Frank Napolitano has been a Managing Partner and Mortgage Agent with Mortgage Brokers Ottawa since they started the business in 2005. Before that he worked for a major Canadian bank for over 21 years. He is also one of the hosts on “Open House – The Real Estate and Mortgage Show” on 580 CFRA every Saturday morning at [10:00] am and Sunday’s at [5:00], where they give mortgage savings tips and news about the real estate industry.
Kyle and Frank talk about the importance of mortgage brokers in today’s lending landscape, why he started the radio show, and what has been happening in the Ottawa real estate market. Frank also shares his thoughts on the recent mortgage rule changes.
- [0:58] How did you get into mortgage brokering?
- [2:55] We thought there were brokerages doing a good job at getting attention, but not a great a job.
- [3:30] What do you think has kept you in the mortgage business this long?
- [5:23] It’s all about serving customers and giving them choice.
- [6:25] One of the reasons I wanted to do the radio show was because there was a stigma out there that you only go to a mortgage broker if you had bad credit, and that the banks turned you away. And that was not further from the truth.
- [7:15] In your opinion, what does the mortgage landscape look like today?
- [8:43] A lot of countries around the world thinks Canada is in a crisis, but that could not be further from the truth.
- [9:38] Because of the 5% down payment that is in essence, and insurance to a crown corporation, delinquency rates are next to nothing.
- [10:20] How important is the role of a broker today?
- [12:14] In my option, the recent rule changes will not affect the debt situation in Canada.
- [14:00] The truth is Canadians have more equity in their homes than there has ever been.
- [15:04] What do you think about the Ottawa real estate market?
- [15:40] Ottawa is still one of the cheapest capital cities in the world to live in and buy real estate.
- [16:25] We will start to see how the new mortgage rules will take effect once the Spring market starts.
- [17:05] What should someone be looking for in their broker?
- [18:30] What’s the best piece of real estate advice you have ever gotten?