Mortgage rules have become stricter over the past few years. Assuming you have a down payment, good credit and a good job, what could prevent you from obtaining financing for a home purchase?
Below are five less obvious reasons a bank may turn you down:

It’s not you, it’s the building
Hate to be the bearer of bad news, but even if you’re the perfect candidate for a loan, you can still be rejected by a lender if the building you’re considering flunks a bank’s requirements. There are myriad reasons a building can be rejected, but one possible reason could be the building construction or condition.
In downtown Calgary we have some condos that were built in the 1970’s using a technique called Post Tension. It has been discovered that the steel rods in the walls can corrode over time and the buildings could collapse. Some lenders are okay with an engineer’s report but others won’t consider lending in this type of building. A few years ago a condo was found to have water seeping down between the inner and outer walls from the roof. This resulted in a $70,000 special assessment for each condo owner. Before the problem and the cost were assessed most lenders refused to lend on this property.
If a condominium building does not have a large enough a reserve fund for repairs a lender may want to avoid lending in that building as well.

Your credit doesn’t make the cut
If you have a credit score of 680+ this probably won’t be a problem for you but for first time home buyers with limited credit this can be a major stumbling block to home ownership. Check your credit score before you start your home search.
Not having enough credit can also be a problem. If you have a Visa card with a $300 limit, that won’t cut it. A minimum of 2 credit lines with limits of $2,000 is needed; one revolving credit line such as a credit card and an installment loan such as a car loan or a furniture store loan.
A long forgotten student loan or utility bill from your university days can also cause problems if its showing as a collection.
You’re lacking a paper trail
You have to be able to show where your money comes from. A cash gift of the down payment for your new property without a paper trail isn’t going to fly with the bank. If it is a gift, we need to see the account that the money came from, a gift letter from a family member, and the account the money was deposited into.

Your job
Being self-employed or a consultant comes with its own set of obstacles. But the solution here, too, is about documentation. And be prepared to offer up more documentation than someone with a more permanent income stream. Two years of Notices of Assessment from the CRA will show your average income over a two-year period. This could be a problem if your business had a slow start and then really picked up in year two. The two-year average would be a lot lower than your present income.
Another stumbling block may be how you are paid. Many people in the trucking industry get paid by the mile or the load. Once again a two year NOA average should help.
In Alberta, many people are paid northern allowances, overtime and a series of pay incentives not seen in other industries. This can be a problem if you do not have a two-year history.
When you apply for a mortgage you need to stay at your position at least until after your home purchase is complete. Making a job change with a 90 day probation means you will need to be past your probation before the mortgage closes. If you make a career change , you may need to be in your new industry for a least a year before a lender will consider giving you a loan.
The property’s appraisal value is too low
This often happens in a fast moving market. The appraisers base their value on previously sold homes on the market in the last 90 days. If prices have gone up quickly your home value may not be in line with the appraisers value. If the home you want to purchase is going for $500,000 and the appraised value is $480,000, you have to come up with $20,000 PLUS the 5% down payment in order to make the deal work.
Finally, with all the potential problems that can arise, it’s best to contact a Dominion Lending Centres mortgage broker before you start the home search to make sure that you have your ducks in a row.

Courtesy of David Cooke, AMP – DLC Westcor

The human brain struggles with distinguishing between a real or imagined threat.

Is it a snake? Or just a shoelace?

One may kill us quick, and so we react fast and think it through later… or maybe never.

Is the often cited, rarely critiqued, ‘debt-to-income’ ratio a snake or a shoelace?

A killer lying in wait or a meaningless footnote?

Federal regulators, and most mainstream media, would have us believe that at 167% it’s an Anaconda slithering through our sheets while we sleep, readying to swallow each household whole.

Two key points often absent from the debt-to-income conversation:

1.      The average household debt figure is largely irrelevant to the financial success of our individual household(s)

2.      What is my own debt-to-income ratio? And am I worrying about it at, say, 500%?

Perceived Reality

If one were to stop a citizen on the street and ask them if they believe today’s low interest rates have allowed Canadians to borrow more money than they should have most would say yes.

If one were to stop a citizen on the street and ask them if they believe today’s low interest rates have allowed housing prices to rise too high too fast, most would say yes.

If on the heels of these two questions you then asked one more question: Should government step in and tighten regulations?

Most at this point with this context would say yes.

And these citizens would be wrong.

Also by “yes” what these citizens mean to say is “regulate my reckless neighbours – not me, I’m cool.”

Framing matters

Let’s ask a few more questions.

Would it sound reasonable to take on a $2,000 mortgage payment with a household income of $100,000?

Is it fair to say that the same $100,000 per year household income could support a $2,600 monthly housing payment?

Likely we are going to get a “yes” response to both of these questions. As indeed these numbers are reasonable by any measure.

Numerical Reality

The $2,000 per month payment represents a monthly payment at today’s interest rates on a $500,000 mortgage balance.

Ah but what if rates double you ask? What if indeed…

The $2,600 per month payment represents a monthly payment at double today’s rates (when that $500,000 mortgage balance comes up for renewal).

Readers quick with numbers can see where this is headed, this household with their $500,000 mortgage balance and a $100,000 household income has a debt-to-income ratio of 500%.

Are they freaking out, suffering desperate times, readying a kidney for sale?

Not at all.

To be fair they do have concerns about debt levels – your debt levels!

The 500% debt-to-income household has things under control; they know that ~$1,000 of that ~$2,000 payment is principle reduction, a forced savings plan. They also know that the ~$1,000 interest component per month (fixed for the next five years) is way less than what they were paying in rent last year, and unlike rent this expense will not rise for five full years…and their mortgage debt balance will be dropping steadily. (by ~$60,000 over the first five years).

How many renters will see a ~$60,000 increase in net worth over the next five years? (this amount assumes 0% movement in home prices)

Nonetheless citizens remain concerned. Concerned that today’s low rates have allowed you to borrow more than you should have – and as you know, you are A-OK.

Guess what, your neighbours are OK too.

They are OK with a 500% debt-to-income.

Although few in Canada actually have a debt-to-income ratio this high; in fact Bank of Canada research shows that just 8% of Canadians have a debt-to-income ratio above 350%.

The example used in this piece is in fact a complete outlier, and not at all the norm; we are far more conservative than even these comfortable figures.

Tomorrow we discuss houses, in particular – glass houses and those who reside in them.

Courtesy of Dustan Woodhouse, AMP – DLC Canadian Mortgage Experts

I met with a client recently who wanted to get a pre-approval before he sold his home. His neighbour is a very grouchy man who causes my client and his family a lot of stress. He just wanted to sell his home and move into a new one away from this situation. I had to tell him no and explain that although he has good credit and a very stable job he does not qualify under the new rules. He was saddened to hear that and is now faced with a decision of should he stay and put up with the situation or should he rent out his home and then he himself rent somewhere else.
(Thank you, sir, for allowing your story to be shared)

What happened to cause this? Late last year the federal government made another round of changes to the mortgage rules. This was after we have already seen many previous rule changes over the last seven years. They dramatically increased the qualification rate with the intention that people be able to handle a higher mortgage payment when rates start to rise. They were also attempting to cool the hot real estate markets in Vancouver and BC. Additionally, they changed which properties can be insured which has meant that people with more than 20% equity in their homes have fewer choices of mortgage lenders and/or higher rates. Since that time, they have also increased the mortgage default insurance premium and tightened up lending guidelines. Before the dust has settled on those changes we have been told that further changes are under consideration.

Here is what we need from you. If you or someone you know have been adversely affected by the mortgage rule changes we need you to speak up. Let’s take our freedom of speech for a spin and let our MP’s know of how specific Canadians are being negatively impacted. TELLYOURMP.CA is the site set up that you can easily visit and share your story. Maybe you were turned down or unable to buy a home large enough or in a safe community for your family. Maybe a job loss or divorce means you are looking to purchase on a single income. Whatever the case, please speak up. Visit this website, write a letter, call your MP.
They are doing their best to keep the Canadian economy as strong as it can be but we are seeing a lot of unintentional negative consequences and good Canadians in ALL of Canada are being adversely affected.
TELLYOURMP.CA It will not take you long and it goes directly to your MP. The mortgage industry and all the banks and mortgage lenders are on record but they need to hear from the actual Canadians this is touching most.

Tell your story and don’t spare the details. Speak now in regards to the fallout from the last round of changes and ask for a cooling period before any further changes are implemented. Ask they consult with the wider financial community for input. We need all of you. Whether you are a first-time home buyer, unable to refinance to the best rates, cannot buy that next home you wanted, saw someone you care about be turned down OR if you are a part of an industry adversely affected. Let’s get noisy Canada!

Courtesy of Pam Pikkert, AMP – DLC Regional Mortgage Group

For many people, a home will be the largest purchase of their life. It stands to reason then, that when you are shopping around for your mortgage you will want to take certain steps to ensure you are getting the sharpest rate and best product. We have a few pointers to make you a savvy shopper when you are out looking at different mortgages—get ready to take a few notes.

1. Do not always rely on the bank for the sharpest rates
Mortgage Brokers can often beat the bank rates by using different lenders. They can also often get you a SHARPER rate at your own bank simply because of the high volume that they do with them. Brokers have access to a number of different lenders giving you more options for not only the best rate, but also the best product for YOU.

2. Know your credit score
Your credit score is a large factor in your mortgage application. You need to know where you stand with your credit BEFORE you begin the process of shopping. All lenders will look at your credit history and score first then they build a file around that. A mortgage broker can obtain your credit score in mere minutes-all you have to do is ask.

3. Make it a one-stop shop
Avoid shopping from institution to institution. You may think that more options lead to better rates, but in fact lenders will frown upon you having your credit score pulled multiple times. This is where the benefits of using a broker come into play. They will pull your score ONE time only and use that to shop around with lenders for you. Really, it’s like having your own personal shopper!

4. Understand that the market will change.
Starting the shopping process knowing that the market you qualify in TODAY will adjust is key. Rates might be low right now, but new rules and implications can change things when you are up for renewal. Understand that you MUST be able to carry your mortgage payment on at a higher rate if new laws are put in place.

Keeping these 4 Savvy Shopper tips in mind when you are shopping for a mortgage can help set you up for success not only today, but for the future as well. Mortgages are not only about finding the best rate-but finding the best product too. A Dominion Lending Centres mortgage specialist can work with you and your unique situation to find you the best product for you—and as an added benefit do the shopping for you!

Courtesy of Geoff Lee, AMP – DLC GLM Mortgage Group

In light of recent events in the news, it only seems natural to start talking environment. While there are those who still don’t believe in global warming, hard scientific data shows the seas are rising. Not only that, this trend will continue full steam ahead into the foreseeable future. So, whether you currently own waterfront property or are simply dreaming about it, there are real concerns to be aware of. Here I’ve compiled (almost) everything you need to know about global warming and waterfront property.
When we hear the term “flooding the market” we don’t normally associate it with tsunamis or soil erosion. But for coastal dwellers all over the world, this is reality. Just a few months ago The New York Times published an article on the perils of climate change for real estate. They didn’t mince their words either. In it, a number of economists reported their predictions. Primarily that “the economic impact of a collapse in the waterfront property market could surpass that of the bursting dot-com and real estate bubbles of 2000 and 2008.”
Yikes.
According to Coastal Zone Canada (CZC), over 7 million Canadians, or roughly 20% of us, live in coastal areas. This includes the Atlantic, Pacific, Arctic and Great Lakes. With more than 240,000 km of coastline, 70% of which is found in the north, Canada has more waterfront than any other country in the world. And, as the CZC points out on their website, human activity “many kilometres away can ultimately have profound effects on the coast.” Not only are coastal ecosystems exceptionally vulnerable to climate change and natural disasters, so are the livelihoods of those who make a living from their resources.
The Canadian Disaster Database reports that storm events causing “significant damage” are more common along the east coast than any other. Though there are no shortage of examples here in BC. In 2009, the Fraser Valley and Metro Vancouver suffered severe rainstorms for a period of 3 days in January. This caused flooding, mudslides and landslides that went on until the month’s end. Altogether, the estimated cost of damages was approximately $16.5 million.
But what does that mean for current or would-be waterfront homeowners?
Primarily designed to tackle sea-level rise and coastal flooding, recent BC projects have made steps in the right direction. These include upgrading Metro Vancouver’s dike system, and the placement of protective boulders off the coast of West Vancouver. As outlined in the Government of Canada’s Marine Coasts in a Changing Climate, coastal erosion and flooding has historically been combated by building seawalls and dikes. But if we are to truly adapt to a changing climate, we’re going to have to change our mentality as well.
WHAT THE FUTURE HOLDS FOR WATERFRONT PROPERTY

Adapting means using a combination of measures. For example, ‘soft-armouring’ is a term that refers to a number of less aggressive measures. This includes:
• Maintaining and restoring beaches, marshes and coastal vegetation: can help soften the blow from tides and storms.
• Restoration of salt marshes: work to halt soil erosion.
• Use of clean dredged sand to replenish protective beaches: preventing further erosion.
• Managed retreat: though usually a “last resort,” this option involves planned abandonment and gradual relocation of assets based on future risk assessment for natural hazards.
Soft-armouring is thought not only to be more efficient and less financially costly, but more sustainable over the long-term.
Gibsons, B.C. is an interesting example of a town following this protocol. It’s new development plans factor in both sea-level rise and the possibility of future flooding. If you are looking into waterfront property, it is essential to look into whether the area has a climate change program. A local government that understands what climate change is can make informed decisions with respect to real estate.
Also look into local regulations, bylaws, and zoning and building codes. See if there are policies to deal with infrastructure and vulnerability. This should include a plan for managing changes like ocean acidification, storm surges, adaptation and preparedness for coastal change. In your home structure it’s important to look into what your storm-water drainage system is capable of handling. Perhaps, look about 30 or 40 years into the future of the area. While you might not stay in the same home for all that time, it’s likely you will remain in the same community.
Adequate planning, preparedness and throwing your naiveté out the window is a good start. Because even when the biggest storm arrives, you will not be the one caught with your eyes closed.

Courtesy of Atrina Kouroshnia, AMP – DLC City Wide Mortgage Services

I recently read an article by Jamie Hopkins in Forbes magazine, entitled “Americans Don’t Even Know What Their Most Important Retirement Asset Is.”
The article highlighted three common misconceptions about reverse mortgages and unsurprisingly, they are prevalent in Canada as well as in the U.S.
Top 3 misconceptions about Reverse Mortgages:
1. The bank owns your home.
2. Your estate can owe more than your home
3. The best time to take a Reverse Mortgage is at the end of your retirement

Let’s examine each misconception in more detail.

1. The bank owns your home.
Over 50% of Canadian homeowners over the age of 65, believe the bank owns your home once you’ve taken a reverse mortgage. Not true! We simply register our position on the title of the home, exactly the same as any other mortgage instrument, with the main difference in the flexibility of not having to make P&I payments on the reverse mortgage.
2. Your estate can owe more than your home.
A reverse mortgage, unlike most traditional mortgages in Canada, is a non-recourse debt. Non-recourse means if a borrower defaults on the loan, the issuer can seize the home asset, but cannot seek any further compensation from the borrower – even if the collateral asset does not fully cover the full value of the loan. Therefore, when the last homeowner dies (and the reverse mortgage is due), the estate will never be responsible for paying back more than the fair market value of the home. The estate is fully protected – this is not the case for almost any other mortgage loan in Canada, which is full recourse debt. So read the fine print the next time you offer to co-sign for a loan for mom!
3. The best time to take a Reverse Mortgage is at the end of your retirement.
This is a common mistake that reflects an “old-school” financial planning mentality. For the majority of Canadians (without a nice government pension), the old school financial planning mentality is about cash-flow, and is as follows:
a) Begin drawing down non-taxable assets to supplement your retirement income.
b) Once your non-taxable assets are depleted, begin drawing down more of your registered assets (RSP/RIF) to supplement retirement income.
c) Once your registered assets are depleted, sell your home, downsize and re-invest to generate enough cash-flow to last you until you die.
The problem with the “old-school” financial planning model is two-fold:
1. 91% of Canadian seniors have no plans to sell their home (CBC News “Canadian Boomers Want To Stay In Their Homes As They Age).
2. You are missing out on a huge tax-saving opportunity by not taking out a reverse mortgage in the beginning of your retirement.
“Research has consistently shown that strategic uses of reverse mortgages can be used to improve a retiree’s financial situation, and that reverse mortgages generally provide more strategic benefits when used early in retirement as opposed to being used as a last resort.” – Jamie Hopkins, Forbes
In Canada, a reverse mortgage can be set-up to provide homeowners with a monthly draw out of the approved amount. For example: client is approved for $240,000 and decides to take $1,000/month. This is deposited into the clients’ bank account over the next 20-years. Interest accumulates only on the amount drawn (ie: not on the full dollar amount at the onset).
This strategy allows clients to draw down less income from their registered assets to support their retirement lifestyle. In turn, this can create some excellent tax savings, since home equity is non-taxable. Imagine lowering your nominal tax bracket by 5 – 10% each and every year over a 20 year period? The tax savings can be huge. You are also able to preserve your investable assets, which historically, can generate a higher rate of return when invested over a greater period of time.
In summary, Canada and the U.S. both have aging populations and both have misconceptions about reverse mortgages. Learning about these misconceptions will allow you to offer your clients the best advice on how to balance retirement lifestyle and cash-flow, with the desire for retirees to age gracefully within their own homes. If you have any questions, please contact your local Dominion Lending Centres mortgage specialist.

Courtesy of Roland Mackintosh, Business Development Manager with HomEquity Bank

Mortgage brokers have a reputation as superheroes. Although we cannot leap tall buildings in a single bound we can do extraordinary things.
Is the down payment money coming from outside of Canada? I had a client who had a joint account with her father in Japan. She showed me bank statements with the money in the account and leaving Japan. I had another bank statement showing the funds coming into her Canadian account. Finally I showed the foreign exchange rate for that day from Yen to CAD. The bank accepted this as a suitable paper trail.
An unusual down payment source? I had a client who sold his vintage Cadillac for his his down payment. A copy of the registration, the bill of sale and a bank statement showing the funds going into his account was deemed fine by the bank.
Is your down payment coming from multiple sources? I recently had two brothers purchasing a home together. They both had their money in RRSP’s and TFSAs. It took some explaining but we were able to show all the down payment and closing costs coming from four different sources.
Several years ago I had a client defaulting on two mortgages. Foreclosure was just days away.
I was able to consolidate the two mortgages, pay them out and get a reasonable payment schedule for one year. After the year , I moved him to a regular lender and arranged for a line of credit so that he could pay for some home renovations with a low interest rate secured against his home.
I had a couple who wanted to buy a home. The husband had had a business failure and it had affected his credit. I could only use the wife’s credit and her income for this purchase. She was a foster mother with six children. Her income was good but not high enough. I was able to get the lender to gross up her income by 25%, as her income was tax free. This was enough for them to buy a large home for the couple and their foster children.
Small towns can also pose unique problems. I had a client who wanted to refinance his home. I checked his credit report and found a credit card that he did not have. He told me that there were five people with his name in this small town. He also revealed that he had an account at Home Hardware that was not reporting on the credit bureau. The manager was a friend and thought that the loan would hurt his credit so they made an informal arrangement to pay it off.
Did I mention that he had three jobs? He worked as a tire installer, and invoiced the company from his firm. I was able to get a lender to accept this client his varied income and got the mortgage . Come to think of it , perhaps mortgage brokers are superheroes. If you have a difficult situation the best person to speak to is a Dominion Lending Centres mortgage professional, if it can be done legally, a broker can do it.

Courtesy of David Cooke, AMP – DLC Westcor

The following is from an interview with HGTV’s Bryan Baeumler for the Summer issue of Our House Magazine. Baeumler has called the state of the prime minister’s residence in Ottawa a national embarrassment, but successive occupants have been wary of a backlash should they launch an expensive rebuild. Baeumler thinks it can be done for a fraction of the cost cited.

Over the last decade as Canada’s No. 1 do-it-yourself builder, Bryan Baeumler has proven he’s not afraid to tackle a difficult renovation or build. But there’s one address even he might have to think twice about before getting his hands dirty.

For years, 24 Sussex Drive in Ottawa, better known as the official residence of the prime minister, has been in disrepair and in need of a complete makeover. And Baeumler hasn’t been shy to offer his opinion about the Canadian version of the White House. During a television interview, he called the home an “embarrassment.” The comment may have made some waves, but he isn’t about to walk it back. And he has the knowledge to back it up.

He’s talked to prime ministers and their families who have lived there and understands the history behind the home. As he explains, it wasn’t originally built for the leader of the country and during a massive renovation years ago, much of the heritage was stripped away. Also, the home is filled with asbestos and the heating and ventilation systems are inefficient.

While 24 Sussex may desperately need a little more than hammer and nails, Baeumler believes politics has left the residence in its shabby condition. Successive prime ministers have been reluctant to be the one to spend the money needed to make the home livable.

“The guy that’s in there that pulls the trigger and says, Let’s fix my place up,’ he’s going to get roasted and I think that’s an asinine and immature way for our political system to operate,” Baeumler says. “I think it’s the wrong view for Canadians to take. It’s not the prime minister’s house, it’s owned by Canada. To me it’s not political, it’s a piece of our Canadian infrastructure the government and people of Canada own. It’s a dump, so let’s put it out to a couple architects to rebuild it.”

He also suggests the cost doesn’t need to be in $1,500-per-square-foot range that’s been floated around. Instead, he believes it can be done properly for about $300 to $400 a square foot.

So is he the right guy to take on the job? While he admits it would be a cool project, he says there are other talented builders in the country who could do a great job.

“I like a challenge,” he says. “My favourite jobs are where we go into an old heritage home built on a stone rubble foundation that is in imminent collapse as possible and restructuring that thing and turning it back into something that’s a work of art. That’s the kind of stuff I would love to work on. Twenty-four Sussex is a home like that, but I think there’s much more interesting properties in Canada for sure.”

Courtesy of Jeremy Deutsch, Lead Writer – Dominion Lending Centres

Some of you are going to ask what is a ARM and VRM? These two acronyms are mortgage speak for adjustable rate mortgage and variable rate mortgage. These two mortgage products are both based on the prime rate of interest, in most cases this is 2.70% at the bank. TD chose to be higher by .15% at 2.85%, so it isn’t controlled by the Bank of Canada. It is an individual financial institution policy.

With the Bank of Canada hinting strongly at moving up the interest rate, most likely by .25%, we will see an increase in the prime rate most likely to 2.95%. If you have an adjustable rate mortgage then you will see your monthly payment increase to match this new rate. So an Adjustable Rate Mortgage moves up with prime and you continue to gain ground by making your payments.

Variable rate mortgage is different. The VRM works like this, your monthly payment will stay the same but you will now be paying less to principal and more to interest. Not a good scenario if you are trying to pay down your mortgage and gain some equity. In this changing market, we suggest that you review the scenario with your lender and make sure that you are keeping up with gaining on your mortgage. The other scenario can also be that if you don’t adjust your payment that you could end up paying only interest and not be paying down the principal at all. And remember, a Dominion Lending Centres mortgage specialist can help answer any questions you have.

Courtesy of Len Lane, AMP – DLC Brokers For Life

Parents are always worried about something with their children, and where they are going to live and how they are going to afford it is no exception.
The bank of mom and dad is a common source of down payment for their children, and the strategy continues to grow with the significant rise in prices and wage gap growing in today’s marketplace.
For example, some people in the upper middle class are buying properties for their kids and grandkids and the benefits are multifaceted: they generate income now, while someone else pays the mortgage (a tenant) and the value increases.
The families can then refinance at a later date and gift some equity that was pulled out what was essentially paid for by a tenant and continue generate income to assist with retirement, since a lot of these homeowners don’t have the company pensions that were available a generation ago. However, even this group feels they are in crisis by not having enough cash flow to save for retirement. But with the above strategy, essentially your downsized home was purchased early with the basic principal of time working in your favour to get further ahead financially so everybody wins without sacrifice in this scenario.
Our demographics are changing rapidly and this is something that is motivated by families who want to keep their children close to them and hope to have them enjoy the same lifestyle they have created. The majority of Canadians implementing these strategies are households earning $200,000 a year and have a net worth of over $2 million, including real estate.
The amount parents have gifted their children has changed dramatically with the inflation changes over the years. In the 1980s, a gift for a down payment averaged $10,000, but today that amount is between $200,000 and $500,000!
According to mortgage insurer Genworth Financial, 40 per cent of first time homebuyers in Vancouver had help from their parents, compared to 22 per cent in the rest of Canada.
These strategies are often not commonly considered and depending on the mortgage-provider choices you make early on, having a provider like a Dominion Lending Centres mortgage professional who focuses on these wealth building strategies will help you avoid missing opportunities.
Anybody can get you a mortgage, however, a proactive provider can assist you and show you what the wealthiest Canadians are doing so you don’t not miss opportunities.

Courtesy of Angela Calla, AMP – DLC Angela Calla Mortgage Team