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What advice do you give when the bank turns them down?

So your clients tell you that they want to buy a new home or rental property. They went into their bank branch and were turned down for new mortgage financing. Now what should they do?You could casually tell them to go down the street to another bank branch. Or you could say nothing at all, hoping that they drop this embarrassing subject. After all, if they were turned down by their bank there must be something wrong. You could console them and tell them to wait and try again next time. Or worst of all, you could tell them that maybe it simply was not meant to be. You can do better and so can they. Before they give up or run around to other financial institutions, suggest they do some homework.The first step is to reconstruct the crime scene. Why were they turned down? It is unlikely that the bank loan officer who took their application will tell them the whole tragic story of mortgage financing gone awry. That overworked, underpaid person may not even know the whole story.Why not hel…

“How to advise Clients with a Covid-19 Cash Crisis”

According to an Ipsos poll commissioned by MNP and published on June 22, 46% of Canadian’s work situation has been affected by the pandemic. Personal incomes and businesses have been dramatically affected.
On the other hand, the dominant narrative from Canadian governments and media is that we are progressing well through stages toward opening and normalization of the economy. 
Many of us seem to be talking as if the Covid-19 crisis is over. We are thinking about summer off-time and then ramping up for the Fall.  We will need to do some planning. Q4 will be critical in what has been an unusual year. 
I participate in a number of online forums and zoom groups like this one, and attendance has gradually fallen off this summer. People seem relaxed, withdrawn, and want to enjoy the rest of the summer. I am grateful that organizers are really working hard at keeping people coming out to online work-related events.
With some of my clients, I am discussing mortgage financing and emerging real es…

Review of George Soros, In Defense of Open Society

Review of George Soros, In Defence of Open Society, Public Affairs, Hachette Book Group Inc, 2019.

The name of George Soros is once again in the news. Mr. Soros has stirred up a lot of trouble over the years, but he probably doesn’t even know about half the accusations that are being thrown at him. Even President Trump has helped to spread the rumours. Although Mr. Soros has been a relentless self-promoter for more years than most of us have been alive, the current conspiracies are unlikely to have any connection with him.
What is the real George Soros all about? His books give us some clues.
Soros has written many books and in 2019, published In Defense of Open Society. I find Soros and his books to be inspiring and intelligent, shrewd and naive, irritating and fascinating.
George Soros is one of those last remaining larger-than-life characters from the 20th century. He has had an astounding career spanning continents, a World War, and the falling of the Iron Curtain in Europe. He is a b…

Moving On Up to a Luxury Home? Some Mortgage Tips

Moving On Up to a Luxury Home? Some Mortgage Tips
This is great news! Things have been going well for you. You want more room for your family. You can already hear the laughter and joy that will come with entertaining friends and visitors in style. You dream of a beautiful kitchen, bright, airy rooms, high ceilings,  and spacious, private green space.   
Be aware that this needs to be a prudent financial decision, just as much as any other in your business and life. All over the Greater Toronto Area, there are quiet tragedies taking place in which luxury home buyers made a mistake. They bought the wrong house, at the wrong time, for the wrong amount, and for the wrong reasons. And now they are calling around for a mortgage broker to rescue them from the wreckage.
The time to call your mortgage broker is now as you begin to make steps toward your dream home. Call the mortgage broker first, before you send a realtor house-hunting and before you go over to your bank branch for a standard ho…

Have You Done Your Spring Mortgage Check Up Yet?

Hot weather is here, but a lot of us have put off some basic Spring maintenance. It looks like some people won’t even be taking their winter tires off this year! 
Spring is the perfect time for your annual mortgage health check-up. You do this, don’t you? Review your debt position each year? What amounts do you owe? Are you paying at the right intervals, given your current income flow? How does your interest rate compare to what is available on the market? 
And most importantly, what is your plan for renewing your mortgage? This might be the time if your current interest rate is far above what might be available to you. Mortgage interest rates are at historic lows right now.  If your mortgage is due in six months or less, it is time to start working on your new mortgage plan.
If your financial well is running dry this Spring due to the Covid-19 economic shutdown, don’t just hope for the best. Be proactive. Call me for a confidential conversation about your circumstances and we can look t…

Ten Tips For Getting The Best Deal On Your Mortgage Renewal

Ten Tips For Getting The Best Deal On Your Mortgage Renewal

Least possible resistance? - Don’t just take the easy way and renew your mortgage without giving it a thought. This could cost you money - and possibly a lot of money. Review your financial situation, the property, and the current state of the mortgage market.
When should I start thinking about mortgage renewal? - Each renewal date is an opportunity for a fresh financial assessment. Be sure to speak to your mortgage broker about this, three to six months in advance. Don’t wait passively for renewal notices and marketing calls. Be proactive.
Is my credit ok? - There is a lot of mystery around credit reports. The credit reporting agencies are currently making major changes to reporting procedures, ostensibly in response to privacy regulations. You never want to be surprised by what the financial world is saying about your finances.
You ought to check your own credit periodically. This will ensure correct reports and helps prevent f…