Mortgage Business Plan
Buying home is not a luxury, rather is a necessity in the event of human life style. Every-body
has a dream to have a home of their own that he/she can leave peacefully identify their address.
Buying home perhaps is the biggest and most valuable purchase ever in human life. It is take lot
of time, require mental preparation and financially solvency.
In modern days only few individuals who have enough saving or liquid cash enable them to buy
property outright pay full value of the price. But, the common practice is, most of the man and
woman pay only certain percentage of total value of the real property and the balance amount
they borrow from the financial company or lander (Bank, Credit union or a financial organization)
is refers to as a mortgage loan. The real estate property for which the mortgage loan approve is
used as a collateral or lien to the bank to secure the loan. The lander has rights over the
secured property to take priority over the borrower’s other creditors in the case borrower
become insolvent or bankrupt. The borrower enters into an agreement with the lender, wherein
the borrower receives cash up-front and then makes payments periodically over a set period of
time until pay back the full amount with interest. .
Mortgage loans are generally structured as long-term loans (usually in Canada 25 years). The
periodic payment for which is the equal to monthly or bi-weekly to an annuity and calculated
according to the time value of money formulae. The most basic arrangement would require a
fixed monthly payment over the 25 years period. This period the principal component of the loan
(the original loan) would be slowly paid down through amortization. In practice, many variants
are possible and common worldwide and within each country.
Marketing
The mortgage originator is an individual (a mortgage broker/ agent) who worked for a lander is
a self-employed who arrange mortgage for the borrower negotiate with the lander for the
mortgage loan. They are the key personal who develop the mortgage market. They are the one
who prepare the mortgage application, collect necessary document in support of the application.
The mortgage originators and must work with underwriters or the loan processors from the
application date until closing of the deal.
Mortgage originators are the key personal in the mortgage market. They are the one who
develop the mortgage market. They are first line personal in the mortgage market between
borrower and the lander. The borrowers normally approach to them first for their mortgage they
looking for to finance their real estate property they are buying. The mortgage personal are
professional, well-educated and has through product they are marketing. The profession of a
mortgage professional is heard working and challenging. They work round the clock.
Their success and long term stability in the mortgage market as a sale rep. is depend on their
hard work, devotion and their professionalism. Their personality, self-presentation and
marketing technique will bring them success. The important thing todays marketing technique
and style are fast changing very fast. One has to know these developments, technique and
apply these changes into day to day practices.
Now a day there are lots of competitions in the mortgage market. Many companies have their
innovative products and aggressive sales rep. and vigorous training. One advantage to work
with a reputed bank is that lots of customers today want to get their mortgage from the bank
rather them unknown mortgage companies. That’s may be the reasons that they have better
feeling towards bank they visit always, their discipline, professionalism and their knowledge.
The important tools for the success of a mortgage personal are;
A. The most important personal in the real estate market is the realtors. They are
experienced in the real estate business and spend longer time with the buyers. They
maintained great relationship with the property buyer who at end need mortgage.
Mortgage personal shall maintain better relationship with the realtors.
B. The friends, relations, neighbors are the great sources of referral for future mortgage
business.
C. Now a day social media like emailing, facebook, twitter, instagram are great source to
reach to large number of peoples easily, at low cost.
D. Community picnic, social and cultural functions, meetings, seminars or any other public
gathering are another great opportunity to meet peoples face to face, identifies potential
future real estate buyer and increase communications with them..
E. Advertise in the local community newspaper, flayers are also great tools of
advertisement at low cost. That goes to large number of people easily and quickly.
Few months before The Canadian real estate is volatile and unstable. Housing price is
abnormally high out of normal people reach. Since the impose of tax (15 percent) in Ontario
on the foreign buyers, expanded rent control and legislation allowing Toronto and other
cities tax on vacant home, the real estate market is cooling down. The number of people in
the open house has dropped significantly since the measures introduced in April Average
Canadian house price is $504,458 in June, down 10% since April.
I believe it is the turning point of the hot and volatile real estate market. I would refer Toronto
Mayor John Tory’s remark that “it is not the playground for the rich and foreigners”. Rather it
is the playground for the Canadian and our children. I hope by the end of this year Ontario
real estate market will be more balance and affordable to the Canadian. More and more
Canadian will be in the market and price of the home will fall at a sustainable level.
Probably, recent interest rate change is another factor of cooling red hot real estate market.
My Future Business Plan
I am in the mortgage business for long time. I am well known to the south Asian community.
I have great friendly relations with the approximately 60/70 relators whom I keep touch
regularly. I regularly go to the community functions, seminars, picnic, party or any public
places. One of the greater advantages of my, that I can speak fluent English, Bengali, Urdu,
Hindi and Arabic and I love mixing and talking with people and promotes my-self and my
product.
One of the advantages to work with one of the big bank that, they have well reputation in the
market, people has confident on them and their product. It is easy to sell reputed bank
mortgage rather them product of unknown financial companies.
If I could join in the Scotia Bank as a Home Financing Advisor, I definitely will bring my
expertise, knowledge, wide relationship. I will increase my presence in market place, make
more and more relationship with relators, community people, and move place to place to
increase my presence and expand my business.
I have confidence that I could increase my sale for first year by two to three millions
and by 2nd year will try to reach by 13/14 millions. For that I have to work hard, move
place to place, increase communication with more realtors visit their offices, make friendship
with various people, visits more and more public places, increase communication through
social media, advertise and distribute more flyers.
Shafique Hossain
Mortgage Agent
Phone; 416-471-3392
Email: shossain704@rogers.com
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