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Peter Paley, Derek Vandall & Colten Boudreau - Winnipeg's Mainstream Mortgage Team

We are Peter Paley and the Mainstream Mortgage Team Derek Vandall and Colten Boudreau, and we would LOVE to be your mortgage brokers!

Peter started his career at one of Canada's largest banks and worked his way up from a teller, all the way to a commercial lender.  He has been in the financial services industry since 1998 and loves to help his clients arrange mortgage financing and help them become financially independent.

Derek has lived in Winnipeg his entire life.  The only time his mind strays from mortgages is for his one hobby, Fantasy Football. You can see his trophy on display in our office.  Derek also enjoys healthy living.  Hot yoga is his  favourite workout.   Derek is an avid reader and limits his reading to books that will help me become a better Mortgage Professional and Step Father.

Colten is a former college athlete, he brings hard work and dedication from the baseball diamond to the team.  Former 21U Manitoba Player of the Year and Manitoba Junior baseball League MVP, success has been ingrained in him. As a scholarship athlete, Colten graduated from Dakota Wesleyan University with a Bachelor of Business and Minor in Finance while captaining the DWU baseball team. When he's not in the office, Colten spends his time coaching the 15U Winnipeg South Chiefs baseball team.

The Mainstream Mortgage Team believes in educating our clients about the entire process.  We start with our documentation checklist.   It is designed to ensure that your file is compliant to the latest government standards.   We confirm your income, down payment, credit score and ability to pay the mortgage upfront.   If there are any challenges, we help you correct them.  Once your file is in order and complete, we offer you a "Virtually Guaranteed Pre-approval" so that you may shop with confidence.

Our rates are typically lower than your financial institution and the mortgage terms are usually better.  For example, a mortgage from one of our lenders, will typically have better repayment options and smaller penalty should you need to break or pay off your mortgage early.

Whether you're purchasing a home for the first time, taking out equity from your home for investment or pleasure, or your current mortgage is simply up for renewal, it's important that you are making an educated buying decision with professional unbiased advice.

We look forward to hearing from you!

Sincerely,

Peter Paley, Derek Vandall and Colten Boudreau

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Disclosure To Borrower

Disclosure:

When using a mortgage professional or broker it is very important to understand how your mortgage will work, if there are any associated fees,  what your Mortgage Interest Rate is, and that Mortgage Life & Disability Insurances are available.

Each application is unique as is each borrower's situation.  We have each borrower sign a disclosure form which identifies some key information.   What a Mortgage Broker is, what the relationship is between a broker and client and some very specific information about your individual situation.   Your pre-payment privileges, Risks associated between a fixed or variable rate mortgage (if applicable) all other details about your mortgage what your Mortgage Rate is,  What your APR is if applicable, If your mortgage is assumable, poratable or transferable.    Below you will find a sample of our disclosure.

While each mortgage is different, we will outline some of the differences below:

Interest Rates:   

There are three classifactions of Interest Rates -
1).  Insured: A mortgage that insured by CMHC/Genworth/Canada Guarantee - Typically these mortgages rates are for but not limited to borrowers who do not have 20% or more for a down payment.   
2).  Insurable:  Typically the mortgage rates are for mortgages who have 20% equity and have a mortgage amortization of 25 years or less. 
3).  Uninsured:  This mortgage rates are for mortgages that have an amortization greater than 25 years.  

Within these three classifications you can have a fixed rate or variable rate from a 6month term all the way up to a 10 year term.   Each individual bank, credit union or lender will set their own interest rate policy.  It is your mortgage professional's job to find you the best mortgage for your unique situation.  Please refer to our interest page for a list of current rates.

Brokerage Fees & Compensation:
Mortgage brokers typically do not have to charge you any fees.  However, there are times when that may be necessary.  Fees are based on the application themselves.  We will illustrate them below:

1) Finders Fee:  This is the most typical way a mortgage professional gets paid.  A lender will generally pay a mortgage broker a percentage of the mortgage amount as a finders fee.  The amount of the fee can range from 0.5% to 1.5% with the average being about 1%.   For example if a client was to borrow $300,000.00 - A mortgage professional would likely receive 1% or $3,000.00 as their finders fee.

2). Lender Fee:  Some lenders charge their own fee on top of the mortgage.   These lenders usually specialize in borrowers who have bruised credit, or their applications require special exceptions.  These lenders will charge a fee of 1%-3% and pay the mortgage professional a portion of that fee (usually 50%).  

3). Broker Fee:  Sometimes a mortgage broker will need to charge a fee if they are using a private lender or a financial institution that doesn't have a finders fee agreement with the brokerage.   For example a major bank, credit union, mortgage investment corporation or private corporation.  These fees are set by the broker and agreed upon by the client.  Typically fees are between 1%-3% and have a minumum of usually $2,500.00.  If a broker/brokerage fee is charge, it will be fully disclosed upfront on the borrower disclosure.

4). Cash Back:  Many lenders have a cashback program for their clients.  Cashback is also a way that the mortgage professional can receive compensation in lieu of a lender fee or broker fee.  In this case, the lender will pay the broker 1% of the funded mortgage amount and increase the rate to the borrower by .2% or .25% depending upon their policy.   The increase in the interest rate is what compensates the broker and is paid over the term of the mortgage.  With this type of mortgage it is important to understand that the mortgage penalty will be higher.