Cannot say I disagree...

Ok, I'm entitled to a day off as well.

My wife may not think so, but its just a blog right?

I read an article from the National post this morning written by a gentleman named Kelly McParland.

I read a lot for those who know me and like to keep up to date on anything that affects either my Country or my ability to perform my job at the highest level.

Today he wrote about the NDP and what it would mean should they become the opposition party ahead of the Liberals. And the funny thing is I agree 100% with him and his POV!

He goes on to write about the recruitment of the youth that the NDP is going through right now just to fill spots in riding's and the sudden surge in popularity that the party is reaping right now.

I have no problems with the youth movement as I believe we need some fresh faces in the political landscape.

What scares me, and did so before the surge in popularity was this:

What if they get a 100 seat opposition stranglehold?

Well Mr. Layton would be keeping his job and Mr. Ignatieff would probably lose his.

But the side bar to all this is scary.

Why you ask?

Well the Conservatives are going to come back to the table with the same budget as the one that caused the election. Both the NDP and Liberals (Ignatieff saying that the government can go to hell recently, by the way) will block that move.

Now what?

Another election. no way that is going to happen.

So we would be looking at a NDP led, coalition government.

Well how is he going to form a Cabinet with pissed off Liberals, considered Canada's natural governing party, and his recruited inexperienced college MP's?

That is what I call a scary proposition!

So I am not going to say who to vote for as I believe everyone has a right to make up their own minds. What I am going to say is this...

Please look into the facts and fictions of each Party and make an informed decision.

There is my political post before I vote on Monday.

You won't find any political stuff on my webpage, but you will find a lot of good information on the Mortgage Industry and how it works. http://www.kevynoyhenart.ca/

Until tomorrow....

Kevyn

On the edge of your seat...

Wow!

What a game last night. What an emotional roller coaster I went on throughout this series.

As a Canuck fan, and a pretty fanatical one at that, I am so glad to see some demons exorcised.

But I couldn't help but think about a few things while on that ride last night.

I to am in the process of selling my home and looking for a new one. And guess what, I am on the same roller coaster ride with that process as well.

I wanted to blog quickly today about this. Not only from my Point of view as a professional in guiding people through this process, but about being the one on the other side. I think I can offer a pretty fair POV.

My house has been on the market for almost a year now and we've had a few deals we thought were great collapse last minute due to unforeseen circumstances.

How did I feel?

Upset, Angry, Disappointed, Sad...etc.

So even though I know the process I still go through the gamut of emotions that every normal person would.

Aren't I supposed to be the professional one here?

Got me to thinking though and provided me with a new outlook on dealing with my clients.

Once you can understand the view from the other side, you can help them deal with the expectations and the letdowns.

I am that much better now having gone through it myself.

A few weeks ago I would have given them a fairly comprehensive outline of the process and what is going to happen.

Having done so myself now, I can provide better insight into the whole situation.

So what do the Canucks and my House for sale have in common?

They have both ripped the heart out of my chest at times and made me question the process.

What I need to do, and what I tell all of my clients is to have faith in the process.

Believe what A.V. says in the paper when he says we will follow the process and see it through. And they did. And because of this I hit the roof last night when they scored in OT!

Trust your Realtor and the job they do. If you have questions ask, they've been through it before, and they will again. and again. and again.

It is the end result that matters.

So a Thank you to my Realtor, Tracey L'hoist for putting up with me in my time of need ;)

And thank you to the Canucks. Because losing was never an option.

Won't find anything on my website relating to the canucks, but what you will find is a referral based program to people I trust and use. http://www.kevynoyhenart.ca/

Until tomorrow....

Go Canucks Go !

Kevyn

forgotten in the shuffle of a busy life

Today's quick article is on questions.

Sometimes we forget to take the time to engage in conversation that in the long run will help determine the proper course of action to take.

But what do i ask to determine this?

Are you not the professional and meant to do this for me?

Yes I am. But in today's world with google and yelp and YouTube an Twitter, why not do some research and question everything. There is no such thing as a dumb question.

These are questions that are important to ask your mortgage professional when looking at a massive debt, as that is what most young people face today when buying a home.

These questions are meant to strike up conversation and in no way put anyone on the defensive.

As always, a caveat with any advice I put on here - it is in no way meant to replace or even challenge the advice you would seek from Legal counsel.

Is the mortgage automatically renewable when it matures, or will I have to re-qualify?

Can I "skip" a mortgage payment?

If I have "doubled up" on a mortgage payment, can I "skip" a payment at a later date?

Can I pay my property taxes directly or do I have to pay them through the lender?

Is there any outstanding tax due on the property?

Can I sell the mortgage along with the house?

Is the prepayment amount based on the original amount, the current payment or the outstanding balance?

Can the monthly payment be reduced after it has been increased? If so, how?

Can I take the mortgage with me when I sell the house?

Who decides if my mortgage allows a prepayment?

When selling my house, what will the penalty be if the buyer is not allowed to assume the mortgage?

Will the full mortgage amount be forwarded on closing or is the adjustment date used?

What is the amount in interest I pay between when it closes and my first payment date?

How often can the mortgage be prepaid?

If I get an inheritance or have a chunk of money to put down on the mortgage, what is the penalty and  how is it calculated if I go over the 15% prepayment option?

How long is the interest rate guaranteed before closing?

Is there any cost?

Will I get the benefit of a lower interest rate if rates drop?

Am I supposed to keep an eye on the rates or do you?

When will the rate be set?

If it increases between now and closing, does my rate go up?

Can I convert an open mortgage to longer fixed term?

What does this cost?

What type can I convert to?

 Are there any fees associated with conversion?

Is the "early renewal" feature offered?

As I have mentioned in many articles in the past, there should always be a game plan to pay off the mortgage. One should never undertake a debt without a plan to put it simply.

Yes home ownership is something to strive for, but make it purposeful and rewarding instead of a constant stress. It should be a place to come home and relax not the polar opposite.

Ask these questions to your professional and engage in the conversation that pursues.

check out my web page for links to articles and sites that help first time home buyers make sure they get the right product for their situation   www.kevynoyhenart.ca


Until tomorrow...

Kevyn

Saved by the bell....

Just jogged a memory for most people from the 90's and the hit teen sitcom on TV that everyone watched at some point.

Who doesn't remember Kelly Kapowski and Jessica Spannow. Or Screech and his odd ball humour that went along with Zack Morris' lady charming charisma?

I'm not here to blog on that so don't worry.

Today's piece is on the Subjects you can put in place to protect you on a Contract that you get accepted when you are buying a home.

Why you ask is this important?

Here is why.

What if you thought you had your dream home only to get a gut feeling that something is wrong. What if there is some underlying detail in the foundation or electrical work?

What then...is there a way out?

The answer is YES, if you have taken the advice of the 2 professionals I hope you are working with when you are buying a house. That being your Realtor and your Mortgage Broker !

2 Subjects that should be on every contract should be:
- Subject to finance
- Subject to inspection

And here is the best part. Either can be invoked as long as they are not removed.


WORD OF WARNING...

SOME QUESTIONS MAY BE ASKED, AND THE ODD TIME YOU MAY HAVE TO PROVIDE DOCUMENTATION.

Due your due diligence when looking at a debt of $250 K.

Give yourself every opportunity to say yes, But, give yourself an option to get out if the inspection or financing fall through.

I've tweeted this a few times and I will put it on record here:

"Trust your gut feeling. Believe it or not, it is smarter than you"

Before you make an offer, think long and hard about the place and what little things can go wrong.

Check out the neighborhood.
Check out the Neighbors, physically go talk to them about the place.
Is there a school nearby that is good for your kids?
Is it within walking distance of a grocery store?
Is there a park nearby?

All of these things cannot be an afterthought. They need to be discussed with your Realtor and be factored into the decision just as heavily as finding financing with your Broker.

There are plenty more questions to cover that the few I've mentioned. Make sure you sit down with your 2 professionals and come up with a plan. Ask them to help you find your dream home and you will be pleasantly surprised at the time and effort they put in on your behalf.

Check out my web page for links to my twitter account and facebook page for all of my sage advice, and even referrals to professionals who will help you.
www.kevynoyhenart.ca

Until tomorrow....


Kevyn

Misinformation or Disinformation...is there a difference

A few days ago, an RBC Mortgage Specialist created a flyer that was circulated to her clients. This flyer was meant to indicate the differences between a Mortgage Specialist at RBC (her current occupation), and a Mortgage Broker (My current occupation).

Now there are rules that govern both the type of information you can circulate as well as the information itself. You can only publish accurate information. Having said that, what if you publish what you believe to be accurate information and it is false?

Now what??

Not only have you put something on the Internet - an extremely difficult place to make something go away- but you stated some things that you thought were true, but upon further investigation and or being pointed out to you, are not so.

You cannot take it back.

You can apologize.

You can issue a new article outlining your mistake and making amends that way.

There are many things available, but that is not why I am writing this article.

I wanted to point out something to people. A common misconceived word, or should I say words. These 2 words often get intertwined and used in the wrong context to convey ones feelings about something.

First let me define them:

MISINFORMATION - is false or inaccurate information that is spread unintentionally. the key word here is unintentional.

DISINFORMATION - is false or inaccurate information that is spread deliberately with intentions of turning genuine information useless.  It is an act of deception and false statements to convince someone of untruth.

Now as you can see, they sound the same and can be easily confused.

Having read the true meaning of both, if you've read the article from the RBC Specialist, I think you will lean towards the MISINFORMATION side.

Here's why:
- She is a professional just like us
- If she new what a Broker truly did she would be obligated to state so
- If she did this maliciously, like some believe to be so, she would truly be terminated for posting false truths
- She is bound by rules and regulations just like us; them being set by a Chartered bank


I could go on, but I think you catch my drift.

I love to educate people on what I truly do. When something like this comes up in the news, it gives me a great chance to promote both myself as a true professional and the industry itself as a true profession. We as front line soldiers trying to take the industry more into the mainstream should relish an opportunity such as this.
Not to tear the poor girl apart, but to set the record straight while there is attention on the matter.

That is why MBABC has jumped on board and been in contact with the parties involved.
That is why CAAMP today issued a statement.
IMBA...AMBA...all have stepped up to the plate.

This should give you reason to want to belong to these associations as Brokers in this country and in your province.

If you truly believe in what you do, and you have the passion to bring it front and center like I've seen in the past couple days on all the Social Media sites, then join the associations and fight it that way. Get behind your profession and help it grow. If we unite as one voice instead of many, we will be heard louder than if we did so on our own.

Take the time to educate each new client that comes aboard not only about what you can do for them, but about what the industry can do for Canadians in general.

Have a look at my website and see all the professions that we belong to under my links.
www.kevynoyhenart.ca


Until tomorrow...

Kevyn

What does "Hamlet" have to do with home inspections?

"To be, or not to be, that is the question: Whether 'tis nobler in the mind to suffer the slings and arrows of outrageous fortune, or to take arms against a sea of troubles, And by opposing end them?"

That is a soliloquy from  a well known Scottish play. I'm sure there are a few of you who have no idea what I am speaking of, or of whom I am referring to. There was a play written in the 1600's by one William Shakespeare, considered to be the world's pre-eminent dramatist, called "Hamlet". This is where this particular soliloquy came from.

What does it have to do with anything financial or mortgage wise you are asking yourself just before you click on the unsubscribe button?

Well, I am writing today about home inspections and what you need to ask the professional who conducts yours.

When it comes to owning a home, not only do you have to feel comfortable with the monthly payments, for most of us, we need to feel comfortable knowing that the walls and roof protecting us from the elements are not going to fall down around us.

Here are a few questions that you need to ask and have answered to help make your decision:

1.      Can I see your licence/professional credentials and proof of insurance?

2.      How many years’ experience do you have as a home inspector? (Make sure they’re talking specifically about home inspection and not just how much experience they have in a single trade.)

3.      How many inspections have you personally completed?

4.      What qualifications and training do you have? Are you a member of a professional organization? What’s your background – construction, engineering, plumbing, etc?

5.      Can I see some references? (Make sure you also check the references.)

6.      What kind of report do you provide? Do you take pictures of the house and add them to your report?

7.      What kind of tools do you use during your inspection?

8.      Can you give me an idea of what kind of repairs the house may need? (Be wary if they offer to fix the issues themselves or can recommend someone else to complete the job cheap.)

9.      When do you do the inspection? (Let’s hope they don’t have a day job, and can only do them at night when it’s too dark to see the roof. It’s best to stay away from part-time inspectors.)

10.  How long do your inspections usually take?

The purchase of a home is likely the largest financial expenditure you’ll ever make. And getting your home inspected is an essential step in the home-buying process. No one wants to buy a money pit – and once you have signed on the dotted line, there is no turning back.

The best way to ensure you use a professional home inspector is to seek referrals from your mortgage professional, real estate agent or friends. Since you want to be able to trust your home inspector’s judgement, you have to ensure they’re not part-time home inspectors just trying to make some extra cash on the side, or they aren’t only home inspecting so they can also offer to complete any work for you that you need done on the home. To ensure the job’s done right, after all, the home inspection must not be biased.

The purpose of a home inspection is for the inspector to be able to tell you everything you need to know about the home you’re going to purchase so that you can make an informed decision.

I would like to remind you that anyone in this industry for the long run, the Mortgage Broker side anyways, has a list of referral sources available to you. Take advantage of that. If our word is our gold, then a referral coming from us better have been vetted properly. If not, would you trust us to put you $250 K into debt and believe 100% that you would be put into the right product?

Just some food for thought.

Check out my website for more details and a list of trusted referrals from me.
http://www.kevynoyhenart.ca/

Until tomorrow...

Kevyn

Let your Broker show you how....

Want to pay off your mortgage quicker?

Who wouldn't!

But let me ask you this. Other than making more money and putting it towards your outstanding principal balance, do you know all the other ways in which this can be accomplished?

If not, here are but a few that can be applied towards that goal.

Mortgages in Canada are generally amortized between 25 and 35 year terms. While this seems a long time, it does not have to take anyone that long to pay off their mortgage if they choose to do so in a shorter period of time.

With a little bit of thinking ahead, and a small bit of sacrifice, most people can manage to pay off their mortgage in a much shorter period of time by taking positive steps such as:

• Making mortgage payments each week, or even every other week. Both options lower your interest paid over the term of your mortgage and can result in the equivalent of an extra month’s mortgage payment each year. Paying your mortgage in this way can take your mortgage from 25 years down to 21.
• When your income increases, increase the amount of your mortgage payments. Let’s say you get a 5% raise each year at work. If you put that extra 5% of your income into your mortgage, your mortgage balance will drop much faster without feeling like you are changing your spending habits.
• Mortgage lenders will also allow you to make extra payments on your mortgage balance each year. Just about everyone finds themselves with money they were not expecting at some point or another. Maybe you inherited some money from a distant relative or you received a nice holiday bonus at work. Apply this money to your mortgage lender as a lump-sum payment towards your mortgage and watch the results.

By applying these strategies consistently over time, you will save money, pay less interest and pay off your mortgage years earlier.

Now who doesn't find that an attractive alternative to carrying a 250 K debt for the rest of your forseeable future?

Check out my website for a few links to this information.  http://www.kevynoyhenart.ca/

Until tomorrow...

Kevyn

CHOICE...the real reason to use a Broker to get your mortgage in Canada

After that insightful piece on the differences between a Broker and a Mortgage Specialist from RBC courtesy of Ms. Corinne Schindler, I thought I would post a quick blog today to set the record straight.

I am not going to slander or throw her under the bus. What I am going to do is just give you the differences between the 2 channels...Banks vs. Brokers.

We both do the same thing with subtleties in approach and service levels with one main difference.

Mortgage Brokers offer CHOICE !

we are not tied to one financial institution and the proprietary product it offers. We are independent and can and will put a client into a product that makes sense for them and their plan to pay their mortgage off as quickly as possible.

If I were an RBC Specialist, and a TDCT Mortgage made more sense for you than my product, am I going to send you around the corner to TD?

Mortgage brokers offer choice

The next time you’re looking for a mortgage for that new house or you’re up for renewal on your existing mortgage, think about using a mortgage broker – their services are free and they offer you an abundance of choices the banks simply can’t compete with.

Mortgage brokers have access to a vast array of lenders – up to 90+ institutions, including some of the big banks – which enables these professionals to negotiate the best possible mortgage products and rates on your behalf. In comparison, if you approach your bank with a mortgage request, they can only offer you a narrow choice – namely, their own products.

Mortgage brokers do their homework on available mortgage products and keep themselves abreast of any new products, or changes to existing products, to ensure they find the best mortgage to fit your specific needs.

Unlike the banks, mortgage brokers can also cater to self-employed borrowers as well as those who have suffered credit blemishes due to life experiences such as divorce or illness. Brokers will listen to your story, whereas the banks have a very narrow view of what fits into their financing box – and this is unnegotiable.

If you’re thinking of buying a home, find a professional who can find the best mortgage rate and term for your unique situation.

Top Reasons for Using a Broker:

1. Choice – access to multiple financial institutions
2. Costs – using a broker is free and they can negotiate lower rates for you
3. Knowledge – brokers stay up-to-date on available products and services
4. Flexibility – mortgage products are even available for the self-employed or those who have credit blemishes 

have a look at my website for more educated views on both the Mortgage Broker channel here in Canada as well as the industry in general.    http://www.kevynoyhenart.ca/

Until tomorrow....

Kevyn

Can you find a way to say YES?

The the only thng that matters to a customer at the end of the day, is that they are taken care of in the manner in which they deem to be appropriate. If they sit there and give you the list of things they would like to accomplish, and you can help them to achieve, you have a customer for life.
 

We all have customers. It’s easy to identify your customers if you work in a bookstore or in a restaurant. Sometimes it may be more difficult —but they’re there.

Your customers are the people you serve— the people who benefit from your work. Your customer can be the person who buys your product, a co-worker, or even your supervisor. When you think about it that way, you will probably realize that you have more customers than you initially thought.

People, and especially customers, want to be treated well. Studies indicate that as many as 69% of customers will stop doing business with a business or organization, not because of product quality or cost, but because they feel they were poorly treated.

A basic human emotional need is the want to be treated where there is a sense of equity in a relationship. Cleints give us their time and money and expect something of equal value in return. When they don’t get the value they’re looking for, it causes them to withdraw from the relationship or the transaction.

On the other hand, when there is an equity balance in favour of the customer, it tends to increase loyalty.

I found a  local bakery who would give everyone that came in the store a free slice of bread with butter. You think this is a little thing, bit it is delicious and it is offered to you regardless of how much you purchase. As a customer, you feel loved and appreciated every time you go in the store. Who wouldn't keep going back?

So, Where do you get your bread from?

Perception of value does not have to come from the product or service you offer, but in the way it is offered. Here are six things that you could implement today that customers would find value in:

1. Attention

2. Respect

3. Speed

4. Quality

5. Innovation

6. Reliability

This is a simple and basic building block and a great strategy that often gets either taken forgranted, or overlooked.

So I challenge you all out there in the Mortgage industry...There are 6 things I just posted that if you did on a regular basis, would allow you to blow the Banks away.

I mean look at those 6 words and what bank can offer that to a client on a consistant basis?

Check out my webpage for recommendations to local businesses that make you feel like a million bucks in my Resources section.     http://www.kevynoyhenart.ca/

Until tomorrow...

Kevyn

Dress properly...

Just wanted to blog today some sage advice my late Father passed on to me at an early age. He said this, "When you go out into Public, make sure you dress appropriately."

When I was younger, I wore sweat pants, running shoes, Football jerseys...etc. You get my drift. It wasn't until my early teens that I started to dress nicely. Somewhere around the time that I became interested in the pretty young ladies wandering the halls of Richmond Senior Secondary School in Richmond, BC.

Now you ask yourself after reading the first few paragraphs, what does that have to do with me. Well here is a lesson you can learn from me first hand.

And the story goes....

I had my SUV down at Visions today on the corner of Kingsway and Imperial in Burnaby. When they fixed my radio the other day, they disconnected the back up camera wire and so it was useless to me. SO I had to go back to get it corrected. Silly me thinking it would be a 20 minute job. Turned out to be 2.5 hours. At least I had my new book "Social Boom" by Jefferey Gitomer to read. But this is not why I am giving you all the background information. I made a critical error. Could have potentially cost me $4 K if you look at it a certain way.

What did he do you ask?

Well, seeing as how I thought it would only be a half hour max, I wore my jeans, my favourite Jeff Gordon Nascar shirt, white belt and white shoes with a nice coat. Great looking casual wear if you ask me.

So, whats the problem then? You dressed decent for what you were going to do right?

Yes. But what profession am I in?

Ahhhhhhh SALES!

Being in sales means you have to be ready for the potential meeting of a client no matter where you go. Sure enough, today I ran into one in the gentleman who helped me with my SUV. I presented a business card to the clerk in the beginning so they could reach me when the work was through. The nice lady who helped in the start was not the same one who completed the transaction.

Uh oh.

The Customer Service rep who wrote me up said " Oh, you work for Dominion"

I said "Yes, My Brother and I own a Franchise in Richmond, BC and we love to make mortgages easy for people. Do you know of someone who may need my services?"

He goes on to tell me that his parents are $90 K in debt due to some medical leave from work and they are looking for a Broker. Random, totally random encounter.

Was I ready? Was I prepared?

Hell yes mentally. I went into sales mode quicker than the Red Sox went down 0-6 to start this year's ball season off.

What I didn't have was the "Pièce de résistance" . I was not dressed to suit the professional image I am always trying to portray. The one I worked so hard to create, the one I try to get out there. I set myself up for failure because I was not being proactive.

Now I did get his business card and I am going to follow up Thursday afternoon with the gentleman, but as far as the first impression I left, it was not where it needed to be.

So take note of the rookie mistake I made, and make sure you dress for success when your a professional in anything that you do.

YOU NEVER KNOW WHERE YOUR NEXT SALE IS COMING FROM.

Acta est fabula ( so ends the story )

check out my web page for more details on how you can get in touch with me today!

www.kevynoyhenart.ca

until tomorrow...

Kevyn

Mortgage rate tunnel vision

Ever had tunnel vision?

Have you ever wanted something so bad that that is all you can think about?

Have you ever been so focused on the task at hand that you miss something blatantly obvious?

It’s easy to get caught up in the idea that comparing mortgage rates will guarantee you get the best bang for your mortgage buck. While this may be true for particular situations, there are many scenarios where this strategy is not effective. Following are three reasons why it doesn’t always pay to make a decision based solely on rates.

Reason #1

Your long-term plan and risk tolerance should determine which mortgage product is right for you. This product may or may not have the lowest rate.

For instance, there are cases where lenders will offer lower rates for insured mortgages. With insured mortgages, however, you’re charged an insurance premium, which is usually added to the mortgage amount. But if you’re not planning on keeping the property for a long enough time to offset that cost, it may be better to take an uninsured mortgage with a slightly higher rate. The cost difference you will pay with the higher interest rate may still be less than what you may pay in insurance premiums.

As another example, if you prefer to budget for a consistent payment and can’t handle rate fluctuations, it may be better to go with a higher fixed-rate mortgage. If you think current rates are low enough and you will be living in your property for at least five years, it may be wise to also opt for a mortgage with a longer term.

Reason #2

One of the biggest mistakes people make when merely comparing mortgage rates is failing to consider important factors such as prepayment options to help pay off the mortgage faster, whether secondary financing options are allowed, early payout penalties, or what fees are involved.

It’s not enough to simply compare mortgage rates because you have to know what “clauses” are contained within the mortgage deal. There may be cases where you will find a lender with the lowest rate and willing to pay for your closing costs, or even provide you with cash-backs after closing.

Reason #3

Lenders can change their rates at any time. As such, if you’re shopping for rates with one lender and then approach another that gives you a lower rate, it’s quite possible that the first lender has also dropped its rates. This is why it’s important to get pre-approved with a lender once you a mortgage that fits your needs. In some cases, you can secure your rate and conditions for up to 120 days.

These are just three reasons why it’s not enough to merely compare mortgage rates. The mortgage rate you may qualify for is also highly dependent on your credit score among other things. In order to get the best mortgage deals, you need to have solid credit.

Just a reminder that there is more that goes into a mortgage than rate. Alot of times the difference between the .05 you are saving is tying your hands for the forseeable future.

MAKE SURE YOU ASK your mortgage professional to explain in detail why he or she is putting you into that product.

A simple lesson learned and an easy read for your Tuesday.

have a quick glance at my website and go to the calculator page. Have a look at what the difference is on your mortgage amount and what you might be able to save.

http://www.kevynoyhenart.ca/

Until tomorrow...

Kevyn

Laying a Foundation...back to basics

Wow another great start to the workweek weather wise. Sun is out, kids are at school and I'm ahead of the game thus far. Who could ask for more right?

I had a few thoughts over the weekend regarding life and so I am going to blog this morning about the importance of a strong foundation needing to be laid in anything you do. Whether it be financially with a budget. Whether it be a strong core for your sporting career or even in its simplest terminology...the foundation for your house being built.

According to Mr. Webster, the word vision is a thought concept or object by the imagination: a mode of seeing or conceiving. Building a clear vision of your life and where it is at is not only pivotal now, but lays the foundation for suture success. As you work towards your goals in life, your vision gives you the drive to succeed. Where else would the resiliency come from. Your vision should be inspirational in all aspects. To the point of obsessive.

I wanted to write on this because if your dream is to own a home one day, I want to know how bad do you want it? Is it a foregone conclusion or just a dream implanted by each generation to the next telling you you need to own a home? Will it become a reality or just another whisper in the dark?

4 key areas to making dreams a reality...

Personal Accountability
Most people do not like this subject. Most people I know value their independence and freedom.
But what if you knew that the successful people in life have accountability partners?
They use these relationships to strengthen and encourage each other.

Smart Goals
Maintain a journal on what you do each day to make the hopes and dreams a reality. When you make something front of mind, your subconscious works to make it a reality. Write your goals down, pin it to the mirror in the bathroom where you have to view it everyday. And most importantly, share it with a trusted advisor or friend.

Resolve
Perseverance is the key. keep at it and keep focusing and things become a reality. Take charge of your dreams and move in the right direction. Create your Blueprint for success.

If you want to own a home, surround yourselves with people that can help make it happen. Seek out a like minded Realtor that won't pressure you to buy now. Find one that will work with you and your time frame and your vision.
Find a Mortgage Pro who will guide you in all the steps necessary to make it a financial reality.
Find a Financial advisor that can help you create the plan that will make it a reality as well.

There are numerous other channels as well to take advantage of. The Internet has a billion answers if you look in the right places.

The bottom line it, if you want something bad enough, it will happen. Might not happen today or tomorrow, but somewhere down the line it will. Just have strength and resolve and follow the vision and advice of trusted people and you will achieve what you want.

There is a nice little motivational piece to start your week off with.

Need a trusted advisor? Look on my website under Resources and see who I recommend.

www.kevynoyhenart.ca


Until tomorrow...

Kevyn

Something you never think of until you need it...

Wow what a beatiful sunrise here in Richmond, BC. You can feel the change in the air. It is so much easier getting the kids up and off to school on a nice sunny day as opposed to the overcast and rainfilled ones.

I just wanted to quickly blog about something that you never think of. SOmething that I believe to be essential in anyones life. Something that is a life changing product. Something if set up right can protect your family and kids. Something that it seems people only want when they can no longer get it.

And that is....

Life Insurance. Or for the sake of todays argument  what I like to call mortgage protection insurance.

Truth is I have to offer it.

Do I want to?

In the beginning I would just go through the motions. Nowadays, after my Father Jack passed away last May, I have gone through what most might call a paradigm shift.

When Dad passed away last May, he left my mom well set up to continue on with her life and not skip a beat. Part of that was his Banking background and well thought out financial plan. Inclusinve of that was a Life insurance policy that paid off the mortgage left on the Family home. This meant that Mom didn't have to scramble to make payments and could keep living.

Yes it didn't change that her husband of 30 years was gone and not coming back. That still hurts I am sure to some degree. What it didn't make her do is become a greeter at Walmart. That is what I am trying to make clear here.

Mortgage professionals can protect their clients’ families and their homes through a mortgage life insurance policy.

Mortgage life insurance is simply a life insurance policy on the homeowner which will allow their family or dependents to pay off the mortgage on their home should something tragic happen to them. This is not to be confused with mortgage default insurance, which lenders require to cover their own assets if you have less than 20% equity in your home. Mortgage life insurance is meant to protect the family of a homeowner and not the mortgage lender itself.

While it is nice to think that if you were to pass away your mortgage would be paid off, is it really necessary for you to pay for this service? If you already have an adequate amount of life insurance then the answer might be no.

If you are the primary breadwinner in your home and your death would leave your family without the means to pay for the mortgage, then mortgage life insurance might be a good option.

When looking at mortgage life insurance policies, it’s important to know if the policy that you choose is portable, and if it’s backed by a large organization. A mortgage professional will take you through the ins-and-outs of mortgage life insurance. By evaluating what you really need, and the differences in coverage and costs, you can make the best decisions for you and your loved ones.

At the very least take your mortgage professionals offer to cover the mortgage you are undertaking.

If you are truly smart and have a plan, then take his or her referral to a Life Licensed agent and explore in more detail. There are products out there that allow you to contribue for the next 20 years and then never pay a dime again. Yet, you are covered for the rest of your life. You are in the prime earning years of your life between 30-50, why not set your kids up for success as opposed to having to settle your estate bitterly.

Just my thoughts.

The plan that most mortgage agents offer covers your from the time you sign the form. it also gives you the option to shop it around for 60 days no hassle money back idea. So do yourself and Junior of the future a favour and sign to apply. Then do yourself the due diligence only you deserve and shop it around to see if you can do better.

Enjoy this Friday morning, unless you choose otherwise.

Want more info on todays Rant?   http://www.kevynoyhenart.ca/


until tomorrow...

Kevyn

What to do when faced with trying times in life....

Life doesn't always thros us fastballs that we can hit 500ft into the upperdeck at Yankee stadium on a cool October night. What life does is challenge us. Make us use the skills we have acquired to that point in life to solve the problem that faces us at that moment in time.

So is life. And through each endeavour we go through we learn so that next time we are better prepared to be proactive in both our thought processes and in our decisions.

With the uncertainty of job loss racing through many people’s minds these days, taking a proactive approach to this issue by putting mortgage payments aside while you’re still actively employed can help set your mind at ease.

Planning for the future and potential job loss is one of the most important undertakings you can make to ensure you can pay your mortgage in an uncertain economy.

A professional should suggest you put money aside each pay period so you can place six to 12 months’ worth of mortgage payments into a short-term GIC as security for a possible job loss.

And, best of all, if your job remains secure, you can take the money out of your GIC and make a pre-payment back on your mortgage on your anniversary date, which can end up saving you thousands of dollars in interest payments.

But if it’s not plausible to save money each pay period, refinancing to access the equity you’ve already built up in your home is another valid option for planning ahead in uncertain times.

In addition to freeing up money to store future mortgage payments in a GIC, some of the money can also be used to pay off high-interest debt – such as credit cards – and get you and your family off to a fresh financial start.

You might find that taking some of the equity out of your home to pay off high-interest debt can put more money in your bank account each month.Since interest rates are at historic lows, switching to a lower rate may save you a lot of money – possibly thousands of dollars per year.

There are penalties for paying your mortgage loan out prior to renewal, but these could be offset by the extra money you acquire through a refinance.

With access to more money, you will be better able to manage your debt. Refinancing your first mortgage and taking some existing equity out could also enable you to make other investments, go on vacation, do some renovations or even invest in your children’s education.

Keep in mind, however, that by refinancing you may extend the time it will take to pay off your mortgage. What that means to you and your significant other needs to be discussed and action planned out. There always needs to be a plan to pay off your mortgage rather than just flying by the seat of ones pants, per se.

There are many ways to pay down your mortgage sooner that could save you thousands of dollars in interest payments throughout the term of your mortgage.

Most mortgage products, for instance, include prepayment privileges that enable you to pay up to 20% of the principal (the true value of your mortgage minus the interest payments) per calendar year. This will also help reduce your amortization period (the length of your mortgage), which, in turn, saves you money.

Another way to lower the time it takes to pay off your mortgage involves changing the way you make your payments by opting for accelerated bi-weekly mortgage payments. Not to be confused with semi-monthly mortgage payments (24 payments per year), accelerated bi-weekly mortgage payments (26 payments per year) will not only pay your mortgage off quicker, but it’s guaranteed to save you a significant amount of money over the term of your mortgage.

If, for instance, you have a $100,000 mortgage, an interest rate of 5% and an amortization period of 25 years, your monthly mortgage payment would be $581.60 and your total payments for a year would be $6,979.20 ($581.60 x 12).

To understand the savings accelerated bi-weekly mortgage payments can make, take the monthly mortgage payment of $581.60 and divide it by two ($581.60 ÷ 2 = $290.80).  Next, take that payment and multiple it by 26 to arrive at your total payments for the year ($290.80 x 26 = $7,560.80).

As you can see, by using the monthly mortgage payment plan, you’ve made payments totalling $6,979.20 for the year, while using the accelerated bi-weekly mortgage plan you’ve made payments totalling $7,560.80 – a difference of $581.60. 

Basically, with accelerated bi-weekly mortgage payments, you’re making one additional monthly payment per year.

Using this example, you would reduce the amortization on your $100,000 mortgage from 25 years to just over 21 years and your total savings on interest over the life of the mortgage would be just over $12,000.

By refinancing now and paying off your debt or putting money aside for future mortgage payments, you can put yourself and your family in a better financial position.

Don't forget to check out my website for current market conditions and updated Rates and other great links.

http://www.kevynoyhenart.ca/

Until tomorrow...

Kevyn

How is a Fixed Mortgage interest rate set in Canada?

Here is a quick rundown on how Fixed rates are set in Canada. Not an exciting read as per some of my other articles, but a free education is just that, free. If I put you to sleep I apologize ahead of time.

The Government of Canada, and all major nations, finance their activities and deficits, by issuing “bonds”. The interest rate paid on a new issues of these bonds depends upon the financial strategy of the Government in power. The accumulated outstanding amounts of these bond issues, past and present, is known as “the National Debt”. New issues are constantly required either to refinance maturing issues or finance current Government deficits. A bond is considered a “commodity” by the market and like any commodity in this great country of ours,it can go up or down. There are alot of external factors that I will not get into that affect the rising and falling of these. To give you an example, all you have to do is look around the world and what is happening in Japan, Libya, Syria, Brazil etc.

A new bond issue may set an interest rate at current market value, say $200 million at 5.8% for a 5-year bond. If this coincides with an economic or political event which drives down its value- for example, the unexpected Federal election here in Canada-  the effect on interest rates is immediate. The individual bond may fall in value, thus yielding a significantly higher return for the buyer at the lower price. This combined yield of interest and capital gains sets the new base market rate. Any Chartered bank (TDCT,RBC,BMO) seeking funds from these same investors will have to pay this yield plus a small premium to secure them.

Investors who buy and sell these Government bonds in large quantities, such as the Ontario Teachers pension fund, weigh many factors, including the currency value and economic prospects of Canada. They then determine what price they’ll pay for them. The price they’ll pay defines the base market rate for wholesale funds. Every day, trends in this rate are watched closely by all Financial Institutions and Mortgage Lenders (MCAP,First National,Street Capital) alike in order to be in a position to adjust their rates if required. IF you want to know when rates will rise, you can use this simple formula. If you take the 5 year Canadian bond and apply a basic 1.6 point spread to it, that is what the discounted rates should be. If there is less than the 1.6 spread for an extended period of time, rates are probably on the rise. This is just a loose rule of thumb and in no way a predictor of an actual rise. Just something my Father taught me when I was learning to become a Broker.

Canadian mortgage lenders are aware that their current depositors can choose to put their money into none of the financial institutions GIC’s, and instead buy other “fixed income securities” such as bonds, which yield a higher rate because they adjust immediately to market changes. They can even switch their funds into the stock market if this is performing relatively better.

In the truest sense of the word, the mortgage lending institutions are competing with other markets for the investor’s money. If a bank doesn’t attract enough depositors to fund mortgages, they’ll have to go where their depositors go - the money market - to make up the difference….and there, they pay the going rate!

All in all not a sexy read but very informing. There is alot more detail one could get into, but if you want the particulars give me a call or write me a note on any one of my social media sites.

Enjoy the sun today as one never knows when it will be back in April on the Wet Coast ;)

need immediate information regarding rates and mortgage info http://www.kevynoyhenart.ca/

Until tomorrow...

Kevyn

Statistics in the Canadian Market...

Good morning all.

I've been reviewing my favourite economics publishers and going over some numbers very relevant to the Canadian market. I thought I would take a time out today and share some of them with you in bullet point note form.

Enjoy.

In no particular order....

- 90% of consumers world-wide are most likely to trust the recommendations of the people they know

- on that fact, did you know that 36% of people turn to Family and frioends as their key source of referrals

- 1/5 of Canada's total GDP is housing related economic activity

- Equity LOC's now comprise 12% of household debt here in Canada

- Overall equity is at 72% of the total value of housing in Canada

- At the current 5 year posted rate of 5.19%, reducing amortization from 35 years to 30 will booset an owners payment by $95 or more than 6% on a $300K loan

- This change is the same as a .5% interest rate hike

- In Canada 58% have less than 25 years left of amortization, 12% have between 25-30 years and the reamaining 30% have over 30 years.

- 92% of all homeownders feel that owning ahome is a good long term investment

-84% of first time buyers research on the internet about mortgages before talking to a professional

- 71% of those who researched compare the costs of different interest rate scenarios

- and 65% check for competetive rates

- 54% of Canadians feel the Internet is the most important and influential form of media compared to tv at 27%

- 53% of Consumers depend on Social Media to help make a purchase


All in all some neat numbers to look at. I was quite surprised when I saw them for the most part.

For more links or Mortgage information visit my webpage at http://www.kevynoyhenart.ca/ and click through.

Until next time...

Kevyn

Put your money where your mouth is !

It's Monday morning here in Vancouver, BC and since the weather threw me a change up with the rain forcasted all day, I thought I would throw one of my own and switch subjects to something a little more geared to why I work the way I do.

What is a referral?

Mr. Webster defines a referral as : to direct attention usually by clear and specific mention.
in other words, to recommend a service or idea to someone based on your own experiences.

At times, the real estate industry has taken a transactional approach to sales. Professionals have been encouragedto identify clients, serve them, close the deal and then go on to find the next. Cold calling and door-knocking have been the dominant methods of prospecting in the industry. However, these practices do not fit my personal philosophy of how to treat people.

I believe that in today’s marketplace people expect and deserve a higher level of contact and connection with their real estate and Mortgage Expert, which is why I work by referral. In fact, I teach working this way as well to all my new Brokers.

Working by referral is about strengthening relationships over the long term. When in need of anything in this world, we look for someone to trust and rely on, someone who comes highly recommended and is willing to go the extra mile to help us achieve our goals. Simply said, we want to make sure that our invetment, whther it be time or money, gives us the best return.

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.

Enjoy your rainy monday here in Vancouver.

Until next time...

Kevyn

 

Ultimately, our goal is to have a long-term relationship where we can provide exceptional service that you are confident referring to your friends and family for years to come.

So we've set the Amortization properly, were done right?

Well, not exactly.

Choosing the mortgage term that is right for you can be a challenging proposition for even the savviest of homebuyers. By understanding mortgage terms and what they mean in dollars and sense, you can save the most money and choose the term that is right for you.

The first consideration when comparing various mortgage terms is to understand that a longer term generally means a higher corresponding interest rate. And, a shorter term generally means a lower corresponding interest rate. While this generalization might lead you to believe that a shorter term is always the preferred option, this is not always the case. Sometimes there are other factors, either in the financial markets or in your own life, which you will also have to take into consideration when you select your mortgage term length.

If paying your mortgage each month places you close to the financial edge of your comfort zone, you may want to opt for a longer term mortgage, for instance ten years, so that you can ensure that you will be able to afford your mortgage payments should the interest rates increase. By the end of a ten year mortgage term, most buyers are in a better financial situation, have a lower principle balance due, and should interest rates have risen, will be able to afford higher mortgage payments. This somewhat Naive point of view is what a lot of older clients did in the past to combat the outrageous rates that Borrowers saw in the 80's. This is one option, but does not make sense for most people as there is no flexibility should an emergency money situation come up to access the equity in your home.

If you are shopping for a mortgage for an investment property, you will likely want to consider choosing a longer mortgage term. This will allow you to know that the mortgage payments on the property will be steady for a long time and allow you to more accurately project your future income from the property.

Choosing the right mortgage term is a unique decision for each individual. By understanding your personal financial situation and your tolerance for risk, a mortgage professional can assist you in choosing the mortgage term which will work the best.

With all the racket these days about the Economy and what is happening all over the globe with revolutions and dictators being overthrown, there is a heck of a lot more that goes into a Term and rate decision than ever before. Seek some professional guidance in your mortgage quest and you will ultimately come out better than those that go it alone.

Until next time...

Kevyn