suc-cess: the achievement of something desired, planned or attempted; accomplishment of an aim or purpose.
To be a Mortgage Expert producing volume in the Top 75 in Canada is a massive accomplishment. One that takes extreme dedication and hard work, something that I strive to achieve. While building a secure and stable mortgage practice foundation, my ultimate goal is to help each and every client with their specific scenario; every mortgage file is completely different from the previous one. Lost in the shuffle of numbers and mortgage applications are real life stories.
A few months back I had the fortunate pleasure of receiving a referral from a local Realtor. He had called to discuss and forward me some basic background information, but had asked me to call the client ASAP. Right away I recognized this was an opportunity to help someone better their current life. Long story short (details to follow), the client had been working with one of Canada’s top bank brands and due to some credit blemishes was not able to proceed with financing.
Without delay and armed with some basic ‘intel’ I called the client to discuss her unique situation. As she was providing extreme details about her credit I immediately knew which lender we would target to give her a second chance. Her credit had some bumps and bruises but she was determined to re-build it. Here’s an overview of what had contributed to a lackluster credit report with an overall beacon score of 596:
- Two separate collections; one from BC Hydro that was missed upon a move and the other was an unpaid collection from 2012 that was fraudulently added to her credit profile.
- Cared and assisted her grandmother through a health issue which meant taking time off of work, this subsequently meant some of her bills started compounding.
After the passing of her grandmother, my client’s main goal was to rebuild a safe, comfortable home for her daughter. The subject property ended up only being blocks away from her grandfather, which would allow them to be closer to him again which was another important step for them in the healing process.
During the underwriting and lender approval process I was optimistic, but at the very same time I was extremely honest about how her story could be perceived. The client had had some unfortunate circumstances that were out of her control but with my assistance I was confident that we would be able to overcome the ‘black-marks’ on her credit report and structure the application accordingly for us to obtain the financing she needed to buy her first home. By addressing all the possible questions upfront, we were able to mitigate the lender’s risk.
At the end of the process, we achieved what we had set out to do, obtain financing to purchase a piece of real estate. With initial contact made mid December 2014, after 76 emails and numerous telephone conversations, the client had received an accepted offer to purchase a townhome at the beginning of February 2015 and finally took possession in the middle of March 2015. I’m happy to say that this client was able to enter the market with a comfortable equity stake in her property.
Considering the credit report the rate we received, in my opinion, was exceptional at P+0.50% for 5 years which was amortized over 30 years and no additional lender fees added. I can honestly say that this was definitely one of the Top 3 most rewarding mortgage files I had the opportunity of working on. My client was able to press the ‘re-fresh’ button which enabled her to start a new chapter of her life.
Here is the actual testimonial from the client:
“It was definitely a pleasure working with Michael from Dominion Lending Centres. From day one he was upfront and honest about my unique credit situation, however he was also the positive reinforcement I needed to keep going and give it a try. Even when the banks wouldn’t give me the time of day, he was certain we would find someone who would give me a chance. He was very patient with my questions (I am sure they seemed to be never-ending at times), and helped to guide me through the many different stages of purchasing a home.
Thanks to Michael and his dedication, he found a lender that would work with my situation and I now own my first home. He also has coached me on how to fix my credit rating, and I am pleased to say that my credit score is already considerably higher than when we began this process. I would highly recommend Michael to anyone looking for a mortgage!”
Courtesy of Michael Hallett, AMP – DLC Producers West Financial