Mortgage Opportunities
You receive a cheque for mortgage payout/home sale proceeds .
-What is your most important financial goal?
-Are you Downsizing?
-Are you buying a new property?
-have you talked to anybody about a new mortgage?
-Who do you deal with for primary banking?
-Where was your existing mortgage?
You have a member who is wanting to do renovations .
-Is this on a primary residence or another property?
- How do you plan to pay for the renovations?
- Is your home clear title?
-Where is your mortgage currently?
-What is your most important financial goal?
When you hear a member complaining about mortgage rates.
-What matters to you the most? the relationship or rates when it comes to mortgages/lending?
-Have you ever looked at the dollar calculations of what those rates differences really come up to ?
-Have you ever spoken to one of our experts here about our mortgages?
-What is you most important financial goal?
When you have a member getting impacted by overloading debt .
-Have you looked at options to consolidate these debts?
- Are you aware Westminster Savings offers some great options for consolidation?
- Have you ever considered a consolidation to help increase cash flow?
-What is your most important financial goal?
A member comes in and says they want a Home Equity Line of Credit.
-Tell me what you know about a home equity line of credit
- HELOCs can become very difficult to pay off. Have you spoken to one of her experts to explore all options?
-Are you aware there are other options to take out equity at even lower rates?
-What is the purpose of this home equity line of credit?
You see a mortgage PAD for elsewhere.
-What do you like most at the other FI ?
-How did you get there?
What rate do you currently have on your mortgage?
-How does your mortgage payment align with your long term savings plan?
-Have you ever met with one of our experts here to review your current mortgage?
-What is your most important financial goal?
A member mentions they are thinking about retiring soon/ or are retiring soon .
-Do you own a house?
-Any plans of downsizing?
-What are you planning to rely on for any major renos or emergencies after you retire?
- Do you have any outstanding debt you plan on carrying into retirement? Do you have a plan in place?
-What is your most important financial goal?
A member mentions they have some outstanding debt they would like to consider refinancing but do not want to pay penalties.
-Do you know that we have a cashback program of upto $1500 that would cover things like appraisal, title registration , discharge fee etc.
-Have you considered sitting down with us when its close to your mortgage maturity?
- Are you aware that most financial institutions penalties are only 3 month interest? One of our experts can help you figure out if the penalty is minor in comparison to the interest you are paying on the debt?
-What is your most important financial goal?
A member mentions they want to pay down their mortgage early.
- Are you aware that Westminster Savings offers great repayment options on our mortgages? You can up to double every payment and put a principle payment of up to 20% of the original mortgage balance each year on the anniversary?
- Is your mortgage with Westminster Savings?
- Have you ever sat down with one of our mortgage experts to determine a plan for this?
-What is your most important financial goal?
A member you know that has had credit issues mentions they received a large inheritance to buy a home but they will still require a mortgage of about $200K but they are worried they wont qualify.
- Are you aware that Westminster Savings offers non-traditional mortgage options (credit repair) that can still help you get into your dream home. Have you spoken to one of our experts?
-You see a cheque deposit from Parents. They mention their parents are helping them buy a house
- Are you ready to begin home shopping or still savings towards a down payment ?
- Do you have a pre-approval?
-How familiar are you with the mortgage process?
- Have you worked a mortgage payment into your budget? what about strata and property tax?
-What is your most important financial goal?
You hear a member talking about assisting his kids to buy a car/house .
-How are you planning to so ?
- Do you own your home?
- Do you currently have a mortgage on your property?
-Are you planning on depleting your own cash assets/savings to do this?
-What is your most important financial goal?
When you hear a member say it is " Too Much Work" .
-What aspect of the process you are most hesitant to?
-Have you had a chance to sit down and review the process for mortgage transfer ?
- What is your current rate? If we could save you money would you be less hesitant to go through the application process again?
-What is your most important financial goal?
A member mentions "I never hear from my mortgage lender, I only receive a renewal letter in the mail every 5 years".
- What is most important to you in a financial institution?
- Is a full banking relationship including the advice piece of value to you?
-How do you prefer to do your banking?
-What is your most important financial goal?
Explain a variable rate mortgage, fixed rate mortgage, open mortgage and the great rate mortgage
Variable- Has a rate that is tied to prime rate
Fixed- Has a set rate for the agreed upon length of term
Open mortgage - Incurs no penalty is paid out early
Great Rate- Payments not permitted without penalty