Refinance
Is an appraisal required when refinancing?
Yes
Can a down payment be gifted? If yes from who?
Yes, immediate family members only (parents, grandparents, siblings)
Can clients with a mortgage increase their monthly/bi-weekly payments?
Yes
Can you send a lead when someone wants to be contacted by the mortgage renewal team?
No, just send them a message via chat.
What is the product called when clients what to obtain a loan using their home's equity?
Refinance/HELOC
What is the product called when client wants to obtain a loan on a NEW property?
Mortgage
What percentage can a client pay down their mortgage each year if they have a standard mortgage?
20%
Who takes care of mortgage renewals?
Mortgage Renewal team
does the HELOC have a fixed interest rate?
No, it is variable.
What is the minimum down payment a client can give when purchasing a home to live in?
5% down payment
What is the mortgage product called when they can only do a 10% yearly repayment on their mortgage?
Rate First Mortgage
how do you find which renewal specialist to contact?
go under the clients mortgage BP, under upcoming activities will be an activity assigned to the mortgage renewal specialist.
Why would a client want a HELOC (home equity line of credit) instead of a LLOC (Linked line of credit)?
- lower interest rate
- we can usually approve them for higher amount
What is the minimum down payment a client can give when purchasing a rental home where they do not plan to live?
20%
Why would you refer a client to the Agriculture team (Joey and Eva) instead of to the personal mortgage side (Miakayla and Barb)?
When the client wants to purchase Raw land and does not plan to build a home and/or if they are buying more land then 160 acres.
In what situation would Miakayla or Barb discuss a renewal with a client instead of renewal team?
if client speaks German and can not communicate with renewal team and/or it is not within 6 months of the client's renewal date.
What are the 3 different ways a client can refinance?
1. HELOC (Home Equity line of Credit)
2. Adding to their current mortgage
3. getting a second mortgage
What down payment amount does a client have to have at minimum to purchase raw land?
25%
What are the 5 questions to ask a client when they come in wanting a mortgage?
Have you found a home you are wanting to buy or would you like a pre-approval?
What amount would the mortgage or pre-approval be for?
Would you prefer a phone or in branch appointment?
How soon do you need this approval done?
5. Is this mortgage in your name alone or do you want it joint with someone else?
Is there a pre-payment penalty when clients want to renew before their mortgage is up for renewal?
Yes if it is not within 6 months of renewal date