Mortgage Straight Talk launched on Facebook

I have launched a new video series on Facebook called Mortgage Straight Talk designed to appeal to existing homeowners and new home buyers.The video series is designed to give viewers an inside look at the mortgage brokerage industry and ”Straight Talk” on a wide variety of mortgage topics.

The mortgage brokerage industry accounts for approx 30% of all mortgages funded in Canada ,which means that 70% of Canadians do not know what a mortgage broker does.

Mortgage Straight Talk promises a consumer oriented focus that reinforces the value of a broker relationship and gives consumers mortgage tips,tricks and strategies to save them money.The truth and nothing but the truth.
I have been in the mortgage brokerage industry for over 22 years and our Company was voted ”Canada’s Best Mortgage Brokerage Company by Canadian Mortgage Professional Magazine in 2011 .

Check out https://www.facebook.com/brian.matthey#!/MortgageStraightTalk on Facebook to see the topics covered in the first 12 videos released this week.

For Sale by Owner

After almost 4 years of discussions and intense negotiations, Canada’s Competition Bureau reached an agreement with CREA (Canadian Real Estate Association) on September 30th, 2010. The change was made after the competition bureau argued that the old rules stifled competition and raised the price of selling a home. As a result, Canadian home owners can now choose which services they want from a real estate agent when selling their home, and to pay only for those selected services. For example, a home seller hires a real estate agent only to list his or her property on the MLS system and agrees to handle all other details of the transaction directly. For real estate agents, the new rules ensure that they will be able to offer the variety of services and prices that meet the needs of consumers.

According to an Environics poll sponsored by the TitlePlus only 11 per cent of Canadians are aware of the rule changes. Despite the low percentage, the poll also indicated 45 per cent of Canadians would consider bypassing realtors to sell privately with the advice of a real estate lawyer.

The Internet, cell phones and a more hands-on approach by consumers are changing the industry to be sure, but not every consumer is ready or able to sell their home and full realtor services will remain a viable option for many.

If the FSBO market is to become truly successful, a consolidation of websites would be nice. Potential home buyers currently have to visit too many sites to find all the listings and likely don’t even know all the websites to search. Paying to have your property listed on MLS would solve that problem and maximize your exposure. Remember no one works for nothing. If you want agents to show your listing you will have to offer a commission like any listing agent would. Your savings comes from paying one agent only.

And what do the banks have to say about the increase in private sales? I would like to hear from mortgage originators in other channels. Private sales are an area associated with mortgage fraud and some lenders will not lend against private sales. Competition and other market forces will influence bank policy to be sure. Already today one lender has emailed the mortgage broker channel and changed their policy on private sales. More documentation up front will be required to eliminate any foul play.

Thinking of selling your house this Spring?

A few proactive steps before you list your house could pay dividends. To help you identify some common issues, CMHC has developed an easy to follow Homeowner’s Inspection Checklist. Take a look – http://www.cmhc-schl.gc.ca/en/co/buho/buho_002.cfm

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