Waching daily Aug 30 2018

In this video, we look at can you negotiate mortgage rates

and how to do it.

That's starting right now.

Welcome to Homebuyer's School,

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Brookfield Residential.

Hi, everyone, welcome to another Homebuyer's School video,

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and tips from home-buying experts.

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So, today, I'm joined by Mujtaba Syed,

manager mobile mortgage specialist for TD Canada Trust,

and the question we're gonna answer today is,

what happens if my mortgage application is denied?

- Yeah, if your mortgage application is denied,

it's definitely an unfortunate thing.

You definitely want to have a conversation,

sit down with the lender and find out why it was denied.

That's probably the best thing to do,

and find out, was it because of a credit scenario?

Was it the fact that your ratios weren't

in line with an income scenario?

Or was the fact the lender wasn't comfortable

using a certain point of your income?

It a numerous little different things, about why you denied.

So, first and foremost, what you'll want to find out is

why you were denied.

And then if their reasonability does not make sense to you,

definitely ask them to say,

"Listen, I don't think this makes sense," or

"I don't think the information that I provided to you

"got across to you, the underwriter,"

the people that are looking at your file.

And say, "Well I would like to, maybe send in an appeal.

"Send in for a second review to see,

"can someone else take a look at it."

At the end of the day, underwriting process is

definitely something that's done by people,

so there could be some human error involved.

We wanna make sure that your file,

exactly how you presented it or your lender presented it,

it was seen across by the underwriter.

And even after that if something does not make sense to you,

definitely reach out to someone.

Reach out to another professional or someone that

comes highly recommended to yourself,

and get a second opinion.

Get a second review done and ask them,

"Does this sound right to you?"

And based on your experience,

maybe the lender you were dealing with

or the specialist you were dealing with

was maybe, new to their role,

did not understand which policy to apply to

in your certain scenario.

You definitely want to be able to see and say,

"Does this make sense? Can I reapply again?

"What is your recommendation to me?"

And if that specialist feel like,

that they've seen your scenario before,

because nowadays nothing's cookie cut anymore.

Nothing's black and white.

A lot of lending can really be done

with a lot in the gray area today.

So, a lot of specialists will

really have to keen their skills,

and actually hone their skills to get a lot better.

So, if your specialist, if you feel like they're kind of,

not, you don't feel comfortable,

or you feel like it doesn't make sense to you

what they've spoken to you about,

definitely reach out to someone else.

Get a second review.

Get a second opinion done.

Now, even after the second review and the second opinion,

and it still comes back declined,

now you know there's a legitimate issue there.

So you should sit down with your lender or specialist

and say, "Listen, what can I do to improve my chances?

"I wanna buy, I do wanna buy in the future.

"I don't want stay at home forever, or rent forever.

"What is it that I can do?"

They can sit down with you, make a plan.

If it's credit scenario, they can help you fix your credit

and make it better, get you on a payment plan, etc,

so your credit improves in the future.

If it's an income situation,

where you feel like your ratios are in line,

maybe they need to explain that to you.

You could maybe look at getting a higher paying job,

maybe you could start working some overtime,

maybe you could look for, even a part-time job.

A lot of scenarios, a lot of clients

are looking at part-time jobs

and they're working part time,

and they're using that for their qualifications.

There's lots of ways to qualify for a mortgage,

if it's just income reasonability.

For example, now most lenders and most insurance companies,

like CMHC and Genworth, will let us use

a house if you're buying.

If it has a legal basement suite,

we can sometimes use their rent to actually

part of your qualification to see if you can qualify.

We can put someone in the basement as a rent,

as we call it, a mortgage helper,

to see if it would help you qualify for that mortgage.

So there's tons of ways to look at.

Maybe a cosign is a good option,

but those are the discussions you definitely

want to have with your lender.

But the biggest thing I would recommend

is to see what kind of trust and faith you have

in your specialist and lender.

If something does not make sense to you,

definitely, reach out to someone else,

and without wasting too much time,

because then the process could just

drag on longer and longer.

Get that second review done,

and then kind of go from there.

But, if you're not qualified or if you got

turned down for a mortgage,

that's not forever, right?

There's always ways to get back and work hard and reapply.

It just depends on what your lender and specialist

is gonna advise to you.

It could be three months, it could be six months,

it could be another year.

It really just depends,

but I wouldn't give up

just because you were turned down once for your mortgage.

- Now remember, if you want to know more about

the mortgage stress test and qualifications,

watch our video above.

So, let's say you get denied from one lender.

Is it, I'm sure you can go to different lenders

and just keep trying to get approved, right?

There's nothing stopping you from doing that?

- There is nothing stopping you from doing that,

but it's also advisable.

- Okay. - Every time,

let's say you go to your first lender and your turned down.

You go to a second lender, and then you're turned down.

Now you go to a third lender and then you're turned down.

Now we see a pattern.

We see a pattern and also

the credit bureau is going to be impacted now.

We wanna see that you're a credit seeker,

and now you're going around

and just getting turned down from places

which is definitely gonna impact your score.

So what I would do is probably not do more than two, right?

Get a second opinion.

And then from there, really decide to see,

does this, again, second opinion make sense?

Is it line with what the first opinion was?

If the second opinion is way off,

and you feel like you have better chances,

you get some good news from a second opinion,

then you know your first opinion was faulty.

But I wouldn't go more than your second opinion.

Nothing's stopping you.

It's not just advisable.

Most likely, if two or three lenders have turned you down,

there's a really good change a forth or fifth or sixth,

going forward, are also going to be the same,

as most lenders have very similar lending policies, right?

We all kind of base it on risk,

and if they feel like there's not comfort

or there's no protect for that certain amount of risk,

it's gonna be turned down everywhere.

So definitely don't do that.

Definitely get a second opinion,

and maybe decide after the second opinion

if you want to go further.

And then just kind of see if

what the specialist or lender is telling you about

makes sense to you.

If it doesn't make sense,

then go for that second opinion.

I wouldn't do more than two.

Is there a time limit

or do you have a recommended time limit

before you should apply again?

Once again, it really just depends on

why you were turned down in the first time around.

If it was a credit issue, or something that was unforeseen,

for example, there was a collection on your credit,

or you went over your limit on one of your trade lines,

trade lines are what we call, your obligation.

For example, a line of credit can be a trade line,

a credit card can be a trade line.

Let's say you go over your limit

on any one of those products,

and you realize it was a mistake,

and you paid it down.

Yes definitely, maybe wait three months, four months,

wait for that credit bureau to update.

Wait for that to impact your score in a positive way,

let's say it impacts your credit is going up.

You can try again at that time for sure.

But if it's other scenarios,

if it's income or something else,

then it could just depend.

It might be longer.

Once again, a great discussion to have with your lender

and specialist to see when is a good time to apply,

and what can I do differently

for have more of a positive outcome next time I apply.

So, know all those discussions.

Have those discussions,

and prepare yourself for the next time.

So the question I have for you is,

have you ever been denied for a mortgage,

and what did you do?

Let us know in the comment section below.

So did you have anything else do add?

No, I think that's very much it.

Perfect.

Well thank you very much for joining us,

and remember to watch our mortgage related videos

in the description and the playlist below.

Thank you very much for joining us,

and we'll catch you next time.

That's another edition of

Homebuyer's School.

Tune in next time for more

expert tips and tricks,

and visit homebuyersschool.ca to bring

you one step closer to

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For more infomation >> What to do next if your application for a mortgage loan is denied - Duration: 8:23.

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Investing In China. Why It Is a Good Idea? Stock Market Valuation By The Numbers! - Duration: 14:22.

Hey everybody I'm Sam and this is Entiversal

and today we're talking about why I

believe there is a great great

opportunity in China right now and

probably for the future for a very very

long time so there's been so much

talking in the media news about your

China communist country regulation

obviously now the trade Wars a slowing

economy and you know all of these disto

but I want to talk on all of these

things I'll touch from them I'll comment

on them but also want to look at the

fundamental numbers because you know

opinions say news they could be a look

at one perspective or another

perspective but numbers don't lie so

first let me start with is China a

communist country and what will a

communist country means

so obviously communist countries like

the socialism so there is much more

power into the state ancient state

controls all the companies and you know

how the people live in that country

there is no freedom there is no free

flow of data and information and also

businesses cannot basically compete and

do a lot of the stuff that's the way in

capitalism right so China it is food

that the Communist Party is ruling in

China and they've been in power since

what 1950s but while ideologically and

in theory their Socialist Party right

but if we actually look into the

politics and how they're ruling the

country we can see a lot of capitalism

stuff actually the private businesses

are contributing much more to the GDP

than state-owned business we can see

that they are encouraging you know

competition inside the country they are

encouraging a lot of all sorts fade and

good communication relationship with

their countries that are around them so

we can see that they're quite open

obvious you can travel to China right

they want to invest a lot in Africa you

basically all around the world so we can

see that they are not really I wouldn't

say they're communists I wouldn't even

say that they're socialists in the way

that we want to understand it all the

when that marks you know described it so

I think they actually ruling the country

much like a very very big conglomerate

company and while obviously there is a

lot of regulation you know the

government has quite big effect and

power over certain businesses they try

to encourage them and to help them we

know that you know they are blocking

some information right we know that they

are not welcoming all kinds of companies

into China right they're blocking of

Facebook does not work in China does not

work in China Google does not work in

China and so on but as we see that's

mainly on the energy side and on the

technological side and it's kind of the

same with us because if US was you know

on the spot of China I doubt that you

know they would let other companies form

you know another country to be the

biggest inside us and I cannot comment

on politics and you know what's right or

wrong but what happens is that they're

supporting give a lot of leverage to

Chinese companies and especially Chinese

technological companies like the video

that they put out about the top five

best stocks and companies in China that

I like is because they support them and

you know obviously like white Tencent is

so big right

why by doing so big they don't let

Facebook in they don't let Google win

and so on from the company's point of

view this is good for them so with that

out of the way you know we talked about

communism and regulation I want to get

into the numbers of the slowing economy

and it is when we see the China GDP

growth and GDP is basically how much the

economic growth in its being slowing we

see but we can also see that the numbers

are crazy like in 2010 they grew 10% 10%

this is the

second biggest economy in the world

after us it's also the second biggest

kind of markets in the world so you know

they are already the second biggest in

the growing at such rates this is this

ridiculous and we can you know compare

that to us and we can see that the

growth in us have nothing on them right

so for example you know this last year

2017 the China economic grew 6.8% vs the

United States economy 2.2 percent that

is what almost triple the amount the

economy in China is growing three times

faster than us obviously more they grow

the slower they they'll start growing

but they're still growing much faster to

us even when comparing how big their

economy is so you know the argument

about following link economy I just

don't believe it it would make sense if

the stock market was pricing this road

fight so if the stock market was three

times more expensive in China than in

u.s. I would say okay yes we have a

problem because you know the stock

market price is pricing in three times

faster growth but when we look at the

numbers of the stock market things look

quiet differently so we can look at this

is the SA P 500 index a quote from

Bloomberg about the pricing of the ASAP

digit of you know kind of 500 biggest

companies in US and represents the US

stock market so we can see that the

trading P is 20 point six seven let's

look at the Shanghai Composite Index

which is basically tracking the Chinese

biggest companies and it's

representative of the Chinese stock

market we can see P of twelve point nine

let me just say that again twenty point

six seven

compared to twelve point eight nine

obviously the price of Chinese companies

compared to how much money they make

is drastically lower which means that

maybe they're undervalued let's then go

and look at the EPS how much on average

Chinese company make per year and that's

207 and we compare that with sa piece

137 at the same time by the way ACP is

higher than the Shanghai Shanghai index

sapa said 2,850 while the Shanghai index

is at 2668 then let's look at the price

to book this is basically what the

market cap of the companies compared to

how much assets they have in a very

broadly speaking for the Chinese market

this is one point 4 or 4s AP for the

American companies as three point four

which means that again American

companies much more expensive is the

same with price sales and we can see it

America price sales of 2.2 against the

Chinese price sales of one point zero

seven let's look at the dividend okay

maybe American companies give more

dividend well we can look at this that

the dividend of Chinese companies is

0.37 or for American companies is 0.23

so even the dividend is lower so

obviously something is not right in we

know we can see that especially the big

Chinese companies are going much faster

than their American counterparts right

like Baidu grows faster than Google like

Alibaba grows faster than Amazon we can

see the valuation so you know by the

numbers we can say that the Chinese

stock market is dramatically less

expensive than the American one and we

can say that obvious American companies

are around the world there is much more

stability you know there is much less

interference from the government and

this is true by

we also said that China wants their

companies to grow and need to want their

companies to be global - which means

that it will do the best to protect them

and also support them now what we can

see though if we look at the Shanghai

index over the years we can see here in

2007 when the economic crisis

I know popped obviously drop drastically

lower then kind of drifting then again

in 2015 there was again stock market

bubble popped and in its down but since

then we can see that you know it has

gone up and now it's again down but we

know that China's GDP has been growing

steadily in all of those years which

means that even though that the moment

the stock market is around where it was

what in 2008 in 2007 the GDP of China is

much bigger all their relationships are

much bigger

how strong their economy and central

bank and overall government it's much

more stable it has much bigger impact on

the overall global trade and economy as

you know ten years ago which means that

probably now it's much cheaper than what

it was and some might say oh you know

it's you under violet we saw though that

by the numbers first of all China is

going much faster than us even though

that it's lower is to three times faster

Kim and the economy is starting to get

very very big it's the second biggest

they wrote is too ridiculously faster

than us at the same time we saw that by

the numbers the stock market is cheaper

so when those two things intersect I

believe we have an amazing opportunity

and I believe that China's stocks

overall at the moment are greatly

undervalued compared to us in even

compared to other markets we can also

see that when the bubble happens in two

fifteen we can see the P ratio going

higher to 25 we saw that at the moment

the P ratio of the Shanghai Composite

Index is twelve point nine which means

that it's almost half of what was in the

bubble so the stock market is two times

cheaper than what it was in the bubble

which means that it's probably not a

bubble now so what I'm saying is why the

stock market has been decreasing in the

last 7 months all of this has been

because of the trade wars and even we

see that the trade walls maybe they have

some kind of very very weak impact on

the China economy but we see that it's

very weak because China now it's so big

that you know it has a lot of leverage

they can sauce different stuff from you

know different places so in my point of

view they are in a very very also strong

position now I cannot judge each u.s.

winning is China winning that's not

feeling my concern because I want them

both to win but the fact is that while

the S&P has been going up and up and up

the Shanghai index has been going down

down down in the same time though we see

that the GDP is not really that affected

we see that the companies themselves

post amazing numbers we can see the vote

is just ridiculous when there is

continuing road where there is already

lower valuations even from before that

and compounding that with decreasing

prices I see a very good under valuation

and you know probably a very good buying

opportunity what I belief is that this

decline has been based on fear it's not

on fundamentals right we don't actually

see the economy slowing we don't see

that cracking but there is a fear that

that might happen

well when others are fearful you need to

be greedy right that's what Warren

Buffett says you might say oh yeah but

the trade was you know

we don't see them being resolved we

don't know what will happen that is for

but what Warren Buffett always says is

that you shouldn't try to time the

market

nobody can time the market right so if

you see something that's undervalued or

it's very good and it's fair valued

better buy it now right if it goes down

lower and the fundamentals are the same

you can cost average and buy one more

thank you for listening please comment

what are your thoughts if I'm missing on

something I would love to hear about

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