Real Life Mortgage Solutions Len Lane

 In this episode, Len Lane, founder and president of Brokers for Life Inc., sits down with Cheryl Wilkes, a seasoned mortgage broker and one of the founding members of Brokers for Life. Cheryl shares her journey from working part-time to embracing full-time commitment in the mortgage industry. The conversation delves into Cheryl's transition, highlighting pivotal moments, challenges faced, and the role of self-belief in making the leap. 

Cheryl reflects on her corporate background, initially juggling mortgage brokering with a demanding role at PepsiCo Canada. She discusses the internal barriers she faced, including financial concerns and the fear of leaving a stable job for the unknown. Through personal insights, Cheryl reveals how she overcame these obstacles, leveraging her strengths in sales and client relations to thrive in the mortgage industry. The episode underscores the significance of strategic partnerships, emphasizing the value of collaboration within real estate offices and fostering meaningful connections with realtors.
About Cheryl Wilkes

Cheryl Wilkes is a distinguished mortgage broker with over a decade of experience in the industry. As one of the founding members of Brokers for Life, Cheryl has earned accolades for her exceptional performance, including recognition as Broker of the Year multiple times. With a background in sales and a passion for client advocacy, Cheryl brings a unique blend of expertise and enthusiasm to her role. Her commitment to excellence and dedication to client success have solidified her reputation as a trusted leader in the mortgage community.

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Contact Len Lane | Brokers for Life: 
BrokersForLife.caLinkedin: Len LaneLinkedIn: Brokers for LifeFacebook: Brokers for LifeX: @Brokers4LifeContact Cheryl Wilkes: 
BrokersForLife.caLinkedin: Len LaneLinkedIn: Brokers for LifeFacebook: Brokers for LifeX: @Brokers4Life--

Transcript  
Len 00:02
Welcome. My name is Len Lane, and I am the founder and president of Brokers for Life Inc. and we are Dominion Lending Centres in Western Canada. The topic of our podcast will be about what we consider to be Real Life Mortgage Solutions.
 
Len 00:18
Today's guest is the long-standing member of Brokers for Life, actually one of the founding members, she has been licensed since 2008. I'm going to read some of your accomplishments within just within deals even. You're an elite Hall of Fame with Dominion Lending, you are top 200 For transactions lifetime, with DLC nationally, and already this year, you are 45th in the country. So, I just started your other numbers, you're probably gonna surpass that by a long shot. You have been diamond level four times, you have been master level once in 2021, although that was given to you after they recalculated everything. You have been platinum level three times, the last time was 2019. Your volume in 2017, you were at 17 million and in 2018, you jumped up to 28 million and in 2021, you hit 48 million. So, obviously, that was a record year, record year for the team as the first one to ever surpass my 42 million. So, congratulations. Very proud of that. 
 
Cheryl 01:29
Yeah, yeah. I was too.

Len 01:29
Ladies and gentlemen, Cheryl Wilkes, Brokers for Life, broker of the year several times, so yay. So, today, we kind of want to talk about a couple of things. The first one being, obviously you start to see those numbers chang in 2017. Is that the first year that you were full time or is that? 

Cheryl 01:51
Yeah, it was the first year I really like charged into. 2016 was a bit of a like back and forth year that was when I took that trip for two months and left the country. I got back in 2016 and was like I better hit the ground running here and figure myself out. So, 2016 was sort of a little bit of corporate they had me kind of on call, mostly focusing on mortgage. 2017 was the big first like, yeah, full-time, full speed ahead. No more corporate no been nothing. 

Len 02:21
Right. So, you didn't say you we

 In this episode of Real Life Mortgage Solutions, Len Lane discusses his process for obtaining mortgages for self-employed Canadians. Len provides invaluable insights into recent shifts in tax regulations impacting self-employed mortgage applicants, emphasizing the importance of strategic tax planning. He discusses the challenges self-employed individuals face in qualifying for mortgages due to tightened regulations by CMHC and OSFI, highlighting alternative lending options and specialized programs tailored for entrepreneurs. 

Len outlines the documentation requirements for self-employed mortgage applicants, emphasizing the Rule of Two and the significance of financial statements, business licenses, and articles of incorporation. Through comprehensive advice and real-world examples, Len navigates the complex landscape of self-employed mortgages, offering actionable strategies for securing financing tailored to individual needs.
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Contact Len Lane | Brokers for Life: 
BrokersForLife.caLinkedin: Len LaneLinkedIn: Brokers for LifeFacebook: Brokers for LifeX: @Brokers4Life--

Transcript 

Len 00:02
Welcome. My name is Len Lane and I am the founder and president of Brokers for Life Inc, and we are Dominion Lending Centres in Western Canada. The topic of our podcast will be about what we consider to be Real Life Mortgage Solutions. 

Len 00:20
Navigating the ever-evolving landscape of self-employed mortgages in Canada presents unique challenges and opportunities for entrepreneurs. Blog Posts synthesize insight from several documents, offering a comprehensive overview tailored for self-employed individuals seeking mortgage financing. Recent shifts in tax regulations have introduced new considerations for self-employed. A notable change involves the taxation of personal and corporate incomes, where it may be more tax-efficient to T4 yourself, rather than taking out dividends. However, this strategy could limit one's mortgage qualifications potential, since most lenders read predominantly considered T4 income, but we have lenders who will actually gross that up 15% just as they do dividends. Historically, self-employed mortgages were more accessible, the banks allowed self-declared income and focused on business cash flow. However, tighter regulations by CMHC and the OSFI, the Office of the Superintendent and Financial Institutions, have made it increasingly difficult for self-employed individuals to qualify for additional mortgages. Now, applicants must either demonstrate higher taxable income, or explore financing from private lenders, who may offer more flexible criteria, as the cost of higher, of course is higher for down payment, and interest rates will be higher as well. They made it either that you paid more personal tax, or you paid a higher mortgage rate, something that probably not that fair in the system when self-employed is something that more and more people are seeking to do every day. Part of that became produced a program called Business for Self less than two years, it was aimed at people who have worked for someone else for many years, perhaps then decided to branch out on their own. What they will allow us to do is look at what you made that last year that you were working for someone else, and take a look at your financial, your cash flow for your business to kind of combine the two and come up with a reasonable amount of income that we can use to help you qualify for a down payment. MCAP has a very good program for this and what they emphasized in it is what they call bookends, what did you make before? What are you making now and let's meet somewhere in the middle with a reasonable amount that we'll be able to use, not only with CMHC, but to qualify for your mortgage as well. 

Len 02:56
Qualifying for a mortgage as a self-employed individual involves a lot of documentation. We call it the Rule of Two, two years of NOAs, two years of T1 General's, two years of financials, and if we're using our other p

 In this episode of Real Life Mortgage Solutions, Len interviews Ray Meredith, a seasoned mortgage broker with a rich background in the banking and real estate industries. Ray shares valuable insights into the key differences between the banking and mortgage brokerage sectors, highlighting the advantages of being an independent contractor and the array of product options available to mortgage brokers. 
The conversation delves into the importance of building strong relationships with lenders, the significance of comprehensive insurance coverage, and the necessity of continual professional development within the mortgage brokerage industry. Throughout the episode, Len and Ray underscore the commitment of Brokers for Life to provide real-life mortgage solutions tailored to client's needs, backed by a team of dedicated professionals with diverse expertise and a shared passion for excellence in service delivery.

About Ray Meredith

Ray Meredith is a respected figure in the Alberta mortgage industry, bringing with him a wealth of experience gained from various roles in banking, real estate, and mortgage brokerage. With a background that includes sales management, realty licensure, and leadership within industry associations, Ray offers a unique perspective on the evolving landscape of mortgage financing. As a full-time mortgage broker with Brokers for Life, Ray continues to demonstrate his commitment to client satisfaction and industry advancement through his expertise and dedication to excellence.

Contact Len Lane | Brokers for Life: 
BrokersForLife.caLinkedin: Len LaneLinkedIn: Brokers for LifeFacebook: Brokers for LifeX: @Brokers4LifeContact Ray Meredith: 
Website: brokersforlife.ca/ray-meredithLinkedin: Ray MeredithEmail: ray@brokersforlife.ca
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Transcript 
Len 00:02
Welcome. My name is Len Lane, and I am the founder and president of Brokers for Life Inc, and we are Dominion Lending Centres in Western Canada. The topic of our podcast will be about what we consider to be Real Life Mortgage Solutions. 

Len 00:20
Welcome back. Our special guest today is a gentleman who is an icon in the mortgage industry in Alberta. He has a very long history of working for several of the banks in the industry, especially with Royal Bank, which is where we met, he was a market specialist and I was a lowly homebuilders manager and in our show home in North side of Edmonton probably, it's been a long time. And he has a background in not only being the market specialist but being a sales manager, as well as a licensed Realtor at one time, as well. So, very well versed in the real estate industry in Edmonton to the point of one point actually being the President of the Edmonton Home Builders Association. I can't remember what it was called in those days, but— 
 
Ray 01:06
It was called the Greater Edmonton Home Builders Association, yes.
 
Len 01:13
EVA, yes. Anyways, my special guest today is Ray Meredith, and now a full-time mortgage broker with Brokers for Life. Welcome. Because you have such a background in in the banking side, I thought you'd be the perfect person to kind of maybe discuss with what you've seen as the differences between the two sides of the industry, your knowledge, of course of how the mortgage specialists work and now somewhat of how the mortgage brokers work is a chance for us to maybe do some comparison. So what's the glaring difference that you see between the two types of employment, I guess, if you want to call it.
 
Ray 01:55
There’s actually quite a few, I would say probably the first is the option for a variety of different products as a mortgage broker, versus working for just one lender. While that, I've always been a big believer that, you know, your strongest skill set is also your biggest Achilles heel. So, while we may have a ton of options to find lenders, it can get a little confusing to understand what everybody's nuances are, you know, you kind of get yourself down to probably three or fou

In this episode of the Real Life Mortgage Solutions podcast, Len Lane delves into the critical yet often overlooked process of mortgage renewals. With a staggering statistic that 85% of Canadians auto-renew their mortgages without exploring better options, Len breaks down the implications of this decision and why it's crucial for individuals to reassess their mortgage terms. He highlights the significant impact of recent economic shifts, such as the Bank of Canada rate increases, on mortgage rates and renewals. Len explains the differences between variable-rate and adjustable-rate mortgages and how each type may affect renewal options and payments. 

Furthermore, he discusses the recent regulatory changes affecting insured and uninsured mortgages and offers insights into predicting future mortgage rates. Finally, Len provides actionable steps for preparing for mortgage renewals, emphasizing the importance of staying informed and proactive in securing the best mortgage terms.

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Contact Len Lane | Brokers for Life: 
BrokersForLife.caLinkedin: Len LaneLinkedIn: Brokers for LifeFacebook: Brokers for LifeX: @Brokers4Life--

Transcript:
Len Lane 00:02
Welcome. My name is Len Lane, and I am the founder and president of Brokers for Life Inc, and we are Dominion Lending Centres in Western Canada. The topic of our podcast will be about what we consider to be real-life Mortgage Solutions. 

Len Lane 00:18
Today, we're gonna talk about mortgage renewals. Here's the bad news, 85% of Canadians will auto-renew their mortgage, and never check to see if there's a better option for their payments or their interest rate. We accept what the bank sends to us and consider that to be their option. The options are only ever going to be in their favour and not yours. There's a stat that says 6% of mortgages are up for renewal over the next three years. It's not a number that should impress anyone really, given that Canadians prefer the five-year term over any other term, and in any five-year stretch, three years of mortgages would be 60%, regardless. The number that is impressive, though, is that there are close to $900 billion of mortgages that are coming up for renewal in the next three years. That's almost a trillion dollars in mortgages, some of them are going to see increases of up to 3 or 4%, because of the low rates that we had during the pandemic. Those rates are also now being affected by the Bank of Canada increase. So, variable rates and adjustable rates mortgages are going to be higher than fixed rates and that has only happened four times in 40 years and this time is becoming the longest stretch in mortgage history. This is going to affect the mortgage renewals and here's why. 

Len Lane 01:40
The bond market, also affected by the increase in the Bank of Canada, responds to the one to five-year fixed-rate mortgages, are part of that bond market. Five-year bonds this morning are at 3.5%. Mortgage rates on a five-year fixed or just under 5%. Well, that also happened is that the one to four-year rates are higher than the five-year rate, which is caused by the inverted bond yield, which I'm sure you've heard of. The one-year rate this morning is almost 7%. Variable and adjustable rates are tied to the Bank of Canada rate, which in turn is tied to prime. Prime is 7.2% and even with a discount of 1.25, which was available for some time for insured mortgages, you're still at 5.95%. What the lenders are offering uninsured is prime minus .9 or 6.3. So, there's a risk that if you're taking a variable on your renewal that it could be considerably higher than the fixed rates for quite some time to come. 

Len Lane 02:39
Let's go back and talk about variable-rate mortgages, a common term used to describe two types of mortgages, which are quite different. Variable-rate mortgages, the payments stayed the same throughout the rate increases. What happened is how much you're paying to your principal, and what has been actually applied to your int

 In this episode, Len Lane, founder and president of Brokers for Life Inc., sits down with Amy Wilson, a founding team member of the organization, to delve into her journey into the world of mortgage brokerage. From her background in finance to the pivotal decision to transition into mortgage brokering, Amy shares her insights, experiences, and the transformative moments that shaped her career path. 
Discover the importance of work-life balance, the evolution of the mortgage industry, and the keys to surviving and thriving amidst constant change. Whether you're considering a career in mortgage brokerage or seeking valuable advice on navigating the industry, this episode offers a wealth of knowledge and inspiration.

About Amy Wilson

Amy Wilson brings over 14 years of expertise in mortgage brokerage, fueled by her passion for finance and dedication to client satisfaction. As a founding team member of Brokers for Life Inc., Amy has played a pivotal role in shaping the organization's success, embodying professionalism, integrity, and a commitment to excellence. With a background in finance and a relentless pursuit of knowledge, Amy continues to elevate the standards of mortgage brokerage, empowering clients to achieve their homeownership dreams.

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Contact Len Lane | Brokers for Life: 
BrokersForLife.caLinkedin: Len LaneLinkedIn: Brokers for LifeFacebook: Brokers for LifeX: @Brokers4LifeContact Amy Wilson: 
Website: amywilson.caFacebook: Amy WilsonLinkedin: Amy WilsonEmail: amy@brokersforlife.ca--
Transcript:
Len 00:02Welcome. My name is Len Lane, and I am the founder and president of Brokers for Life Inc. And we are Dominion Lending Centres in Western Canada. The topic of our podcast will be about what we consider to be Real Life Mortgage Solutions. 
Len 00:20Welcome to our podcast today, it's more than appropriate that you are our first live guest on this podcast as it is called Real Life Market Solutions. So, it's a slogan that you came up with 14 years ago, and it has definitely stuck. It is plastered on everything everywhere. So, and now it's the name of this podcast. Ladies and gentlemen, Amy Wilson, founding team member of Brokers for Life Inc. 
Amy 00:46Hello, everyone. 
Len 0:48How are you this morning? You're out in your spring part of the country they're in right now. Is it? Is it spring out there? Amy 00:55Yeah, we definitely have Spring, East of Sherwood Park, there's still snow because it's an acreage living scenario. And we're completely blanketed, still, we're in a protected area. But I'm hoping over the next couple of days, we get the melt, and I really get to enjoy spring. Len 01:11Well, today, we wanted to talk with you about several things, of course, I'm going to start that conversation is, why you became a mortgage broker, you can talk about how I saved you from going to the bank as well if you'd like. Amy 01:26I was working in the finance industry for years and I loved dealing with basically everything that finance had to do. I was constantly learning, it was changing, there was always new things that came my way. But I had decided to start a family and after I had kids, I needed to figure out a way to give me work and life balance, and yet still stay within the finance industry, which was always my passion. So, how do you make it so you can still work the hours and still balance and juggle, not only kids, dogs, but everything else, right? And I started looking into the mortgage industry. And I got a couple of different people who had said, this is where you should go or this is what you should do. And I ended up sitting down with someone from RBC with Royal Bank and they had offered me a position. And then in came someone else who said you should speak to Len Lane, he's a broker. And you should listen to what he has to say because it's different than working for the bank. And after I sat down with Len, I decided definitely that was the way to go. And he had presented me with an offer and I s

Mortgage Solutions for the every day Canadian mortgage consumer. Are you thinking about becoming a mortgage broker learn first hand what you should look for in a brokerage and what you need to be successful.
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Contact Len Lane | Brokers for Life: 
BrokersForLife.caLinkedin: Len LaneLinkedIn: Brokers for LifeFacebook: Brokers for LifeX: @Brokers4Life