Words to live by

Ever come across something that speaks volumes about  character?

How about something that you are constantly saying in your mind while you read.."yes I totally agree"

Well for me I just came across this and I wanted to share with my loyal readers. I didn't write this, but I could have. I found it, and I like to think I embody what this gentleman has to say.

His name is Mark Sanborn, and here is what he had to write and say...

I work because I need to and because I want to. There is satisfaction in work well done. Good work produces value and isn't just a means to an end but an opportunity to be a productive, contributing member of society. Work helps give life purpose and structure.

I don't like everything about the work I do but understand that is the nature of work. Work often requires that we do what needs to be done as well as what we like to do. Doing great work is a choice I make; to do less cheats not just my employer and customer but myself.

Impediments to work are temporary. If my place of employment blocks my ability to be productive in an honest and ethical way, I will not sell my soul to continue working there. If my boss doesn't understand the concept of a healthy work environment I will actively look for a different boss or organization that does. My current situation may not allow me to switch jobs or employers immediately but I refuse to resign myself to a work life of misery. I will endure for the short term with the goal of prospering in the long term.

How I do my work makes life a heaven or hell for others. How I treat colleagues and customers makes their lives better or worse. Neutrality is a myth as any attempt to disengage will appear to others as indifference, and that indifference is an insult to others.

I will not actively or passively inflict pain. While the bad behavior of others might make it tempting to do so, I will choose to play by a higher standard. I will do what I can to make working with me enjoyable.

I do not control how others act, but I completely control how I act. When others act inappropriately to me, I will respond professionally but will not accept and thereby condone the inappropriate behavior. I will politely but directly address the inappropriateness.

I understand that others come to me for solutions to problems and that is what I am paid for. Therefore problems, as difficult as they can be, are not an impediment to my work but often they are my work itself.

I will take responsibility rather than place blame. If I can't fix it I will either live with it or leave it. There are no other rational options.  I understand there is no perfect workplace, but refuse to make where I work worse by my own apathy or lethargy. I won't let the poor attitudes and behaviors determine my own choices. I know that I often succeed at work not because of but in spite of undesirable circumstances.

In a time when not all who truly desire work have that opportunity, I am grateful for the work I have.

I hope there are some words in there that you can live by. I hope you found value in my latest post.

Have a great Monday.

Is Integrity in todays day and age even worth the effort?

Do you live the way you talk about it? 
Or are you just providing lip service in a way to get another sale or perhaps get in with a crowd?

People won't always believe everything you say, but they will always believe in the example you set for them by your words or your actions. And when you live with integrity, then you can always come through in shining colors for them.

In simpler terms, what we are really talking about here is trust.

On a side note...what is the root word of integrity?

Integer. Which is a whole number for those that are not smarter than a fifth grader haha. couldn't resist there.  So if you are saying one thing and doing another, you are not being whole.

That kind of action is what breaks trust. Trust is what helps you gain support and ultimately further your sales career or any relationship you need to build.

Lets talk briefly here about what the ramifications are of having Integrity.

First of all, lets be clear. Whats in it for me is what everyone always wants to know. Well, whats in it for you is that you feel good about yourself. You can focus on the future. You don't have to worry about what you have done in the past and whether it will rear its ugly head at some point.

Lets be truthful as well here. Some people like to say things are Relative.Which is absolutely ridiculous. You are either right or wrong. There is no in between.

Look at people who have made mistakes in the past. You know they could have been relatively honest about it.They probably didn't lie about everything, just enough to destroy a relationship or a business.

Here's a laugh for ya. When I come home from a weekend away or a trip, not once has my wife asked me if I've been relatively faithful to her?

You either are, or you are not.

Having integrity will allow you to sleep better at night.

It will allow you to hold your head up high when you walk.

It will allow you to grow.

You may not experience the benefits short term, but One can almost guarantee them long term.

Ask yourself this...If you had a top performer in your company and you were making all the personnel decisions, and you knew this individual was getting results based on some underhanded tactics, would you keep him around because he was producing a huge chunk of your income? OR would you rally the team around the fact that you do business in a certain manner and you expect better?

Or would you just turn a blind eye and keep pocketing the money?


I am a firm believer that if you do the right thing, the results take care of themselves.

Hypocrisy does not reign supreme.

Hope you enjoyed today's blog. Had to get that off my chest, just took me a while to get it into words.
My mind can be a scary place sometimes....

Enjoy the beautiful fall weather.

Kevyn

Statistics

I cam across some interesting numbers from the Canadian Real Estate market and I thought I would quickly share the ones that popped out at me.

In no particular order, today's blog will give you some insight into consumer trends and perhaps even an incling into where the market is heading...depending on what you read into it.

- The sales to new listing ratio remains near the threshold between balanced and a somewhat sellers market at 55.2%
- 43% of Canadians would buy a vacation property because it is a good investment. This is down from 64% a year ago.
- currently equity is at 72% of the value of housing in Canada
- In a recent study, young adults and those aged 50 and older prefer smaller apartment condos over other types of housing
- The average National house price is just over $343 K; right here in Richmond and Vancouver it is in excess of $1 Mil.
- 58% of Canadians have their mortgages amortized at 25 years or less, with 12% at 30 years and the remaining 30% are extended to 25 or more.
- 70% of consumers are happy with their current mortgage terms
- 66% of Canadians still opt for a fixed rate in Canada
- 90% of homeowners have at least 10% in equity in their homes, with 81% of those having over 20%
- Did you know that Real estate accounts for only 40% of a homeowners assets?
- Did you know that only 28% of home buyers feel the need to purchase something bigger or better?
- When first time home buyers are looking at homes, 40% intend to purchase a fixer- upper, and of those purchasers, almost all of them intend on staying in that home for at least 10 years.
- Did you know that there are 9.2 Million Echo Boomers living in Canada?

Echo boomers are the children of baby boomers for those who did not know.

- 53% of Canadians depend on Social Media to help them make purchasing decisions.
- 90% of first time buyers are using the Internet to search for mortgage information or options
- Another interesting fact....amongst Canadians, 54% feel the Internet if the most important and influential form of media.
- Compare that to 27% for TV


Some food for thought or maybe water cooler statistics for those with a functioning cooler.

Enjoy your Wednesday, unless you choose otherwise.

Kevyn

What I learned from Steve jobs

An Icon and a true Visionary passed away yesterday.

Most of you know who he was and I am not here to give his life history.What I wanted to blog about today is a speech he gave a few years back to the Graduating class at Stanford University. In the time leading up to the speech he had just survived his First bout with the Pancreatic cancer that eventually took his life yesterday afternoon. Here is but a sample of the 15 minute speech he gave....

Remembering that I’ll be dead soon is the most important tool I’ve ever encountered to help me make the big choices in life. Because almost everything—all external expectations, all pride, all fear of embarrassment or failure—these things just fall away in the face of death, leaving only what is truly important. Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose. You are already naked.
….
No one wants to die. Even people who want to go to heaven don’t want to die to get there. And yet death is the destination we all share. No one has ever escaped it. And that is as it should be, because Death is very likely the single best invention of Life. It is Life’s change agent. It clears out the old to make way for the new. Right now the new is you, but someday not too long from now, you will gradually become the old and be cleared away. Sorry to be so dramatic, but it is quite true.

The tragedy, of course, is that Steve Jobs was cleared away before he was old. He was 56 when he passed yesterday, the exact same age as my Father Jack when he passed. Sadly, both had more to give.

Steve was full of passion and he lived that every day of his life.

When someone come along that changes the way the world thinks and works like he did, you create an almost cult following. Apple aficionados are cult like. They fiercely defend their apple stuff and their culture. I for one, tip my hat to the man that he was and that is how I will remember him

Live each day to the fullest. He sure did.

Here is the link to the full speech from TED.
http://www.ted.com/talks/steve_jobs_how_to_live_before_you_die.html

Thanks for the continued reading of my ramblings.


Kevyn

What would you do with $10 K ?

Its Time......Its Time.
Its time to give away some Money !
How about $10,000 ?
What would you do with $10 K?

We here at Aegis Mortgage Services Ltd. want to give away some of our hard earned money.

There is a full set of sweepstakes rules, but here is the gist of it.

We have been lucky to be supported by so many great friends, family and clients over the years that we want to reward one lucky person with an opportunity to walk away with a cheque for $10 K.

Here are some of the ways you can get in:

1) For every continued referral that you send us that funds during the contest dates, we will give you one entry into the sweepstakes

2) for every mortgage you personally have funded through us that meets our simple criteria, you would gain an entry as well.

3) If you happen to need a referral one of our preferred sources, and you do business with them in the time period allotted, you gain an entry into the sweeps as well.

There are many ways to get into the draw.

Refinances, Mortgage Insurance, Construction mortgages, equity take outs, cash back programs, second mortgages, Secured LOC's....

Contest rules are posted at the Office in Richmond.

Unit 201, 3800 Bayview street, Richmond , BC.

If you want more information or want to enter, call us now @ 604.272.1784 anytime!
If you want the rules emailed let me know,  dlcaegis@gmail.com

Contest runs from October 1st 2011 and the last entrant will be entered on April 30th 2012. The draw will be made in May at a Party hosted by the 2 of us here.

Good Luck and thank you for the continued support!

Kevyn

What if you took that extra moment in time...

A few days ago I answered the phone like I always do.

"Hello Kevyn Speaking."

 As I have come to expect, the person on the other end did not pay attention and asked if Kevyn was available.

So like normal I said "speaking" and proceeded with the conversation.

But it got me thinking about how nobody pays attention anymore to what is happening around them. We are so wound up in all that encompasses our lives that we forget to listen to people when talking and or look them in the eye when in front of them.

Are we all that self absorbed that the common courtesy that our parents taught us has been thrown out the window to save us a few minutes in time?

Well like the way alot of my blogs start out, I got to thinking.

Needless to say the person on the other end realized their mistake...

“Oh, duh – Kevyn. You just answered the phone with your name didn't you?. I'm  Sorry.”

This happens to me all the time.

Sometimes I am sure people feel embarrassed.
Sometimes people say oh, ok .
Other times people just laugh and proceed with the conversation.
And most, just like this person, don't even realize what they are doing until it's too late.

But I always smile. And I never bust andbody's chops about it.
I just wish people would pay more attention to their customers or people they run in to.
I just wish employees would notice opportunities to take a moment and listen to that person like it was their last woirds on this planet.

What if we all just slowed down a notch or two and paid attention that much more?

Would we end world hunger...probably not.
But we would make each person we meet feel like their time and question/point is important to us.

That would be worth repeating to a family member. That would be worth telling a friend about. That would be worth remembering next time someone needed a service I could provide.

Instead of reaching for another scripted response about how important someone’s call is, say something that is in the moment.

Stay in the moment and people will repsect you that much more.

Keep up to date in the ever changing Mortgage landscape by checking out my website once in a while www.kevynoyhenart.ca

Until next time.

Kevyn

Like a good Marriage...

I've been to enough weddings this summer to last a lifetime, but all was not lost on me....

After the last one on Vancouver Island, I got to thinking about how each couple had vows that were similar.
All the words spoken were of meaning and purpose. They had the same undertone and were fashioned to convey the way they felt about each other and the promise they were undertaking. It is special to be a part of union's like that, and to those that I had the honor to do so, I thank you.

But it got me thinking...

And for those that know me, that can take me to some strange places indeed.

But this time it was hyper-focused which was a nice change and saved me a few hours...haha

I was comparing the relationship that a Mortgage Broker has with a new and or existing client to that of one of Marriage between 2 loved ones.

So let me give you my thoughts...

As a Mortgage Broker we should almost be taking vows each time we meet a client for the first time.

Perhaps something like this....

"I Kevyn, take you Frederick Hampton III, to be my new client."

"I promise to love, honor and obey all of your wishes and commands as long as they make sense to do so"

"I promise to be honest, up front and explain all of the things I will be acting for and doing on your behalf"

"I will not forget that I am a guide and teacher, and will do my best to make sure you understand everything to the level that you can make an informed decision."

"I will never forsake our relationship. I will return your calls and emails in a timely fashion, and will answer all your questions with the patience that a new Mother shows her brand new baby"

"I will provide ongoing service to you once our deal has funded. I will keep in touch regularly, and continue to be available when you need me"

"By the power vested in me by FICOM and under the MBA, I now pronounce us, Client and acting Mortgage Broker."

Those are the feelings I try to convey each time I sit across the table with a new or ongoing client.

Those are the things my late Father Jack has instilled in both Chad and I, and we will continue to practice until our time is up as well.
We were taught well, and will continue to surround ourselves with Brokers who fit the same model and can contribute to our Happy Family.

Until next time, now you know. And as G.I. Joe used to say...

"knowing is half the battle"   (they also used to say..."got to get tough"...but I didn't know where I could fit that in.)

check out my website if you have a chance for anything new to do with the Mortgage Brokers Act or upcoming changes.
www.kevynoyhenart.ca

Kevyn

Simplifying the Terminology....(Part V)

Wow, what a monumental week it has been.

New office will be up and running come the culmination of the long weekend...

Took the kids to the PNE and even rode a few rides myself...

Have been coordinating the trades to fix up a clients house so she can refinance it after a relative pretty much destroyed it. (more on this in the coming days as I want to get into what you as the provider of a service are willing to do above and beyond your call of duty to make a sale?)

My last installment in this series is today, but feel free to ask me in an email (koyhenart@shaw.ca) or submit the question from my webpage (www.kevynoyhenart.ca) and I would love to make it simpler for you to understand.

Blended Rate:   A blended rate mortgage may be used if you want (or need) to increase the amount of your present mortgage. This could happen if you want to use up some of the equity in your house, maybe for renovations, or to buy a weekend cottage. Perhaps you are moving and need a larger mortgage to be able to purchase the new house. This option is worth considering if your present mortgage has a low interest rate, or if you wish to avoid the penalty.. With this option you get to keep the balance of your present mortgage interest rate, with only the new amount at today's mortgage rates. Because you are keeping the terms of your current mortgage, there is no penalty involved. If your present mortgage rate is higher than those being offered at the present time, it could be worth paying off your present mortgage and obtaining a new, bigger mortgage at today's rates. Please discuss the current policies of the different lending institutions with your mortgage broker, to help you decide whether or not this strategy will benefit you. Holdback: An amount of money required to be withheld by the lender during the construction or renovation of a house to ensure that construction is satisfactorily completed at every stage. There are also cases where an owner has decided to renovate but has not completed the renovation. If you try to refinance at this point, a Lender may consider funding, but would withhold a portion of the funds until 97-98% completion. Renewal: At the end of a mortgage term, the mortgage may "roll over" on new terms and conditions acceptable to both the lender and the borrower. This is known as renewing a mortgage. Otherwise, the lender is entitled to be repaid in full. In this case, the borrower may seek alternative financing. As more and more banks put more and more resources into their retention teams, you will be contacted 6 months out from your term ending.

I know I did not cover all of the terms involved in the whole process of a mortgage, but I did my best to cover the pertinent ones that always come up in conversation with a new client.

I hope you enjoyed the 5 part series and I would love your feedback if you have time.

If you have a topic you would like me to write about, mention that as well.

Enjoy another sunny weekend on the coast or wherever you may be.

Kevyn

Simplifying the Terminology....(Part IV)

Did something different this morning. I drove in about an hour and a half later than I normally do. Funny how your perspective can change when you do something in a different manner than you are accustomed to.

Traffic seemed to flow about the same rate through the George Massey Tunnel into Richmond, but there was one difference. There was less aggressive drivers on the road @ 9 am then there are at 7:30 am. Who knew.

I wonder how much of that has to do with coffee?

Anyways here is part 4 of my 5 part series....

Adjustable Rate Mortgages:  An adjustable-rate mortgage (ARM) is a type of mortgage in which the interest rate—not the payment per say—fluctuates. In other words, the minimum mortgage payment will not always be the same every month. How often it changes depends on the Lender and their policy. Ask your mortgage broker how often the lender may change the rate and what their policy is.

Why go for one of these?

The main difference between an ARM and a more traditional fixed rate mortgage is that the payments typically start off quite low. This makes the mortgage appealing to homeowners that may want a particular repayment plan. However, the interest rate of the ARM can change at any point, and when it does, it typically raises the payments.

How about this doozy of a term that seems to be the talk these days in Canada....

Debt Consolidation: Debt consolidation is basically taking out one loan to pay off many other loans. In other words, rather than paying several different credit card bills individually, you're taking all of them and combining them into one payment every month. Doing this makes use of the equity in your home to pay off all your credit cards, so that your responsibility is now with the lender, rather than the credit card companies.
Some of the Advantages of Doing so..

Obviously, if you have 5 or more credit cards, it can be difficult remembering to pay them all on month every time. It will help greatly with this, as it rolls all those payments into one monthly payment, rather than 5 or more.
Another advantage of debt consolidation is that it can give you a much lower interest rate. A typical fixed rate mortgage today of 3.59% (5 year fixed as of today) offers a much lower interest rate. A lot lower than the traditional 18-25% interest rate on most credit cards. In this regard, debt consolidation can save you money.
And last up today for those who may be thinking of either buying a rental/revenue producing property, or may have already done so, keep this in mind when you go to sell it....

Capital gains: This is the profit of the sale on assets that were bought at a lower price and sold for more. Commonly, capital gains are earned on property, bonds and stocks. A capital gains tax is the tax that is charged on capital gains. Not every country in the world implements a capital gains tax, however, both Canada and the United States do.
In Canada, the current capital gains tax rate is at 50%. There are exceptions, however. If you’re interested in finding out the tax rate for capital gains you intend to realize, it’s best to contact your accountant or tax attorney.
To get a good idea of how taxes work on capital gains, here is a simple example.

Say the profit you’ve realized is $100.

50% of that, or $50, would be taxed at your marginal tax rate.

If your marginal tax rate was 43%, your capital gains tax would be $21.50.

Therefore, you would be left with $78.50. If you’ve experienced capital losses (the opposite of capital gains) within the past three years, you may use these to offset capital gains tax paid during those years.
As always, it pays to stay informed and to have a few experts working with you on your PLAN.

If you need a referral to an accountant and financial advisor, I have paired myself with a few outstanding individuals who would be more than willing to sit down and help you to determine your best route to where you want to be. Check some of them out at www.kevynoyhenart.ca under the Business directory section.

Enjoy this fabulous Wednesday, unless you choose otherwise.

Kevyn

Simplifying the Terminology....(Part III)

Where to start....

Oh yeah. For that Jackass that decided to hit the overpass on highway 99 yesterday at around 3pm, I sure hope they throw the book at you.

Couple that with a 5 car pile up on the Alex Fraser Bridge and there was no way to get home until after 10pm last night.

But there was a benefit to it believe it or not. I got to have Dinner with my 2 younger brothers and my Mother. An otherwise nice evening that had the potential to be ugly...

In continuing on with the theme of the past few blogs...here we go.

Appraisal: The process of determining the value of property, usually for lending purposes. This value may or may not be the same as the purchase price of the home.
A few more notes on this as well. The inspection portion or home visit of the process is normally only about 10 minutes. They come in and take a few pictures, get an idea of the home and what it is worth and the rest is done on computer back at the office.
Your appraisal is compared to similar type properties in the same area to determine a value. Your BC Assessed value is not always a less amount.

Closing Costs: Various expenses associated with purchasing a home. These costs can include, but are not limited to, legal/notary fees and disbursements, property land transfer taxes, as well as adjustments for prepaid property taxes or condominium common expenses, if any.
You can use a loose calculation of about 1.5% of the purchase price to determine your closing costs.
eg. if you agreed to purchase a place for $250 K, the costs close this mortgage with the Notary would be about $3750.

Conditional Offer: An offer to purchase subject to conditions. These conditions may relate to financing, or the sale of an existing home. Usually a time limit in which the specified conditions must be satisfied is stipulated. You may here us advise you to make your offer to purchase subject to financing. This means that if we cannot find financing for you, you can get out of the contract.
A smart idea would be to know ahead of time just how much you can purchase by having your broker run your numbers. It takes us on average about 15 minutes and we can give you an idea of how much.

Last one for today and it applies to those looking to refinance their current mortgage...

Maturity Date: Last day of the term of the mortgage agreement simply put. When we need to run the calculations to determine whether your penalty would be IRD, which I covered yesterday, or 3 months interest, we need to know when your contracted mortgage runs out.

Hope this is either helping you understand more of what goes in to a mortgage contract, or at least refreshing what you already know.

If you are going to enter into a debt that is going to take half a lifetime to pay off on average, then you should know all of that which goes in to it.

If you have any questions regarding these or any other terms and or conditions you may have, I am never too busy for a phone call or to answer an email.

Let me help you understand and be more comfortable with the process.

OR for those of you a little more industrious than the next, feel free to look through my webpage to find the answers you seek. www.kevynoyhenart.ca

Enjoy the late summer sunshine unless you choose otherwise.

Kevyn

Simplifying the terminology....(Part II)

Whirlwind weekend for me....

Drove up to Kelowna for a wedding on Saturday evening and had a blast. Thanks to Susan and Pete Solymosi and an honorable mention to Deb White for having us attend. What a special moment to be able to share with a loving family and some great people.

Needless to say we partied hard, and one of us (I'll give you a hint...not me) felt it the next day.

Drove back last night through Summerland and Penticton so we could take advantage of the BC Grown fruit stands...and boy did we ever. Might have even hit the odd winery ;)

Here I am back at the office raring to go on a Monday.

In continuing fashion, here is part II of the common overlooked things we Mortgage Brokers assume that everyone understands.

LTV:  simply means Loan to Value. If you take what your you have as an outstanding balance on your mortgage and compare it to what your home is worth, you get what we call the LTV.
In the Lending world to keep your loan conventional, you have to keep your mortgage under 80% of what your home is worth, or 80% Loan to value.

Closed Mortgage: A mortgage agreement that cannot be prepaid, renegotiated or refinanced before maturity, except according to its terms. This is where the expertise of your Broker comes in. On the surface a rate may look better than a similar rate just because it is lower. But, in simplest terms possible, it is like comparing apples to oranges.
Like fruit, mortgages come in different sizes, shapes and flavours. You may be able to save $10 per payment by going with a lower rate, but that product line may carry with it some clauses written in that may restrict you from paying out your mortgage and refinancing. More on this subject in a future blog...or write me and ask for more info.

Open mortgage: A mortgage which can be prepaid at any time, without requiring the payment of additional fees. A product that has its advantages if used properly and fits in with a well designed plan. It is a tool that you have at yours and your Brokers disposal, but may not necessarily be the correct product or fit for your endeavour.
Yes there are no penalties, but for the most part the rates are higher. There is a break even point when you compare the the 2 usually around the 7-8 month mark for the most part ( have to run the calculations to be 100% sure ). So if you are planning on paying off your entire mortgage in less than this time frame, it may make sense to use this type of financing. If you are not 100% sure about repayment, perhaps a closed mortgage makes more sense with the lower rate....need to speak to an expert and have it mapped out for you to make the appropriate decision.

15/15 or 20/20:  These are both prepayment privileges that are written in to your closed mortgage products. They allow you to make up to, in the case of the 15/15 ( same applies for the 20/20, its just 5% more) extra payments on to your outstanding mortgage amount each year. You can make and extra 15% on your set monthly payments, and 15% extra of the outstanding balance each year, without penalty.
This extra 15% each month is a great way to hedge the Variable rate product against future rate hikes while still saving the difference in interest today versus a fixed rate product.

And last but not least today....

Interest Rate Differential Amount (IRD) : An IRD amount is a compensation charge that may apply if you pay off your mortgage principal prior to the maturity date or pay the mortgage principal down beyond the prepayment privilege amount. The IRD amount is calculated on the amount being prepaid using an interest rate equal to the difference between your existing mortgage interest rate and the interest rate that we can now charge when re-lending the funds for the remaining term of the mortgage.
So if you had 2 years left on your 5 year term, the IRD would be calculated using what the lender could lend your balance out at on their 2 year rate, not the 5 year rate that you originally had your contract written on.

If you want to know more about how the IRD is calculated I would be more than willing to show you the calculation and how it is derived.

You can always find more in depth knowledge on my webpage at www.kevynoyhenart.ca   Feel free to click through and find a few links that may be helpful in your quest of Home ownership. Conversely you can always get me on my phone as well.

Enjoy this wonderful Monday here on the west Coast of BC. Or if you are abroad, there as well.

Kevyn

simplifying the terminilogy....(Part I)

Have you ever been to a mechanic to have your vehicle fixed only to get lost in his or her translation of what is wrong?

How about a Doctor's office and his diagnosis of your bruised ankle sounding like some death sentence?

Or what about when you go to order a medium black coffee from Starbucks and they repeat your order as a Grande Columbian dark roast that's about a 5 on the roasting chart????

I mean come on I get it, but seriously for one minute, just put yourself in the layman's shoes.

That's where I try to make a point of keeping things simple for clients.

But even then, sometimes you forget.

Hence over the next couple of days I will break down some of the mystique of our terminology....

As an industry insider, you can get lost sometimes in who you are speaking to. It's ok to use the acronyms when talking to an underwriter (the person on the Lending side of the equation who weighs the risk of the deal and determines the conditions to lending), but not the best practice when talking to a first time home buyer.

So today I am going to summarize a few common terms that sometimes get overlooked, or taken for granted....

Amortization:  Simply put, the length of time that your mortgage or loan payment will be split up over. So if we took an amortization of 30 years, your mortgage would be calculated on 360 months of repayment.

Blended payment:  This simply means that your payment has 2 components. The first part being the principal portion and the second the interest portion. The principal goes to lowering the balance on your mortgage and the interest goes to the bank or lending institution as the price for doing business.

Sometimes you hear the following 2 items. There is a reason behind why we ask you so many darned questions...

GROSS DEBT SERVICE RATIO – 32%
GDSR is the ratio of your gross income, reduced to 32% of that amount that can be allocated to mortgage debt, property taxes, ½ condo fees, an allocation towards heat (very important in Canada). i.e. $50,000.00 gross income = $4,166.00 per month = $1,330.00 applicable monies


$1,330.00 - $75.00 heat – monthly taxes – ½ condo fees = balance allowance for mortgage payments

TOTAL DEBT SERVICE RATIO - 40%
TDSR is the ratio of your gross income, reduced to 40% of that amount that can be allocated to (see above) mortgage debt, property taxes, ½ condo fees an allocation towards heat and all other outside committed payments.

Outside Committed Payments (auto loans, auto leases, credit card payments, lines of credit, student loan payments, loans, alimony, child support payments, personal guarantees on other person’s loans – i.e. son’s motorcycle loan, personal guarantee on daughter’s mortgage)


i.e. $50,000.00 gross income =$4,166.00 per month = $1,330.00 applicable monies

$1,330.00 - $75.00 heat – monthly taxes – ½ condo fees – all monthly committed payments = balance allowable for mortgage payments.

These calculations determine, in the eyes of Lenders, your ability to service the mortgage debt load.

And last on the docket for today's blog is.....

Term:  This is the time frame that you can lock your interest rate in for. If you choose a 5 year fixed term @ 3.59% (today's rate), you get that rate secured to your mortgage for the next 60 months worth of payments.

Did you know on average, most Canadians refinance before their 5 year term is up? Somewhere between years 2 and 3.

You are not stuck with only a 5 year option. You can choose any of the following terms...

6 months, 1 year, 2 year, 3 year, 4 year, 5 year, 7 year, 10 year

There are more options and that is why you need a professional to help you choose. You need to weigh all your options and have a plan in place to fit your needs and lifestyle.

My website has a few links to other areas of mortgage financing that you may need some more information on. feel free to click through and read. www.kevynoyhenart.ca

Join me on Monday when I follow up this blog with my next round of magic code words decodified....

Same bat time...same bat channel!

Enjoy the weekend unless you choose otherwise.

Kevyn

Why there is no need to panic !

Hmmmm how to open this....

Ok simply put it will be.

The massive debt problems in the United States and Europe have taken the pressure off of Canadians with any sort of amassed debt they may be carrying over and above what is considered a normal amount.

Remember when the BOC Governor, Mr. Mark Carney and the Finance Minister, Mr. Jim Flaherty were warning not too long ago that high personal debt levels could become unmanageable?

Especially when the Interest rates would begin to rise...

Well, interest rates aren’t going anywhere for now.

Our National debt problem is mild when compared to the US and some of our cousins from across the Atlantic. The issue here in Canada is personal debt. It has hit record levels in relation to income and continues to grow, although at markedly slower levels than before.

The massive global economic upsets do us no good in helping to lower personal debt, but they do make it easy to carry that debt.

The gist of it all...

With economic growth coming from the US frustratingly weak, Canada is bound to feel the effects. Debt-cutting from our southern neighbor and some of the cross Atlantic cousins of ours could further restrict growth around the world.

The BOC is also all tied up by the fact that an Interest rate increase here while the rate remains low in the United States would drive our dollar higher. That would be horrible for our manufacturing sector because of its Export based products.

All of this means that the average Canadian with their above average debt loads will get a reprieve from the higher interest rates they’ve been warned about for more than a year.

There are a few consequences that may come of this, but I won't bore you with weakened job growth or slower than expected housing starts...

This is why now more than ever, you should take action in reducing your debts, even while borrowing more may seem attractive with these ultra low Interest rates.

Does that make sense?

Ultimately what I am saying is this:

It will not matter much in 6 months time if the Economy has affected your job status to the point of a reduction in hours or perhaps being laid off. No it won't matter much then that you have this ultra-low interest rate on a massive mortgage.

What will matter is this....What monthly payment you need to make.

Make a conscious effort to stay within your means. Tread carefully my friends....do not let the rates fool you. When you are hitting rock bottom like we are now, there is no where to go but up.

Make sure you are on the right side of that curve.

Click through to my website and see some additional information to go with this blog.
www.kevynoyhenart.ca

I am never too busy to answer your questions.

Enjoy this fantastic day.

Kev

Accountability is the key !

As I drove in to work this morning, like most mornings my thoughts got the better of me.

They got me thinking about what I need to be successful.

Or, for a while there, what more do I need to be successful.

And after a few minutes of contemplation, I realized something. Everybody is born into this world with the ability to be successful. What they sometimes lack is the willingness to do the dirty work in order to become that which they dream about.

So, in other words, we already possess that which we need.

Now how do we go about pulling or extracting that given ability out?

Well here is a simple idea that costs absolutely nothing !

Find yourself an accountability partner!!!

What is that you ask?

Well, lets look at it from a business perspective. You need to find yourself someone you can trust first off. Trust will be huge in this endeavour as you will want to share all of your hopes and dreams as well as intimate knowledge of your business plan in detail. You will not want to hold anything back in this regard as the more the other person knows the more ways in which they can help you out each day/week/month/year etc.

An accountability partner in a sales environment will help you much the same as a workout partner would when it comes to training for a Marathon.

How so?

Well usually the first week is great when it comes to training. You're gung ho...up before your alarm...spring in your step...pushing the pace and ready for anything.

Then it happens. The alarm goes off...you roll over to shut it off and you realize how sore you are. You realize that the forecast for sunshine long term has now been updated and its raining.

Guess what...if you were just running with yourself and nobody else, there would be a pretty good chance of you staying in bed that extra hour wouldn't there?

But if you have that partner meeting you on the street corner at 6:30 am...there is no way you're going to let him down. Nobody wants to be made fun of because they didn't want to run in the rain do they!

Little do you know that they had the same conversation with themselves in bed that morning too.

That is where the power of it comes in to play. You are there for each other. In good times and more importantly through the challenging times that often happen in Sales or in exercise or life.

This concept can be used for anything. It is simple. It costs you nothing other than time to share your plans.

The benefits far outweigh the negatives. Just make sure you choose the right partner for you.

If you are stubborn, make sure you choose someone who can handle your pig headed-ness. If you are lacking will, make sure you get someone who has some to spare.

I use my brother and business partner. We have strengths and weaknesses that complement each other. And we won't put up with each others BS.

As for today...quit procrastinating...go find someone right now and share your plan. You will be well on your way to success.

Enjoy this fantastic Friday...and go make Katy Perry's 5th #1 song a reality tonight ! ( by the way that has not happened since Michael Jackson's Bad album)

Until next time...

Kevyn

Do you network with other businesses?

Good morning all.

After physically exhausting myself over the last 2 days moving into a new House, I am back to the daily grind that is being an entrepreneur.

Now with that comes wearing a large amount of hats so to speak:
accountant, advisor, planner, maid, organizer, philanthropist, coffee maker, secretary, did I miss anything... haha

Needless to say you are everything to everybody and sometimes all at once. It makes life challenging, but in the same regard very rewarding. Usually the work you put in you get out.

When it comes to being a marketer and the head of your marketing department for your business, there are many ways of doing it. Some correct, some incorrect, some work some don't....

The one I wanted to blog about today is what I consider a business to business approach.

Why not put the law of Reciprocity to work for you?

Why not help someone else be successful as well along the way?

Why not give friends and family members a reason to click onto your website?

If you create a page where they can go to get a directory of referral partners that you yourself have personally vetted, that is huge !!!
You would be their trusted advisor (which is what you should be striving for).
You would also be creating a mechanism for you to network with other business owners to help them grow by referring them....Win Win ?

Does it have to be complicated?

No...something simple like this to start.

"Hey George (simple chit chat to start....)
I have an opportunity you may want to take advantage of. because of the nature of my business and the depth of the relationships I have built, I refer clients all the time to businesses such as yours. In order to streamline the process a bit and make it simpler for them to find you, I have built a website to direct them to.
It includes attorneys, doctors, financial planners,maybe babysitters...anything to do with the home.
Best part...NO COST TO YOU.
So for no cost and the exposure to my database (500 people) my only request is that you continue to do an excellent job in what you do.
Sound like something you may be interested in?"

A lot of times we sit here and over complicate things to the point where we already have the excuse for the guy on the other end of the phone before we even call.
We already know what he's going to say and therefore no need to make the call...right?

Well if you give people a spiel like that and follow through with your word, why wouldn't they want a service like that.

No cost.

No time marketing.

Would love to hear some feedback on an initiative such as this that has been successful.

If you've ever been coached by one of Brian Buffini's Coaches, you would know this strategy already.

Check out my webpage with a link to referred businesses that I have and use on a continuing basis.

http://www.mybusinessdirectoryonline.com/Home.aspx/kevsdirectory

Have a great day.


Kevyn

Volunteering versus the Law of Reciprocity

I travelled with my Family over the weekend to the sunshine coast. A beautiful 45 minute Ferry ride and we were there early Saturday morning. Not a cloud in the sky and the kids excited to be released from the confines of Dad's "Don Cherry Mobile" as they like to call it.

The trip was planned around an opportunity to volunteer my services ( I have a fairly extensive background in restaurants and cooking) to my friends at Remax top 20 in Gibsons. They were putting on their annual BBQ for the Sea Cavalcade and were in need of a cook to help out and man the BBQ. I volunteered.

After the 3 hours and overcoming the frozen Salmon steaks it was a success with nary a complaint and a few compliments to boot. All in all a success right?

Absolutely.

But when I got back home after cleaning up, it got me to thinking.

There are 2 factors at play here, and I never even thought of the second one even though it was right there all along.

You see even if your heart is in the right place, it can still be perceived in a different way. We are after all human and flawed right?

Here are the 2 things at play I am speaking of:

Volunteering is the practice of people working on behalf of others or a particular cause without payment for their time and services. You are basically giving of yourself without the expectation of something in return.

simple.

But what about the other part of that equation that is so often bound together if not mistaken for each other...

What about Reciprocity...

The law of reciprocity.

"One of the most potent of the weapons of influence around us is the rule for reciprocation. The rule says that we should try to repay, in kind, what another person has provided us."

Robert B. Cialdini, author of The Psychology of Persuasion (William Morrow, 1993)

So, even though I volunteered my time and services without the thought of having or receiving anything in return, was my heart in the right place?

I think it was...at least the intentions were there.

But do I expect my Realtor friends at Remax top 20 to return the favour in some way?

Hard to say.

The kid I was raised to be by my parents says no. I did this to help out and make a difference, which I did.

But the Business owner in me says yes. The Business man in me is hoping that I stay top of mind should any mortgage related business arise in the next little bit...you know maybe throw one my way to say thanks.

Well now, in being honest where does that leave me?

Am I the quality human being that Mom and Dad raised me to be and helped a good cause on the weekend?

or....

Am I the conniving and manipulative businessman (these are ultimately the successful ones in life) ?

In my heart I did it solely to make a difference and help out. That is what allows me to sleep at night knowing that I did it for the right reasons and not masking it with an ulterior motive.

Would love to hear some stories and thoughts on what if any experience as a business professional you have had and would like to share.

We can discuss on Facebook or Twitter or in response to my post here.

Check out my webpage if you have time...learn about what is going on in today's mortgage world !
www.kevynoyhenart.ca

Have a great day.

Kevyn

Business plans...traditional or 1 page?

Got to thinking last night. _______ enter punch line here...haha

The traditional way of doing business has always been done a certain way.

Do this and you will achieve that. Do this enough times and this will follow....

But is a traditional approach one that still works in today's world?

Absolutely it does! But here are my thoughts on why a business plan needs to be one page long and not a traditional 10 page with every detail scrutinized to the nth degree.

We have no business plan.
We have no spreadsheet with five years of projected earnings.

There are two reasons in my book on why...

Most plans never come to fruition for varying reasons, and five-year sales projections are about as accurate as a poll for political purposes.

What you need in today's changing landscape is flexibility. You need to be able to adjust and massage your plan on a daily, weekly and yearly basis.

Its like the experts who say rates are going this way...or we've hit rock bottom. There is no true way to know these things until we have gone the other way and there are statistics to show where rock bottom truly is. In other words, an expert is hedging his bets on past experiences and applying it to today's world.

You need to build a plan like the following...

Start with  a forecast of what you believe sales will be over the next 100 days, and the next 12 months.

Beyond that it’s a wild guess at best and like I mentioned earlier...you need to be able to adjust and massage!!!!

The reason I suggest this way is it ensures that the short-term is intense and focused and your effort has a deadline.

In the meantime I just saved you 100 hours of work

Not to mention probably a huge consulting fee (charged by people who use a cookie-cutter to write these things up anyways), and the agony or defeatism caused by not being able to hit the plan anyways.

If your Manager or Boss insists on a business plan try something like this…

Go onto Google...
Download a generic plan...
fill in the details...
Place your name at the top and submit....

In my opinion and experience it won't get read through anyways...

What you are truly selling is yourself and your approach!

To sum up what Jeffrey Gitomer has suggested in the past...

Fill up a van with your Banker, your boss and anyone else who would be involved in the decision.
Take them on a trip to visit your 5 best customers.
Film the entire trip.
When you visit each customer, ask them questions...
Find out why they love you, talk to their CEO, tell them what your game plan is for the next 12 months – maybe have it prearranged so that they give you an order right on the spot – thank them for their business, their support, and their loyalty, and then go to the next customer.

http://www.youtube.com/watch?v=VIRmFr_ctEA&feature=player_embedded

There is a link to one of Jeffrey's videos on writing a business plan that will echo my thoughts as well.
This guy is a genius !!!

To sum it all up....

Keep it simple stupid like my dad used to say all the time.
Keep it up to date and massage it every couple weeks.
Track the important statistics so you can make the adjustments.
Have an accountability partner to help with hitting the goals ( A topic for another blog ).
And be true to yourself and honest with the results and predictions.

The bottom line is this....

there is a saying and I am not sure who came up with it...but it goes like this:

"Those who do not have written goals and targets aim for nothing....and they hit is with amazing accuracy."

Lets not be that person.

Hope you enjoyed today's article....

Until next time, check out my website at www.kevynoyhenart.ca for continuing updates and information on anything to do with your home and mortgage.

Kevyn

BOC Leaves rate alone....for now

Here’s some highlights from the bank’s July statement:

• The bank is now saying “some of the considerable monetary policy stimulus currently in place will be withdrawn”  compared with “eventually withdrawn” in the last statement
• Economy now forecast to grow 2.8% in 2011, 2.6% in 2012, 2.1% in 2013 (Down from April's forecast)
• Forecasts for 2012 and 2013 remain unchanged
• Headline inflation is expected to stay north of 3% due mostly to higher energy and food prices
• Core inflation is “slightly” higher than anticipated, owing to “persistent strength in the prices of some services”
• Core CPI to remain around 2%
• Total inflation expected to return to 2% target in middle of 2012
• Economic expansion proceeding “largely” as projected
• Canadian growth still expected to re-accelerate in the second half of 2011
• “Growth in household spending is now projected to be slightly firmer, reflecting higher household income” relative to April projections
• Bank forecasts “assumes authorities are able to contain the ongoing European sovereign debt crisis, although there are clear risks around this outcome”

What does all this mean to you the everyday consumer?

Well from my Point of View it means that the Prime lending rate is going to stay where it is for the time being and probably through to the first quarter of 2012.

That can mean substantial savings for those in the Variable rate products of today.
Take this quick example of savings on a $100 K mortgage for ease of calculations.

Today's best fixed rate is 3.79%. on a 100 K mortgage that is a payment each month of $514.69.
That is further broken down to $201.33 in Principal and $313.36 in Interest each month.

The variable product is at a going discount rate of .75% or 2.25%.
This works out to $435.61 each month
That is further broken down to $248.98 in Principal and $186.63 in Interest.

If the rate for the Variable stays where it is for the next 6 months into 2012 like they are predicting, then here is what you would save:
- The principal amount which pays your mortgage balance down each month, you would put an extra $285.90 into your mortgage
- The interest savings over the same period is $126.73 per month or $760.38 over 6 months.

there are further savings to be had if this particular mortgage product is set up properly by your trusted mortgage advisor.

Ask them about using the Variable but setting it up like it is a fixed rate product.

Until next time....


Kevyn

Why we don't get more referrals?

Today I wanted to share a blog from a guru in the sales industry.

Mr. Jeffrey Gitomer.

It is a great follow up to one I penned earlier in the week.

Enjoy....

The definition of “referral” will surprise you, and at the same time make you understand why you don’t get as many as you expect or ask for.

The definition of “referral” is: Risk.

Do you ask for referrals?

Do you get as many as you think you should?

Why do people hesitate when you ask?

Why do people not give them to you, or put you off?

Why do YOU hesitate to ask?

Maybe you feel awkward asking because you really don’t feel that you’ve earned the referral yet.

Here are a few questions to ponder if you didn’t get what you asked for:

Did they like you enough?

Did they trust you enough?

What did you do to deserve it?

Did you deliver more than promised?

Did you serve them at the highest level possible?

What did you do that was memorable?

What did they risk by giving a referral to you?

Giving a referral is a risk. Is your customer willing to take that risk by referring you?

Are they willing to risk a friendship or relationship they have by referring someone to you?

Or more powerfully stated, WHEN are they willing – at what point in your relationship with them would they be willing to risk a friendship or relationship they have with someone else, by referring them to you?

Here are a few deeper questions to ponder if you didn’t get what you asked for:

What have you done to both earn the trust of AND reduce the risk of your customer? If “not enough” is the answer – then it’s probably the amount of referrals you get.

REALITY: You are NOT going to get great (real) referrals without a high level of comfort, a history of performance, and deep level of trust.

Referrals are the highest percentage sales call in the universe. Would you rather have 100 cold call leads or one referral? Just checking.

Referrals are not magic, but they sure make selling seem like it – you make more sales when you have more referrals.

Everyone wants referrals, BUT few are willing to do more than ask to get them – and some salespeople don’t even do that. There’s a way to get more referrals than you thought possible – but there are some hitches, one of which is hard work on your part.

What’s the best way to get a referral?

Don’t ask for them; earn them!

PICTURE THIS: You walk into your best friend’s house and say, “Mary could you do me a favor? I’m looking for some new friends and I was wondering if you knew anybody like yourself that you could refer me to, and oh by the way I’m going to be selling them something. And if you wouldn’t mind doing an introduction for me, I’d really be a happy about that. And oh by the way, thanks.”

Doesn’t that sound ludicrous? Doesn’t it seem imposing? Doesn’t it even border on rude? And your friend may even agree to do this for you, but in the end when it comes time to put up or shut-up, their list will be very short. Maybe even empty. Yeah, yeah that’s it. Empty.

And you can be an even bigger jerk by calling them up pretending to like them, by saying “And speaking of referrals, how about those friends I asked you about the other day?”

What I have just described for you is what 99.9% of all salespeople do when they ask for a referral. And it is obvious from the above example that they are 100% wrong!

Anyone who asks for a referral doesn’t get it. A referral isn’t something that you ask for. A referral is something that you earn. Oh sure you can ask for them, but it makes everyone feel awkward and will oftentimes destroy a budding relationship.

Read the rest of this post here: http://EzineArticles.com/6391873

Until next time...

Kevyn

This is where referrals come in handy....

Here I am, on the day we get the keys to the new Office space, still pondering where to get furniture and a few other things.

The fact I am scouring my network for Referrals, got me thinking.

Considering there is an opportunity here for one of my friends or family members- or even someone overhearing one of the many conversations Chad and I have had on this- to give us a referral, where do I proposition myself in regards to this?

I wanted to post again on the importance of referrals to my business.

How much each one means and how we treat those referrals is of so much importance.

We here at Aegis have a vested interest in making sure everyone we serve is completely satisfied at the end of our transaction together. All we ask is that while we are working for you, we would like you to refer use to great people like yourself, who would appreciate the level of service that we always provide. As long as you and my other clients continue referring us, we don’t have to go out prospecting like everyone else, and I can do an even better job working for you. I know that if you are not happy, you won’t refer me to your friends and family who are in need of my services. Since referrals from people like you are my primary source of new business, we don’t just want to meet expectations; we want to exceed them. I know that’s the kind of service I appreciate myself, and that’s the service I am proud to deliver.

I want to build a community of relationships, not just a list of past clients. That is why we devote ourselves to serving the needs of our clients before, during and after each transaction. Many peoples’ biggest fear is that communication with their service professional will end once the deal has closed. After your transaction is complete, you can expect to hear from me each month as I continue to provide relevant items of value to you and your family. Also, should you have a need for a particular trade or service, I have a list of excellent providers that I can recommend.

We want you to know how much we appreciate you.

Does that make any sense?

I'm not preaching to the choir here. What I want to make clear is that we value a relationship more than the transaction. We are Family based and continue to keep the ethics and morals in place that we were taught when we were younger by our parents. It is a cut-throat business and sales are important don't get me wrong, but we have values and standards and we strive each and every day to uphold these and strengthen our bonds with each new client that we encounter.

 

What another gorgeous day here in Richmond...might have to pull out the slip and slide this afternoon and race the kids and Uncle Chad....

 

Kevyn

It has been a while

Welcome back!

Well that is more for me than you guys.

I have to admit I was heartbroken when the Canucks lost. Maybe I was too attached to the team, maybe I believed too much in how we were destined to win it this year.

It took me a while to get past and feel like writing again. Silly...I know!!!

I guess I got all caught up in the emotion of it all, and boy does the come down to reality hurt.

In being truth full, I put my heart and soul into everything I do.

That is why this business is so rewarding for me. I love to see the Happy ending per se.

I love it when I can help others out in any manner possible. Given the opportunity to go above and beyond my call of duty I will always do so.

Hence me writing today.

In the beginning I never really defined why this blog happens.from time to time I will write heavier posts then some of the other ones I pen. I also try to keep it as light as possible while still getting the message across in a manner that is easy to understand.

And by all means if you have any feedback on anything I write or would love to contribute a post every now and then I am going to start adding guest posts every now and then to give you another insight into this always changing landscape of Mortgage Financing.

Do you have a guest blogger you would like to see?
If you have a subject you would like to have me post on, for those of you who know me well, I am always obliged to offer an opinion.

Please send me any suggestions to my always handy email box at koyhenart@shaw.ca

for that matter, check out this link. It is what I do for my clients and why I do it.

http://kevynoyhenart.ca/profile

Enjoy this beautiful Monday morning, unless you choose otherwise.

Kevyn

What happened to your waist line????

If you're a Canucks or Bruins fan you know exactly what I'm talkin' bout !

Apparently, as Tony Parson's reports here in this video, a long playoff run by your favourite team is causing you to gain weight unexpectedly.

http://www.youtube.com/watch?v=tCCDWQ4XbVg

What!

Do you love your Canucks enough to put on 10 lbs?

I sure as heck do.

I just figure a good ole round of P90-X after the stanley cup parade will be enough to get me back to my playing weight...haha

Enjoy the game tonight!

Until tomorrow...

Kevyn

Are you the pawn or the player?

Ok so here it is.

While I lay in bed at 4 am, wide awake because my daughter decided to join our bed and proceed to toss and turn until I was wide awake, I got to thinking.

No that burnt rubber smell at 4am was not from me!

But what I was thinking about is quite interesting to me anyways.

My thoughts kept coming back to ma and asking the same question...

"How indispensable am I to my clients..."

Like so many minimum wage earners in Queens, that stand on the street corner every morning hoping to get a contractor to come by and pick them up for a days worth of work, I don't want to just be a choice.

I want to BE the choice when it comes to Mortgage Financing for circle of influence.

I don't want to be the one on the street corner after the Contractor has driven away, standing in the cold hoping that one day I will get chosen so I can earn a decent living.

That is leaving a lot to chance is it not?

So, can I become indispensable?

Damn rights I can.

The first thing we need to realize is that is has all been done before. I am not reinventing the wheel and going to be the first.

Other people have survived way worse than me - a meddling mother in law, nagging wife, friends that are doomsayers, glass half empties- and have done the challenging work to make themselves indispensable.

That's a nice thought because that means that it is not impossible.

Another nice thought as well is the fact that they were not born with a magical talent.

They were not gifted anything that I did not receive from my parents.

No, they just trained themselves to think differently. They decided one day to be that way.

Just as I have in the last few years.

Wish I had more of this available on my webpage for those who would read it. What I do have is everything mortgage related you could think of. And if I don't, I will find it for you.
www.kevynoyhenart.ca

Enjoy your successes today.


Kevyn

Have you heard of the Husband and Wife Mortgage?

Haha just kidding but it could be loosely applied if you will.

The reason the joke works is that for the most part when it comes to mortgage lending and choosing a rate for the loan. Women tend to be more conservative and the men more aggressive.

Hence the birth recently of the 50-50 or Hybrid mortgage.

Now you can have your cake and eat it too!

Hybrid mortgages – also known as 50/50 mortgage products – include an equal mix of fixed-rate and variable-rate components within your single mortgage. This means you get the best of both worlds – the security of fixed repayments with the flexibility of a variable rate.

Although there was a time in recent years when mortgage experts considered a variable-rate mortgage as the obvious choice to save mortgage consumers money over the long term, with fixed rates remaining near historic lows, a 50/50 mortgage may be a great alternative for you.

In essence, since it’s extremely difficult to accurately predict rates over the long term, a 50/50 mortgage offers interest rate diversification, which can help reduce your level of risk.

If you opt for a 50/50 product, half of your mortgage is locked into a five-year fixed rate and half is at a five-year variable rate. You can lock in your variable-rate portion at any time without paying a penalty. As well, each portion of the 50/50 mortgage operates independently – like two separate mortgages – yet the product is registered as only one collateral charge.

The 50/50 mortgage product is well-suited to a variety of borrowers, including those who:

·         Would normally go fully variable but are afraid prime rate is at its bottom

·         Aren’t comfortable being locked into a fully fixed rate

·         Can’t decide between a fixed or variable mortgage

·         Savvy first-time home buyers

Some features of the 50/50 mortgage include:

·         20% annual lump-sum pre-payment privileges

·         20% annual payment increase ability

·         Portability (the option to transfer your existing loan amount to a new property without penalty)

As the 50/50 option is a fairly new offering, according to a recent study by the Canadian Association of Accredited Mortgage Professionals (CAAMP), 5% of Canadian mortgage holders have 50/50 mortgages compared to 28% with variable-rate mortgages and 68% with fixed-rate mortgages. But many experts believe the 50/50 mortgage is quickly gaining momentum.

Want some more info regarding this innovative product?

Log on to my web page and read up on what is quickly becoming a popular product and not just a blip on the Mortgage radar screen  www.kevynoyhenart.ca

Until tomorrow...


Kevyn

Are you new to Canada?

Moving to Canada?

One should plan ahead for Home ownership

If you have a job awaiting you on Canadian soil, it’s possible to also secure the purchase of a home if you plan ahead and connect with professionals before you even begin packing.

The main reason you’ll want to get in touch with the right professionals before you start to pack is to find out what important paperwork you’ll need to set aside to ensure smooth sailing through the home financing and purchasing processes.

Your first step should be to get in touch with an experienced mortgage professional. In doing so, you can set the home financing process in motion by securing a mortgage rate guarantee and pre-approval, and figuring out what supporting paperwork you need to provide to purchase a home in Canada.

The services of myself and most other professionals are typically free – they are paid by lenders for bringing in new business. We have access to lenders – including banks, credit unions and trust companies – where we can compare products and rates, and find the ideal mortgage to meet your unique needs.

In most cases, Canadian lenders and insurers want to see employment letters that prove your offer of employment and salary in Canada. You must also have at least a 5% down payment for the home from your own resources – which means it has to be your own money, not borrowed or gifted.

So, for instance, if you’re selling your home in another country and using some of the proceeds as a down payment on a home in Canada, you must be able to prove this.

Lenders and insurers also want to see that you have a solid credit history.

Although requirements for this proof varies based on which insurer and lender your mortgage is funded through,I would be able to tell you exactly what documents you’ll need to provide.

More often than not, an international credit bureau is more than sufficient to prove your credit history.

If this is not available, you can also provide 12 months’ worth of bank statements, mortgage or rental payment receipts, utility or telephone bills, and so on.

Again, there are several options from which to choose and we would be able to specifically tell you what a particular lender and insurer want to see.

You must also apply for landed immigrant status to get the ball rolling on securing your social insurance number (SIN), which is required before you begin working in Canada.

By securing mortgage financing prior to moving to Canada, all you have to do when you arrive is find a home. This will be an easier task when you already know exactly how much you can spend thanks to your pre-approval. It will also alleviate stress and make the whole process that much more enjoyable.

And since your mortgage professional can put you in touch with a trusted real estate agent prior to your move, you will also be able to research homes before you arrive in Canada. Again, real estate agents do not typically charge a fee to find you a home to purchase.

By planning ahead before making your move, you truly can save yourself a lot of hassle and stress when it comes to securing mortgage financing and purchasing a home.

And if you’re already living in Canada, many of the available New to Canada mortgage products apply to new immigrants who have been in the country for up to 36 months.

Here is a rough idea of some of the things to set aside in advance:

·         Proof of employment and salary in Canada

·         Proof of at least 5% down payment from your own sources

·         Government proof of residency application

·         Copy of your immigration papers

·         Copy of your passport

·         Credit report

·         Mortgage or rental payment receipts for the past 12 months

·         Bank statements, utility and phone bill payments for the past 12 months

Have a look at my website for a more in-depth look at what the program is and what it can offer New Canadians. There might even be a link to a certain team's website that may or may not be competing in the Stanley cup Finals. www.kevynoyhenart.ca

Until tomorrow...

Kevyn