Mortgage brokers get paid different amounts of money, depending on which lending channel they consult for mortgage financing on behalf of their clients. Wikipedia states that mortgage brokers in Ontario do not charge a fee if a borrower has good credit. Unfortunately, this is not entirely true and should get corrected. Mortgage brokers work with a variety of lenders, such as the major banks (think the "big six"), Mortgage Finance Companies (MFCs), credit unions, alternative Mortgage Finance Companies and private lenders. There are two categories of private lenders: regulated and unregulated. For example, Mortgage Investment Companies (MICs) are regulated by section 130.1 of the Income Tax Act (ITA), and private investors are not regulated- they can be individuals, private corporations, etc. All of the above types of lenders can be placed in three distinct categories that affect the pay scale of mortgage agents and brokers, and whether or not, at the end of the day, a broker fee may get charged. They are as follows: Prime Lenders - NO FEE. Prime lenders include a major banks, Mortgage Finance Companies and credit unions. "Prime" means the best possible quality and in the lending world, refers to a borrower's credit score, employment income and loan serviceability (can they pay for the mortgage?) and, in some cases, down payment or total liquidity. If your mortgage application gets approved with any of the above lenders, you are considered a Prime Borrower. Prime lenders pay mortgage brokers an origination fee, which is another word for commission. Depending on the term of the mortgage (length of time), the compensation to mortgage brokers varies. For example, a one year term will pay less than a five-year term. Since a prime mortgage borrower would likely get approved directly at an institution (without the broker involved), there is usually not a fee charged. Alternative Lenders - SOME FEES. Alternative Mortgage Finance Companies service a group of borrowers that often have certain challenges meeting the Prime lending. For example, bruised or damaged credit, inability to service the loan or self-employed income. Whatever the reason for requiring an alternative lender, if you get approved, your broker may charge a broker fee. Alternative lenders do not pay brokers as much as Prime lenders do on five-year mortgages. Alternative lenders usually only approve shorter loan terms which means less commission for mortgage brokers. Alternative lenders also charge a lender fee of approximately one percent of the total loan amount. This fee is called a "Commitment Fee." A mortgage broker may charge a fee to either make up the difference in compensation they would have otherwise received from a prime lender or because they carried out the same amount of work. Usually, because alternative loans tend to be more difficult and paper intensive, a broker will charge a fee. Private Lenders - ALMOST ALWAYS A FEE. A private lender is the last resort for mortgage financing. A private lender lends to those borrowers who cannot get approved with either a prime or alternative lender. Perhaps the borrower has issues with damaged credit, or there is no income claimed. Maybe a person needs a short term mortgage, or they want all the interest payments deducted upfront. Whatever the reason, if you have to borrow from a private lender, not only may there be a broker fee, but there may also be a lender fee. Private lenders do not pay mortgage brokers a commission. A mortgage broker will charge a fee for their work. Private lenders charge a lender fee because they are considered "private" investors and are looking to churn quick profit by taking on significantly more risk than any other lenders mentioned above. Do you have any questions? Please don't hesitate to call or write. I am happy to help you. Sarah A. Colucci Mortgage Agent Mortgage Edge, Broker 10680 Direct: (647) 773-4849 Email: sarah.colucci@coluccimortgage.com
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How I helped A Man With Little Claimed Income Get A Line of Credit So He Could Flip Houses.2/25/2020 A powerful advantage of working in the broker channel is the ability to access many unique mortgage products that can help homeowners who find themselves in a variety of complex situations. Equally as important to having access to these products is the ability and expertise to choose the right one.
I want to tell you about my experience with a man that called me today, and was looking for a line of credit. He is a house-flipper by trade, which means he buys real estate, fixes it up, and then resells it for a profit. He's been using his property's equity to access the funds required to purchase the real estate he successfully flips. He expressed to me that he rather not break his current mortgage contract as leaving early would trigger a prepayment penalty and would cost him his current interest rate which is quite competitive. Instead, he wants a line of credit in second position, and he’s made it very clear he wants this type of product in lieu of the private loans he’s been borrowing for the last twelve years. Some strengths of his file include a healthy amount of equity that is available in his property, and an excellent credit score. He is also able to show that despite his claimed income being low, his bank statements for the last six months substantiate a greater income amount. Some key points to emphasize here... First, I want to point out how this man successfully leverages his home for investing. For the past decade, he’s been borrowing small loans against his home, and flipping houses, then paying off those loans once those houses sell. He’s a testament to the fact that equity can be used in a purposeful way to earn a living or pursue other investments, and that dormant equity can be harmful to one's financial profile. Secondly, I want to mention that perhaps out of ignorance and ill-advice, he didn’t know that he truly didn’t require the amount private loans he borrowed for all these years when better (and cheaper) mortgage products were available. Here’s why. Although private loans will always be required within the real estate market because they service those clients no other lender will, they are the most expensive option and therefore, should be considered the last resort. I can’t emphasize how many times I have spoken to mortgage borrowers who were embroiled in costly private loans when they should have been with alternative lenders, instead. Similarly, I have also met borrowers who were paying alternative lenders when they could have been with prime lenders. It’s situations like these that shine a light on the importance of working with a seasoned professional who keeps business dealings transparent and gets their clients appropriate financing. Private lenders also charge the highest interest rates that are usually substantially higher than those of alternative lenders that already service borrowers with bruised credit or mortgage servicing limitations. In addition, private lenders have front-end fees like lender and broker fees. The monthly payments also tend to be interest-only which can become a significant financial drain. In the case of the man who called me, a private loan at this time doesn’t make sense for his situation because: 1. He doesn’t require the funds all at once. -----> Because he is a house flipper and completes his work in segments, a line of credit is more suitable - only a smaller interest payment will b owing on the balance that he uses. 2. A private loan is advanced all at once, which means monthly payments on the full balance are due immediately even though he doesn't require 100 percent of the money right away. Fortunately, I was able to introduce the right product to this man which was a second mortgage with an alternative lender at a much lower interest rate than a private loan, and with a small set-up fee. And once completed, he will only be required to make payments on the outstanding balance which provides an excellent solution and puts more money in his pocket. Are you in a similar situation? Feel free to call or write today! I would be happy to help you! Sarah A. Colucci Mortgage Agent Mortgage Edge, Broker 10680 Direct: (647) 773-4849 Email: sarah.colucci@coluccimortgage.com Toronto and Vancouver are Canada's most expensive cities when it comes to owning real estate and, unfortunately, purchasers often have to consider properties outside of these areas that are more affordable. In my experience, while the possibility of finding a less expensive home is more likely outside of the over-heated metropolises, so are the situations where additional funds to complete renovations or necessary repairs will be required. Therefore, it's no surprise that many aspiring homeowners wonder if they can borrow extra money to renovate the property they want, and include those funds in their mortgage. I will explain how this can be done. Unlike refinancing that allows existing homeowners to renegotiate their mortgage by increasing their total loan amount, there isn't an opportunity to increase the mortgage in an everyday purchase situation since the mortgage loan covers the difference required after the the down payment is subtracted from the purchase price. Purchase Plus Improvements Program - The Only Way To Access More Money For Renovations When Purchasing. There is a program designed to help purchasers access more money on closing to complete renovations to their property. The "Purchase Plus Improvements Program" allows purchasers 120 days from the closing date of their purchase to complete desired renovations, and once completed, the additional money required to achieve those renovations gets added to the total mortgage amount. So, for example, if a property gets purchased for $550,000 and the purchasers have a 5 per cent down payment, their initial loan amount is $495,000 (not in including any high-ratio mortgage insurance). If the purchaser requires an extra $30,000 for renovations, for example, the lender will advance these funds to their real estate lawyer on closing to be kept in trust. Once completed within 120 days and verified with an appraisal, funds get released to the purchasers and added to the total loan amount, making it $525,000. Although the "Purchase Plus Improvements Program" is an excellent way to access more funds on closing and increase a property's value in a short amount of time, a purchaser is required to come up with the money for renovations first. The good news is this program is straightforward, and anyone who requires funds for renovations should consider using it. Alternatively, a purchaser would have to wait until their property value went up enough to qualify for refinancing. Do you have mortgage questions? Feel free to call or write! Sarah A. Colucci Mortgage Agent Mortgage Edge, Broker 10680 Direct: (647) 773-4849 Email: sarah.colucci@coluccimortgage.com A homeline or home equity line of credit (HELOC) is an open, secured line of credit product that allows homeowners to access their equity at a low-interest rate. As a result, borrowers tend to enjoy having a secured line of credit available for situations that may arise, such as emergencies, renovations, requiring a down payment available to purchase another property or to fund a child's education, and so on.
Because of its many benefits including the ability for a borrower to repay the balance at any time without penalty and the convenience of having a smaller monthly interest-only payment, HELOCs continue to be a top-rated credit product. As such, when applying, most people will consider all of these benefits but will rarely learn about the disadvantages until they are stuck paying interest-only for an extended amount of time. Unfortunately, lending advertising dollars go toward promoting a product's convenience instead of also highlighting some of its pitfalls - go figure! This article will explain the significant disadvantage of having a HELOC and the available solution. A HELOC is an "open" credit product, which means it can be paid off without penalty. However, just like most borrowers will not always exercise their pre-payment privilege within their closed mortgage contracts, most will also fail to regularly pay off their home line balances. Considering that the current debt level per capita, is 177%, is it any wonder people don't make large pre-payments toward their mortgage debt? Therefore, maintaining a large balance on a HELOC without any intention or capability of paying it off in the immediate future, means that for each month that passes by, a borrower will pay substantially more interest for no good reason. A HELOC is a short-term loan, and if the balance cannot be repaid in the short term, it should be converted into a closed mortgage product at a lower interest rate. If a borrower still wants to make pre-payments on their closed mortgage, they can utilize the pre-payment privilege, which allows them to pre-pay up to 20 percent of the original balance each year without penalty. Here's an example of the savings a borrower can achieve using a $150,000 HELOC. Example 1: Keeping a HELOC for an extended period. $150,000 HELOC at Prime, plus .50% equals $556.25 a month in interest-only payments. Over three years, that's $20,025 in interest with the original balance remaining untouched. Example 2: Converting a HELOC into a closed mortgage. $150,000 at 2.79%, 25 year amortization, equals $694.00 a month. Over three years, that's $11,963.76 in interest, $13,013.04 in principle; the remaining balance is $136,986.96. If a borrower wants to save money, they should consider converting any outstanding and lingering HELOC balances into a closed mortgage. The evidence is clear that if left unchecked, paying higher interest on a secured line of credit can become a huge financial drain. I can help you re-organize your finances to ensure you are not paying more than you have to each month. The first order of business is to identify where you are wasting money... Let's get started today! Sarah A. Colucci Mortgage Agent Mortgage Edge, Broker 10680 Direct: (647) 773-4849 Email: sarah.colucci@coluccimortgage.com There have been many changes to Canadian mortgage applications over the past few years, which include credit score requirements.
A credit score determines a person's creditworthiness as it reflects certain aspects of a person's credit character including repayment history, credit management and loan utilization, for example. With the changes to mortgage guidelines, including the implementation of the Mortgage Stress Test, lenders are now reviewing credit more closely. In fact, they are setting minimum score requirements for both purchases and refinances. Purchasing If a borrower is purchasing and has less than a 20 per cent down payment, their mortgage must be insured through one of the three high-risk insurance companies. Genworth and Canada Mortgage and Housing Corporation, for example, require a borrower to have a minimum credit score of at least 600. If a score is below 600, the mortgage application will likely be declined. Canadian mortgage law requires that any purchase with less than a 20 per cent down payment be insured; therefore, high ratio insurance policies do play an essential role in the mortgage approval process in addition to the lending guidelines and credit score requirements. It's also important to consider that lenders will set their own guidelines regardless of what high-ratio mortgage insurance companies accept as "insurable." Some lenders can also make exceptions to a person's credit by considering the strength of the mortgage application, such as income, employment tenure, down payment, and so on. Refinancing Refinancing usually requires a greater minimum credit score than that required when purchasing. The reason for harsher policies with respect to refinancing is due to mitigating overall risk and also that existing mortgage borrowers are looking to take on more mortgage debt in addition to their original loan amount. Therefore, while some lenders such as major banks will accept minimum credit score of 650, other lenders such as Mortgage Finance Companies will only accept 680 or higher. Of course, there are exceptions to the rule, which is why working with a mortgage expert can help you in the approval process, especially if your score is below these requirements. Additionally, alternative lenders accept scores of 480 or more, which opens up many opportunities for existing homeowners to obtain the financing they require, especially in situations where they are attempting to consolidate debt or access equity. If you're looking to purchase or refinance, and have questions about your credit score, please do not hesitate to call or write. Sarah A. Colucci Mortgage Agent Mortgage Edge, Broker 10680 Direct: (647) 773-4849 sarah.colucci@coluccimortgage.com When you are buying your first home, the minimum required down payment is only 5 per cent of the purchase price.
However, some individuals mistakenly believe that if they own property already, they cannot purchase another home with just 5 per cent down. This notion is false. The truth is if you own a home already, and want to, let's say, turn your current home into a rental property, then you still only require just a 5 per cent down payment if you are purchasing a new home that will be considered your primary place of residence. On the other hand, if you want to purchase property for investment purposes, the minimum down payment required is at least 20 percent of the purchase price. Keep in mind, when applying for an investment property mortgage, your application must also meet serviceability requirements, which means you must be able to qualify for the mortgage payments using your current income. Fortunately, when it comes to investment properties, we can also use rental income that the property will generate to help you qualify for the financing you need. Rental income can be determined based on current market rents. It is not necessary for the property to already be tenanted. Is there any way to purchase a second property without 20 percent down? Yes, as I mentioned above, if you want to rent out your current property and purchase a new home, you still only need just 5 per cent down. If this is not the case, there is also another program called "The Second Home Program" that allows you to purchase a "second home" with a minimal down payment of 5 to 10 per cent of the purchase price. This program is suitable for people buying a cottage property or a home for an immediate family member. Although the program does allow for a minimal down payment, it's essential to realize that if you are applying for a mortgage under the second home program, you will not be able to use any rental income to service the application like you would for an investment property. Bruised Credit OR not enough income to qualify OR both? You can still build your real estate portfolio even if you don't have good credit or enough income to qualify conventionally. We work with many different alternative mortgage finance companies that can help you put together the right financing that is still super competitive and will ultimately allow you to purchase at the price point you want. How to access equity. If you are an existing property owner, you may be wondering how you can access the equity in your home to use as a down payment towards your new purchase. You're in luck. Mortgage financing restructuring is my specialty. During your appointment with me to determine how you can access equity, we will make a plan to restructure your current mortgage in a way that makes complete sense financially. We can also use this time as an opportunity to clean up any debts through consolidation, which, of course, will help you achieve a greater monthly cash-flow. Additional cash flow can be put towards your mortgage through pre-payments, reducing your mortgage amortization period. We will determine how you can purchase another property at the lowest costs possible. For more information, please do not hesitate to contact me at (647) 773-4849. Sarah A. Colucci Mortgage Agent Mortgage Edge, Broker 10680 Email: sarah.colucci@coluccimortgage.com By: Sarah Colucci
Let’s begin this blog by admitting that since the Federal Government announced the new changes to the Mortgage Stress Test on February 18 - which will come into effect in April, mortgage brokers have yet to fully appreciate how the changes will affect mortgage applications or pre-approvals. Currently, any approved mortgage through either a financial institution, mortgage finance company, or credit union must be “stress-tested” using the "contract rate plus 2 percent or the current five-year benchmark rate of 5.19 percent, whichever is greater." It's important we remember that the reasoning behind the creation of the stress test in the first place was to protect consumers from payment shock in an increasing-rate environment and, of course, the financial sector from mortgage default arising from such shock. However, since interest rates have declined due to various global economic tensions and the novel Coronavirus, the benchmark rate of 5.19 percent has unfortunately, become the default rate for qualification purposes, making the mortgage process highly unrealistic. In fact, economists agree that interest rates are only likely to go lower, which is why there has been mounting pressure on Ottawa to make changes that take this reality into consideration. The good news? The lobbying has paid off and the Government has taken action. The bad news? There is still a stress test with tough qualifying measures. Although the test still requires borrowers to qualify at an inflated interest rate, the Government has changed the stress test formula. As of April 2020, the stress test will be calculated using the “median weekly insured rate, plus 2 percent", removing the "or the five-year benchmark rate, whatever is greater" clause. The Government has also changed the stress test to include the "insured" weekly rate which signifies the interest rate for mortgages needing to be insured through one of the three high-risk mortgage insurance companies and can include high-ratio mortgages (for those with less than 20 percent down payment) or applications through lenders that back-end insure their mortgages for the purpose of selling them within secondary markets. The insured rate also applies to a maximum 25-year amortization period. The confusion arises when it comes to qualifying borrowers... Hypothetically, if a borrower is declined for a mortgage from April onward because they don't qualify using the "median weekly insured rate" plus 2 percent, they can still be approved if the weekly rate drops at a later date, which creates obvious questions about how borrowers will be serviced at the highest level since rates change and timelines play a huge role in qualifying, and also how the Government will ensure it's protection of the financial sector and borrowers of payment shock. Further, a borrower may be pre-approved while they are house shopping, however, if the weekly median insured rate changes when they finally purchase a property, technically, they may have to re-qualify using the current rates at that time. We are hoping the kinks will be ironed out before April so we can pass this information on to borrowers. The good news is that with low interest rates, and the removal of the five-year benchmark rate from the qualifying criteria, borrowers can now qualify for a little more in mortgage (approximately 5 percent) - however, only if rates stay low. Do you have mortgage questions? Feel free to call or write. Sarah A. Colucci Mortgage Agent Mortgage Edge, Broker 10680 Direct: (647) 773-4849 Email: sarah.colucci@coluccimortgage.com Unfortunately, death is not something you can believe in or not believe in - it’s going to happen to all of us. Therefore, life insurance only protects against the inevitable and can protect those we love financially. With this in mind, it’s important to recognize that not all life insurance is the same.
Mortgage insurance gets sold together with mortgage loans, but borrowers don’t always understand the details related to this type of insurance. I will clarify the disadvantages of mortgage insurance in this article and also help to define it more clearly. Mortgage insurance is a temporary life and/or disability insurance related to a person’s mortgage balance. The mortgage lender is also the only beneficiary and everything related to claims only concern the mortgage lender and the outstanding mortgage balance and monthly mortgage payment. When a person gets approved for a mortgage, they will most-likely also get introduced to mortgage insurance through their lender. A borrower will have the option to either apply for this insurance or waive the coverage. Sometimes, if a person is over a certain age or has certain pre-existing medical conditions, they will not be eligible for the insurance. Disadvantages Cost Vs. Coverage One of the glaring disadvantages of mortgage insurance is the declining coverage that occurs year after year, and that the premiums do not get adjusted to correctly reflect the decline of coverage. Since the insurance only covers the mortgage balance, as a person makes their mortgage payments, it will reduce the balance. Yet, they will continue to pay the same insurance premiums for declining coverage. Beneficiaries With mortgage insurance, even though the borrower pays the monthly premium, and the policy is technically theirs, the mortgage lender is the only beneficiary of the policy. This differs from private insurance coverage that offers an unwavering amount of coverage and also allows insured parties to decide who their beneficiaries are. For example, a borrower can decide who will receive the money and the beneficiary can then decide who and what it will pay from the insured's policy payout. No Medicals The common belief about life and disability insurance is the presumption that an insurance company will always pay out claims made by insured parties who made their monthly premium payments. Unfortunately, this is not the case. Insured parties must also meet their policy’s coverage guidelines to qualify, and this does not always happen for various reasons. If there are discrepancies in a person’s health, for example, and information related to their health gets discovered by the claim adjuster that they did not previously disclose, coverage can collapse and a claim can get denied. In contrast, insurance such as term policies or whole life insurance, for example, require a medical exam. Medical exams insure the insured party's health is verified at the beginning of the process to eliminate any inconsistencies that could jeopardize the underwriting and claim adjusting process in the future. With mortgage insurance, there isn’t a medical exam required and usually, the insurance company only asks that a short questionnaire get answered. Unfortunately, this can backfire when a claim gets made. Issues can be discovered if the insurance company scavenges medical records for previous ailments that could ultimately disqualify coverage. Having a medical closes most if not all loopholes that could equal non-payment of claims, and therefore, without medical exams completed at the beginning, the fate of paying out claims can dwindle. As a mortgage agent, I am often required to present life and disability insurance to borrowers and explain the differences. In my opinion, borrowers should seriously consider all forms of insurance to ensure the money they are paying for coverage will offer the most security to their family. I work with mortgage insurance through our lender partners and also private insurance professionals who administer different types of insurance such as whole life, term policies and so on. I usually provide a few different references for my clients to call to ensure they do receive the best insurance for their needs and within their budget. Do you have a mortgage question? Feel free to contact me at (647) 773-4849 Sarah A. Colucci, Mortgage Agent Lic. M14000929 Mortgage Edge, Broker 10680 Email: sarah.colucci@coluccimortgage.com As fewer homes become listed for sale, Toronto’s real estate market is looking like it did in 2016. The low inventory paired with low mortgage rates, make it the perfect climate for bidding wars and purchasers paying over asking prices.
According to Royal Bank of Canada, the real estate supply in Toronto is falling rapidly, which makes things very uncomfortable for aspiring purchasers and could signal another major “market heat-up.” The main concern with limited inventory is it pushes real estate prices up, which is one of the main reasons the Government introduced the Mortgage Stress Test two years ago, which qualifies borrowers at 2 percent higher than the contract rate. However, because of the stagnant global economy and its troublesome trade issues - and now, the coronavirus, which is on the verge of becoming a pandemic, mortgage rates have been plummeting with pressure on regulators to scale back the mortgage stress test. TD Bank was recently the first bank to cut its benchmark rate from 5.19% to 4.99%, with the likelihood of all other lenders to follow suit. There has also been public criticism of the Federal Government’s Shared Equity Program, which highlights how the program’s soft second mortgage is encouraging more bidding wars, and more debt, which ultimately does not make housing more affordable. Some argue the program is now exasperating the housing crisis, and real estate ownership being out of reach for many Canadians. In January of this year, residential property in Toronto rose in price by 8.7% and if supply becomes even more limited, we can expect the prices to increase beyond this percentage. Have a mortgage question? Feel free to call (647) 773-4849 Sarah A. Colucci, Mortgage Agent Lic. M14000929 Mortgage Edge, Broker 10680 Email: sarah.colucci@coluccimortgage.com The Equityline Visa is similar to a Home Equity Line Of Credit, but it is for those with bruised scores or who can’t qualify for further financing through their bank or existing lender.
As a property owner, there may be occasions you require cash to be accessible. Whether it be for a rainy day or to finance renovations - or even to pay personal tax arrears to the Government. Even if you don't have a need for a home line of credit today, it's not a bad idea to get one. In the absolute worst case, it safeguards against title fraud by demolishing a crook’s ability to sell your house to a third party without your knowledge. But sometimes, even after you get approved for a first mortgage with a great rate, and go through the process of demonstrating your credit worthiness and employment, things can change. Perhaps your full time, tenured position transformed into self-employment or now you are on contract work, or you could simply have run into financial issues which forced you to fall behind on payments and negatively affected your credit score - How will you be able to obtain a secured line of credit if you are no longer qualified with the banks? Large banks and other prime financial institutions require very, very strong credit to qualify borrowers for secured home equity lines of credit (HELOC) products, which is due in part to the fact that home lines are "revolving" which means money is re-advanceable and which further increases risk of delinquency. A conventional mortgage, on the other hand, is "closed” which means it gets paid down through monthly principal and interest installments and credit is no longer accessible. So, if for whatever reason you can't qualify for a home line but you need one... The Equityline Visa solves your problem! An Equityline Visa can have a limit of up to $250,000 and as little as $25,000 and can be registered in either first or second position against your property, which means your first mortgage does not have to be altered or renegotiated, which also means you won’t incur a pre-payment penalty for breaking your mortgage early. What is the minimum required credit score for the Equityline Visa? The beauty of the secured Visa is there is no minimum beacon or credit score required to qualify. For example, if you needed $50,000 for renovations or to pay back-taxes to the CRA, and your credit score was 550, it would still qualify under this program. Major banks almost universally require a person to have a credit score of over 680 to qualify for a secured home equity line of credit. What are the benefits? The benefits of this product are there are absolutely no annual fees, you receive 1% cashback on all of your purchases, and if you have bruised credit, it creates a remarkable opportunity to build your credit back up again in a very short amount of time. Before you renegotiate your entire mortgage for a higher rate just to take out a small amount of equity or consult a private lender, make sure you ask me about the Equityline Visa! Let's get started on the Equityline Visa today! Sarah A. Colucci, Mortgage Agent Lic. M14000929 Mortgage Edge, Broker 10680 Direct: (647) 773-4849 Email: sarah.colucci@coluccimortgage.com |
By: Sarah ColucciSenior Mortgage Agent, Lic. M14000929 Categories |