgage lending guidelines that precluded government-backed mortgages on houses sold for over 1,000,000 and the city of Toronto’s additional upfront land transfer tax played a role in the slower pace of luxury detached home sales
The MLS home price index is a composite benchmark price covering all major home types and eliminates fluctuations in price growth due to changes in the sales mix.
Inflation rate is 0.8% also known as Consumer Price Index.
Prices up 5.3% in Toronto on average
Canadian economy is transitioning from one dependent on borrowing to one more reliant on strong exports
The delinquency rate on Canadian mortgages is 0.38% compared on an average 3.4% in the USA
We expect the Bank of Canada to begin the process of raising its overnight rate in the third quarter of next year assuming that the European crisis remains contained and that the US fiscal challenges are addressed
Home resales fell across Canada for the 9th time in the past 10 months.
Re-sales were down 17.1% across Canada on a year over year basis
Vancouver registered the biggest monthly decline at 5.3% followed by Calgary at -1%, and Ottawa and Edmonton are advancing markets.
Sales to new listing rate at 51% across Canada - in line with balanced market conditions
6.7 months of inventory across Canada Absorption Rate
The market remains vulnerable to unexpected shocks to economy
The ratio of the inventory of new and unoccupied units to population is a simple potential overbuilding, which rose slightly at the end of 2012, reaching 5.8 in the fourth quarter of 2012 compared to 5.4 in the third quarter.
Construction intentions for multi-family dwellings declined by 10.8% 5 monthly decreases in a row.
Construction intentions for single-family dwellings declined by 4.1%.
50.8% SNLR Nationally.
Municipalities across Canada assured permits for the construction of 199,500 new dwellings.
Consumer spending growth at 2.2%, annual and rate in Q4 2012.
Stricter mortgage lending guidelines resulted in some households postponing their purchase of a home.
The average selling price for 2012 as a whole was up by almost 7% to 497,298.
Leased space down 30% compared to the fourth quarter of 2011
Industrial properties accounted for 83% leased space reported in the last 3 months of 2012
Average industrial lease rate is 4.65 psf for Q4 2012 compared to 4.92 psf for Q4 2011
214 Commercial property sales reported through the TOMLS system in Q4 of 2012 down from 300 Sales in Q4 2011. Industrial sales down by 17.1%. Commercial sales down by 28%. Office sales down by 49%
Average price for Industrial and commercial is up. Average price for office is down.
An indication of price pressure in the existing home market is the sales-to-new listings ratio. New listings are a gauge to the supply of existing homes while MLS sales are proxy for demand.