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Industry News...

 Whether it’s your first time or your fifth time, shopping for a mortgage can often be confusing and even frustrating. Besides, who really has the time to research and compare mortgage lenders to ensure the best deal? Then there are all those crazy terms and acronyms – Beacon scores, LTVs, IRDs and porting – it can make your head spin! Isn’t there an easier way?


There is indeed, and that’s where the expert care of a licensed mortgage broker can be your best option.

Mortgage brokers work for you, so they can offer more options than any one mortgage lender. Plus mortgage lenders – like MCAP – only work with brokers who have been thoroughly vetted and have a valid broker licence. They not only help find the best deal for you, but they also stay at your side every step of the way.

There are four main advantages to using a mortgage broker: choice, advice, service and savings.


Click here to read the full ONtheGO article.


The US government budget crisis weighed heavily on investors after President Barack Obama said Tuesday he would not negotiate with the Republicans under the threat of “economic chaos.”


Investors are still hopeful Congress can avert an unprecedented US government default by agreeing to lift the debt ceiling before an October 17th deadline.


“Any sane person obviously believes the US isn’t going to default. That would cause an earthquake in financial markets around the globe,” Laurence Booth, a finance professor at the University of Toronto’s Rotman School of Management, said in an interview Tuesday.


But with the US government shutdown entering its eighth day Tuesday, markets are becoming increasingly worried that an agreement will be reached in time.


Click here for seven things you need to know about the US budget crisis courtesy of The Star.


Some 65% of Canadian homeowners are planning renovations in the next 12 months and expect to spend an average of $8,992 according to the recent Scotiabank Home Renovations Poll.


Among the provinces, homeowners in Manitoba and Saskatchewan are the most likely to renovate (74%) in the next year and plan to spend the most with an average spend of $12,920. The province least likely to renovate in the next 12 months is British Columbia (55%), with homeowners planning to spend the least at $5,700.


For those planning renovations in the next 12 months, the most popular method to pay for their project is cash savings (73%), followed by a line of credit (25%) and credit cards (16%).


Men are more likely than women to use cash savings (77% vs 68%), with home owners in Atlantic Canada (81%) and Saskatchewan and Manitoba (80%) being the highest among the provinces to choose this payment method.


Interestingly, one in four (25%) homeowners planning to renovate in the next 12 months indicate they do not have a renovation budget.


Click here to read the full Scotiabank press release.


The CMP Canadian Mortgage Awards are back with a focus on charity and ready to honour this year’s leading industry players.


Online nominations open Monday, October 14th, giving nominees even more time to campaign before the event kicks off May 9th at the Liberty Grand in Toronto.


New this year, CMP has put together a how-to video on nominations to guide you through the process and ensure finalists are, once again, drawn from across Canada’s broker channel. That aid, along with much more on the event’s future and history are available on the CMA website. Click here to access the video.


And, once again, organizers are publishing the judging criteria for each award on the same web portal, inviting you to review that list before making your nominations. But above and beyond the nominations themselves, CMP is also identifying leading brokers in all award categories as deserving of a nomination and consideration by the judges – a collection of experts drawn from within and outside the industry. You can find the criteria for all 21 awards by clicking here.


Be sure to review this information early and encourage your clients, referrals sources, industry partners, etc to nominate you for your award(s) of choice! Being proactive during the nomination process is much more likely to result in you becoming an awards finalist!



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