Episode 28 – Insider Secrets & The Alternative Lending Universe with special guest Stephanie Barritt, mortgage broker extraordinaire

Our first guest returns!

She’s well spoken. She knows her stuff.

Stephanie Barritt – Mortgage Architects

AskSteph.ca

10:30 – News

Bank of Canada (“BoC”) announced a rate increase. Stephanie helps us understand the impact. Should you lock in if you have a variable rate mortgage?

19:28 – Discussion

Stephanie sheds light on the growing trend of “Alternative Lending” also referred to as “B Lending” and “Shadow Lending.” It’s an option that opens up opportunities for a short term mortgage until a borrowers; situation gets in line with current “A Lenders;” mortgage requirements.

38:24 – More mortgage broker insider secrets. Different lenders look at rental suite revenue in different ways and that could get you the house you really want.

46:30 – Question of the Week

How is the penalty calculated to get out of a mortgage contract? Stephanie schools us on the penalty implications related to ‘posted rates’ that infer a ‘discount’ was provided and gets added to the penalty.

51:32 – Storytime

Stephanie has a mortgage horror story that hopefully won’t become too common as market conditions change.