In the primordial mists of the 2000s, having a GPS in the palm of your hand, let alone the data network to make use of it, was still a distant dream. If you needed directions, you had to consult the oracles at mapquest.com and print them out ahead of time. You might have even referred to an actual map, as though you were an ancient voyager. Regardless, once ink hit paper, that’s what you had. Sure, it might have been accurate when it was made, but a piece of paper doesn’t know about the road closures due to construction. A piece of paper can’t react and reroute in real time to respond to traffic fluctuations caused by an accident reported five minutes ago. A piece of paper can’t account for adding a stop for your fast-food-obsessed six-year-old. Whether you prefer Google Maps, Apple Maps, or Waze, there’s a reason mobile GPS has taken the world by storm- it’s a fast, flexible, and easy way to get where you’re going.
It isn’t the 2000s anymore. Isn’t it about time mortgages worked the same way?
Not every borrower is starting in the same place. They need customized directions to reach their biggest milestones. That’s why we’ve built a mortgage solution that lets brokers start with a base rate and customize the deal with premiums and discounts based on each client’s needs. Since your clients’ circumstances shape the financing they need, we offer open mortgages that offer flexibility and closed mortgages designed for stability. Let’s take a closer look at how we calculate your route, ‘Your Way. Every Day.’
What Does Your Client Need?
Are competitive rates or payment stability what matter most for your client? Then our closed-term offerings are for you. Do they want to leave the door open to flexibility and reactivity? Take a look at our open-term mortgages instead. Using our base verifiable income feature, you can get started on finding your starting rate by matching your client to the LTV they need and an open or closed rate.
What Are Your Applicable Premiums and Discounts?
Once the base rate has been identified, it’s time to look at the additional elements that help shape the final lending solution. This is where premiums and discounts associated with property type, mortgage type and specific loan attributes come into focus.
If your client’s Beacon Score is greater than 725, great news – you’re eligible for a discount. Is it a second mortgage, in a rural area, or for a condo or rental*? We know not all borrowers are the same – we’ll calculate the premiums in this step, too.
What Are You Waiting For? Contact Your BDM!
Our mortgage solution is designed to help brokers customize the deal with premiums and discounts based on each client’s needs. It’s fast, flexible, and easy. Your Way. Every Day. Connect with your BDM today to discuss how Magenta can help match your clients with the financing solution that’s right for them:
- Southwestern Ontario: Veronica Daniel, vdaniel@magentacapital.ca
- GTA East & Eastern Ontario: Tina Francis, tfrancis@magentacapital.ca
- GTA North: Teena Stanley, tstanley@magentacapital.ca
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*Examples only: not a complete list of qualifiers that impact final rate. Contact your BDM for the full pricing matrix.
Disclaimer
The opinions and viewpoints presented in this document are exclusively those of the several writers and do not represent the perspectives of any associated individuals or organizations, including but not limited to the writers’ current or former employers. This article serves purely informational purposes, and the writers have made efforts to verify the accuracy of the information and analysis. The writers take full responsibility for any opinions, forecasts, or predictions made. They do not guarantee the precision or completeness of the document’s contents. This document does not offer professional or investment advice. The writers will not be liable for any consequences resulting from reliance on this piece. Readers should consult with a certified expert before making any financial decisions.