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An Unlikely New Mortgage Market


									                                                 Presented by Daniel Toriola

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                                                  An Unlikely New Mortgage Market
                                                             By Michael Sterios

   Much has been written about the sub prime mortgage crisis in the US and even more has been said.
Most analysts placed the blame for the implosion in the credit market on the adverse credit mortgage.
This is a type of home loan that is issued to a borrower with a less than impressive credit history and
financial resume. However there is another factor which may have been overlooked. This same factor
may be about to spur a mortgage bonanza in the least likely of places – Africa.

 In addition to issues billions of pounds of mortgages to people who had little chance of repaying them,
the increased liquidity in the financial markets is mostly to blame for the current sub prime crisis. Banks
and other financial institutions were simply too cashed up in the late 1990s and early 2000s and
lowered their lending standards accordingly. Lenders had so much money they were almost forced to
dream up new products to market to home owners and first time buyers in a marketplace that was
already at full capacity.

 This is why lenders eventually got to a stage in which they began to approve adverse credit mortgage
products to just about anybody who applied. They weren’t the only product available at the time and
although they may have been the trigger for the collapse in the financial markets they were not the only

 This excessive liquidity is currently being experienced by several of the biggest banks in sub-Saharan
Africa. While this market is tiny in comparison to Europe and the USA some of the factors which were
prevalent in those markets ten years ago are emerging in several African nations today. This is
opening up the prospect that Africa may be about to experience a small boom in their mortgage

 Unlike the European and US markets, however, the African home loan market is far from
overcrowded. A minority of the population have a bank account or use any type of banking facility at all
let alone have a mortgage. The home loan market is exclusive and usually only available to the elite
but there is a growing middle class demographic with an appetite for home ownership.

 It is also unlikely that African banks will be developing adverse credit mortgage products similar to
their Western counterparts. This is largely because many Africans simply do not have a credit history
and therefore do not have impairments to their credit files. Instead, home loans are issued only to

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                                                                                                              Page 1
                                                Presented by Daniel Toriola

workers who are paid a salary and who have stable jobs. It is common in Africa for lenders to be paid
their monthly mortgage repayments directly from the borrower’s employers instead of from the
borrower’s bank accounts. This helps reduce risks to the lenders and as a reward the borrowers are
often granted lower interest rates.

 In the wake of the adverse credit mortgage crisis an unlikely beneficiary may therefore be Africa as
lenders are increasingly looking for new markets to conquer for profit. It will be many years before the
Western home loan market are fully repaired so it could be Africa’s time to shine.

Michael Sterios is a writer for

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                                             Presented by Daniel Toriola

                                         The Benefits of Using a Mortgage Broker
                                                            By Aaron Adida

As you begin to look for a mortgage, one of the decisions you will be faced with is whether or not to
hire a mortgage broker. While you can apply for a mortgage directly through a lender, this is something
not everyone is willing to do. As with everything in life, there are the benefits and downfalls to hiring a
broker. In this article, we will focus on the benefits of using a mortgage broker.

 For most people their banking institution is the first place they turn to in applying for a new mortgage.
This might be because they feel that since they have been doing business with their bank for so any
years that the bank will be able the offer them the best possible interest rate. However this is not
always the case and in fact by using a mortgage broker you can usually get better rates, terms and
have more options available to you.

 While there are a number of advantages to hiring a mortgage broker, one of the main benefits is that
brokers have access to the entire mortgage market. And because they are a mortgage broker, they
also have an incredible knowledge and expertise with what is going on in the market. With this, having
a broker will allow you to be advised with what lenders will consider your case and what lenders will
overlook it based on your circumstances.

 One big concern with many people is finding a mortgage despite having a poor credit. This is another
one of the benefits of using a mortgage broker, as they are adept at finding mortgages for people with
poor credit ratings. As with having knowledge with the market as a whole, they will know the right
people that lend to people with poor credit.

 Not a single person enjoys dealing with all of the paperwork that is involved with finding a mortgage.
When you hire a broker, the broker will take care of all of the paperwork for you. This can free up a
great deal of your time and save you the stress of having to go through all of it.

 As far as the actual pricing goes, mortgage brokers are great with finding deals that are not available
to the open market. They have access to many exclusive deals that nobody else would even know
about. This is a huge advantage as exclusive deals can be extremely favorable to the borrower.

 Lastly, hiring a mortgage broker gives you the chance to get lower application fees and reduce the
interest rate. Brokers often times will try to negotiate with the lender for you to get the best deal
possible. While it is not every day that this happens, it is certainly not unheard of. This is especially the
case when the broker has a good relationship with the lender.

 There are a number of benefits of using a mortgage broker. When it all comes down to it, it is up to
you to decide whether or not it is worth it to hire a broker.

Aaron Adida is a mortgage specialist who specializes in construction and renovation loans Ontario for Contact Aaron or any of the team can assist with home equity
loans in Ontario Canada for both personal and commercial projects.

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                                             Presented by Daniel Toriola

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