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Mortgage Monthly Newsletter, January, 2008
Mortgage Monthly Newsletter, December, 2007
Mortgage Monthly Newsletter, November, 2007
Mortgage Monthly Newsletter, October, 2007
Mortgage Monthly Newsletter, September, 2007
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Mortgage Application
Poor Credit and buying a home
I can tell you from first hand experience that wishing and hoping for your credit to improve doesn’t work. Actually, nothing happens until you finally decide to take massive action to make it happen!
When I tell you that your credit problems can disappear, I am speaking with experience and telling you stories from a book. When I say that you can start using your credit card not fearing it will decline, or answering the phone at night, I can personally attest to it. You see in my much younger days, I was faced with my fair share of financial challenges, challenges which overtook me until I finally got the upper hand on them. Like many other things that are hard, it did take some sacrificing on my part. Now when I speak about sacrifices, I’m not talking about giving up eating; I’m talking about giving up the old ways and going in a totally new different direction.
If you already own a house, the solution is much easier. You can read more about it by clicking here. Now for all of you who don’t currently own a home, start thinking about getting one. Even with poor credit, there are options out there today! I currently have many lenders that will offer mortgages to folks with poor credit. If all else fails, you can even look at doing a lease on a home with an option to buy it, provided you can find a seller to structure this deal with. It could look something like this, after one year of lease payments made on time by you, the seller gives you the option of purchasing the home. You might be able to structure a deal whereby you can get a loan using the equity that was created, if any, during the time you were leasing as your down payment. This will make the purchase easier. You should be able to create some equity just based on the fact that the seller doesn’t have to pay a real estate commission and can give you that savings.
Why is it important to own a house? In this country, housing generally goes higher year after year based on higher building costs, limited land availability and inflation. Some areas obviously are better than others, but in the long run, they are all good. The increase in the equity in your house means your balance sheet will become more balanced. Your asset side, which includes the equity in your house, will grow to meet the liability side and help you even quicker. You can use the equity in your house at any time to start getting out of debt, and although I’m sure there are some of you out there who may think that’s foolish, hey, obviously you haven’t lived with credit problems.
I was speaking with a financial planner who was sharing this story with me: a client of his called him one day and said he couldn’t go on with his credit card nightmare ($91,000), and so he referred him to a mortgage broker who talked about a refinance, pulling cash out of the house and paying off the debt. He had the equity to do this and his credit hadn’t deteriorated at that moment. He knew it was going to, because he couldn’t make the payments any longer. At first he resisted the advice of the mortgage broker, but after about three weeks and only after exhausting every other avenue, he went forward. He was delighted and told the financial planner that he had already discounted some of the debts pending their payoff from the refinance.
Three years later he called the mortgage broker to refinance into a better loan, as his prepayment penalty was up. When the mortgage broker ran his credit, he was horrified. The client had never paid off one of the debts and they were all either written off or in collection! The mortgage broker called him and told him that he couldn’t help him. When the mortgage broker called the financial planner to relay this story, he was totally shocked!
For a long time after that incident, the financial planner felt responsible for his actions. He wasn’t, but he still felt that maybe he had done something wrong. He didn’t, and finally realized that even if he had forced him to pay the debts off with the funds from the new mortgage, the client most likely would have run them up all over again.
I thought about that story for some time and wondered what I would have done in that situation if I was the financial planner and how I would have felt about the whole incident. After a while, I came to the conclusion that some people are just like that, but should that ever stop me from helping the majority who aren’t? Of course not! I just cannot live my life with the thought that people aren’t inherently responsible.
The battle to keep your credit in tip-top shape isn’t easy, especially for young people. Advertisers are out there spending billions or maybe trillions of dollars showing you just how easy it is to live today and worry about it tomorrow. The credit card companies didn’t get as big as they are by accident. They know how to push your buttons and push them, they do!
Now back to the problem: poor credit. Poor credit affects you in so many ways, because it limits the alternatives you have when money is short and problems are long! There isn’t one simple formula that will work for everyone. There are those out there who will simply tell you that all you need to do is quit spending unless you have the cash, but they obviously haven’t been there when your child is sick and needs medicine that you can’t afford. Or it’s your child’s birthday and you don’t really have anything to give them. They weren’t there when you lost your job and your hope at the same time. They do not know what the constant phone calls can do to your psyche and your sense of self worth.
Sit down and make a real list of your bills, leaving nothing off. The list should include the amount and the monthly minimum payment. Now list all your income leaving nothing off including any financial help from your parents, friends or relatives. If you own a home, now get a real idea of what your house is worth. Now you have the entire puzzle and you can start to figure it out. Keep in mind that “Seeking help” is not a saying, it’s a major part of the solution.
For those of you who have never been in financial trouble, you have my best wishes that you never see days like these! For those of you who are currently dealing with these financial hardships, the best piece of advice I can offer you is, that you need face the truth, the whole truth of your situation, and after having done so, uncover the mess and then finally try to solve it. Not part of it, but all of it.
The missing ingredient to recovery is the need to include reserves in the formula, as it will not work without reserves. Why? Because the first problem that arises will trigger the old solution. Once you have reserves, your chances of recovery are ten times greater than without them. They must be an overall part of the plan.
This is not a pleasant subject, but with the right commitment and right actions taken by you, it can be!
Owning Your Own Bank
You need to know what you haven’t been told: the right move will increase your wealth, and the wrong move will give you warts, figuratively speaking. Why didn’t anyone tell you? Because: (a) there isn’t any money in it to tell you, (b) your parents probably didn’t know, and (c) if they did know, you probably wouldn’t have listened anyway. Investing in real estate, much like the stock market or the commodity market or buying antique cars, is an art and not a science.
The first point I will make is one that I’ve heard said before, and it really hits the point home: your house is your bank. It is a great point, because if managed right, your house can and will become the “Bank of First Choice” for you, and guess what, you’re always welcome there.
In your quest to buy your first house, do not skip any of the steps that will lead you to the right place, as it will be the foundation of your financial plan and will help shape your financial future, so you owe it to yourself to get it right! Begin by getting pre-qualified. If you talk with any real estate agent or broker, they will tell you the need for a pre-qualification when you go out shopping for a new home. Remember that being pre-qualified is not for the seller’s benefit (knowing you are capable to buy the house), nor the realtor’s benefit (knowing you can get the financing). It’s for YOUR benefit. You will learn what you can afford, and the different types of programs available. When I do a pre-qualification, I also tell you what you can’t afford. I do that to help you defeat “the kid in the candy store syndrome”. Believe me, it’s real. After all, if I was to place two items side by side, but one was slightly nicer for whatever reason, that’s the one you would be attracted to. So it’s only natural that when you go out looking for homes, it’s the nicer and unfortunately more expensive ones that have a greater tendency to catch your eye!
Next, those of you who think that you can do it without the help of a realtor, think again! A good realtor will show you as many places as you need to see, tell you not only the pros and cons of each one, but also the area, and really won’t push you into a house above your means. Why? Because by being pre-qualified, you already know the limits!
An excellent rule when it comes to buying a house is to remember that the worst thing you can do is buy above your means, and try to tailor a loan that will help you get there. You might be able to swing things in the short run, but unfortunately in the long run, that house of cards is surely bound to come tumbling down!
DECISION TIME
Once you’ve found “the house”, one of the most important decisions you will ever make needs to be made. What type of loan to go with? Keep in mind that your decision will be one you are likely to repeat every time you are in the position to buy any other piece of real estate. It will determine how big your bank will be in the short run, and most likely in the long run. So it is time to weigh the pros and cons of the two types of approaches; lowest possible payment or shortest possible amortization.
Those who opt for the lowest possible payment do so for generally one of two reasons: it is all they can afford comfortably for the house of their dreams, or they choose to invest their money into investment vehicles other than their house. I can certainly understand the latter reason and therefore will focus on the first reason. The difference in payments between a 40-year amortization and a 20 year one is usually about 25% to 33%, with a 25 year one only about 15% to 20% higher than a 40 year one. Those of you, who know me, know I’m simply not a fan of a 40 year amortization. The main reason you shouldn’t take a 40 year amortization is that if rates never changed, in other words, your entire loan ran for either 40 or 20 years, then when a loan amortized over 20 years was finished, you would still owe 75%+ on your 40 year. Even when a loan amortized over 25 year was finished (again, assuming that rates never changed throughout the whole period), you would still owe 60%+ on your 40 year amortization. I have an excellent chart and article on this click here to take a look.
The shortest possible amortization is chosen by people who are willing to sacrifice a little on their “dream house” to build a strong financial future. They take a 20 or 25 year amortization loan, knowing that their friends might have a better or bigger house to start because they took a different approach, but in the long run, the 20 or 25 year loan will amortize more quickly (reduce the balance of the mortgage), and they will end up with more equity in their house to use as they see fit in a shorter time. These are the folks whose bank will be growing.
So in the final analysis, what does all of this mean? Simply that when you enter the real estate arena, it’s a valuable first step towards the rest of your financial future! So be wise, take your time to understand each step and the ramifications of it, and feel free to write and ask questions. It is the easiest way to obtain wealth without winning a lottery. And unlike the lottery, everyone who both buys right and gets the right loan for their situation, wins! So if you’re ready to start, apply or contact me today and take the next step to owning your own bank!
How to save $276,157.80
People know that I don’t like and/or recommend 40 year amortizations, but they can’t seem to remember why. It is very simple. The 40 year amortization doesn’t pay your loan off very fast! So what do you have? You have a loan that has a somewhat lower monthly payment but it doesn’t really meet anyone’s needs in the long run. Well, it must be okay, because almost everyone’s taking 40 years amortizations, right? I’m afraid not; a 40 year amortization, unfortunately, is one of the worst investment decisions anyone could make; the only one it really benefits is the lender!
Some people take the 40 year amortizations because they offer the lowest payment, or because that’s the only one their broker or lender presented or recommended to them. Others do so because they don’t have the time to figure out what the heck they are trying to do with their financing or finances. There are
others out there who were told that their debt service ratio was to high for a shorter term, and this is the only way they would be able to qualify for a mortgage. And yes, for some, unfortunately, this may truly be the case, but not always. Sometimes a more creative look at their finances may be able to solve a
debt service ratio challenge and allow these folks to take a shorter amortization period!
Now you may be asking, just how much more does a 40 year amortization cost in the long run versus say one for 15, 20, 25, 30 or 35 years. Almost enough to pay off the national debt! Well, almost! What does this mean in the long run? Well, simply put, you’d better be prepared to put your life-long dreams on hold,
indefinitely! How can that be true? Well, let me show you with the following chart:
Let’s start with a $250,000 Loan at 6.0% with a 40 year amortization. For the purposes of this example, I’m going to assume that the term of the loan is the same as the amortization, and that rates stay the same all the way through to the end.
| 40 Years | 35 years | 30 Years | 25 Years | |
| Principal | $250,000.00 | $250,000.00 | $250,000.00 | $250,000.00 |
| Interest | $404,105.60 | $345,514.63 | $285,341.60 | $229,856.00 |
| Payment | $1362.72 | $1413.13 | $1487.06 | $1599.52 |
| Total Payments | $654,105.60 | $593,514.60 | $535,341.60 | $479,856.00 |
| You Save | $60,591.00 | $118,764.00 | $174,249.60 |
How’s that for savings? If you could afford to pay an extra $236.80 per month, you would cut 15 years off your mortgage and save a whopping $174,249.60! Are you ready to take the savings a step further? Let’s see what happens if we drop the amortization even lower on that mortgage.
| 25 Years | 20 years | 15 Years | |
| Principal | $250,000.00 | $250,000.00 | $250,000.00 |
| Interest | $229,856.00 | $177,312.80 | $127,947.80 |
| Payment | $1599.52 | $1780.47 | $2099.71 |
| Total Payments |
$479,856.00 | $427,312.80 | $377,947.80 |
| You Save | $52,543.20 | $101,908.20 |
Amazing isn’t it? Now you may not be able to pay an extra $500.19 per month (25 year amortization payment versus 15 year amortization payment) but if you could, you would cut a further 10 years off your mortgage and save an additional $101,908.20. Now just for fun, let’s add up all of these savings, in other words let’s take a look at how much money we would save taking a 15 year amortization versus a 40 year one. You better sit down for this one, drum roll please, $276,157.80! That’s a whopping $276,157.80 in after tax dollars, as you need to earn a lot more than this just to keep this much!
So what does all of this mean? Simply put, structure your mortgage the right way and you can save lots of money, which I’m sure you can think of better uses for than making the bank wealthier, right? Of course, I know that not everyone may be able to qualify for or afford the higher monthly payments in our 15 year model, but I’m here to tell you that not everyone has to do the 40 year one either! I’m sure you’ve all heard the expression, “there’s more then one way to skin the cat”. Well, it’s no different when it comes to mortgages. With the expertise and assistance of someone who is both innovative and has an excellent understanding of numbers, the impossible becomes readily possible. That’s where I come in. I feel that it’s my personal responsibility to my clients to design a mortgage for them, a mortgage that will increase their prosperity, not deplete it! So if you’re ready to start saving money, apply or contact me today and take the next step to financial freedom!
Cash flow crunch
Let me ask you a question: what creates better financial results for you, more income or fewer expenses? I guess you could say, it’s the modern equivalent to, “which came first, the chicken or the egg?” This is certainly a question I’ve pondered often. You see, I’ve always earned a living based on commission, all of
my working life. So I’ve always been a fan of working harder to increase income. My wife, on the other hand, is a CGA, and like most accountants, she prudently works to reduce expenses and manage costs. Our varied background and experiences both in business and in or our personal lives does sometimes cause us to see
things slightly differently; you could say that I’m for more income and she’s for fewer costs.
Of course, I completely agree with her when it comes to personal finances, especially when examining a borrower’s income and debt structure. While I refuse to give up my belief that a perfect solution for everyone would be more income, I’m smart enough to know that it’s not always the practical approach or an easy solution for most people. Let’s face it, it’s kind of hard to walk into your boss’s office and ask for a 50% increase in your salary, because you need it. It would certainly be nice however, huh? So that leaves me with the debt structure and coming to the realization that by restructuring the debt, I can give people
more money and less month, instead of less money and more month! Once you have more leftover income, you can put this surplus to work for you, by helping create more wealth with careful planning and investing.
Fortunately, the economy currently makes it very easy to restructure debt if you own a house. Our current mortgage interest rates are at record lows, which are far more favorable than those of other debt instruments. All of this makes it easy to roll the short term debt into the long term debt and save both time and money.
Scenario:
| Home mortgage $250,000 @ 6.0 (5 Year term with 35 Year Amortization) | $1414 |
| Equity Line $50,000 @ 8.00 % | $335 (Just interest no principal repaid back) |
| Credit Cards $25,000 @15.00 % | $315 (Just interest no principal repaid back) |
| Auto Payment $20,000 @ 8.0 % | $405 |
| 2nd Auto loan $15,000 @ 8.0% | $305 |
| Totals $360,000 | $2774 per month |
An 18 year fixed interest rate loan for $360,000 at the middle 6% range would have a monthly payment of $2807. So essentially your payments are $33.00 more, but your mortgage has dropped by 17 years, and all of your debts are now paid in full! That’s $75,000 in credit card and credit line debt that you were never going to be able to pay off, because all you could afford to pay was interest. Now it’s gone! Alternatively, a 25 year fixed rate loan (25 year term and amortization) at the middle 6% range would have a monthly payment of about $2430; that’s $344 per month of improved cash flow, and your mortgage is still paid off 10 years sooner. Isn’t it amazing that both of these
loans save the borrower years of payments and one even improves monthly cash flow as well!
Now the good news, we currently have an economic reality that makes the above example possible for most borrowers to accomplish and results in cost cutting measures which in turn allow you to make better income. Income that if you reinvest wisely, will result in even more wealth, so use this information to
your advantage and always, “Go with the flow—the cash flow!” So if you’re ready to start saving money, apply or contact me today and take the next step to financial freedom!
A mortgage that pays
Do you have the wrong kind of debt? “What’s the wrong kind of debt?” you ask. It’s debt that’s not tax deductible! Unfortunately, that’s the kind that most of us have. Now even the wealthy have debt, but the difference is, they routinely turn their loans into “good debt” by making the interest tax deductible. They do this with the help of an array of expensive accountants and lawyers. Ok, so while the wealthy are transforming their house mortgage loans into free tax refunds, what are the rest of us doing? Well, I’m glad you asked! The rest of us are paying off huge amounts of mortgage interest with after-tax income and not getting any wealthier in the process. About right now, I’m guessing that you’re thinking, that stinks, but what can you possibly do about it. After all, it’s just the way it is, the rich just keep getting richer! Well, my friends, don’t despair. There is hope. There does exist a simple and yet powerful method, that extends those tax-saving benefits to the rest of us. In fact, it’s so easy to use that you and your financial planner can start turning your bad debt into good debt, almost instantly!
Are you investing enough? All right, I’m sorry I asked! I know that you’re probably like most Canadians, who simply aren’t! After never ending taxes and the cost of just trying to make ends meet, most of us today don’t have the leftover cash to put away at least 10% of our income and or even come close to maxing out our RRSPs every year. The benefits of compound interest are immense. It’s essential to our long-term financial well-being, yet it remains out of reach for most, but once again there is a way to change that. It’s done by converting mortgage interest into tax refunds. I don’t know about you, but for me, it’s like hitting the jackpot in Vegas every time that I play! It dramatically improves your cash flow; cash flow which can be further used to build more wealth. It’s an incredibly amazing way for you and your family to receive large amounts of new money, through free tax refunds. Isn’t it about time that you got something back from the tax department?
Did you know that a $200,000 mortgage at 7% over 25 years will set you back about $220,000 in interest costs? That’s after-tax income, which means that using conservative estimates, you’ll have to earn about $700,000 to pay off your home. Is it any wonder that saving for the future for most Canadians seems more an impossibility, rather than a probability? But if you make this interest cost tax deductible using a proven and effective strategy, you can now recover a good chunk of that interest in the form of yearly tax refunds. When you use the tax department’s money to pay down your mortgage faster, it results in your being able to pay off your entire mortgage many years sooner. Now I’m guessing that if I haven’t lost your interest to this point, you’re definitely interested in saving money and increasing financial security! So what’s the next step? Well, that’s easy! Just click here to contact me and we can get the ball rolling on this amazing strategy, and start you down the road to prosperity!
ABC’s of mortgages
Here are some very common mortgage terms and expressions you are bound to hear throughout the mortgage process.
AMORTIZATION PERIOD: The actual number of years it will take to pay back your mortgage loan. Currently in Canada, the amortization does not exceed 40 years.
APPRAISED VALUE: An up to date estimate of the value of the property, conducted by a certified appraiser. This appraisal should not be confused with what is commonly know as a “CMA” (Current Market Analysis) which is often conducted by a licensed realtor in order to establish a list price for a property. Nor should it be confused with a building inspection, which is used to determine the overall condition of a property.
ARMS LENGTH: A transaction between unrelated entities where a willing seller (the seller is not compelled to sell) transacts with a willing buyer (the buyer is not compelled to buy).
ASSESSED VALUE: The value placed on land and buildings by a government agency for tax assessment purposes.
ASSESSMENT: A tax or charge levied on property by a taxing authority to pay for improvements such as sidewalks, streets, and sewers.
ASSUMABILITY: Allows the buyer to take over the seller’s mortgage on the property. BLENDED MORTGAGE: A mortgage that takes an existing mortgage and adds to it additional funds being advanced. The interest rate is a combination of the rate on the existing mortgage and current rates in effect at the time of the new financing.
BRIDGE FINANCING: This is interim financing to bridge the time gap between the closing date on the purchase of a new home and the closing date on the sale of the current home.
CLOSED MORTGAGE: A mortgage that locks you into a specific payment schedule. A penalty usually applies if you repay the loan in full before the end of a closed term.
COMPOUND PERIOD: The number of times per year in which the interest rate is compounded. In Canada, mortgages are generally compounded semi-annually which is twice per year.
CONDOMINIUM FEE: A shared payment among owners which is allocated to pay expenses associated with the entire property or development as a whole. Also know as strata fees.
CONVENTIONAL MORTGAGE: A mortgage loan issued for up to 80% of the property’s appraised value or purchase price, whichever is less.
DOWN PAYMENT: The buyer’s cash payment towards the purchase of the property. This payment can be from a purchaser’s own resources or a gifted down payment as well, or be comprised of a combination of the two.
EQUITY: The difference between the price for which a property is sold, could by sold or is appraised for, less the total debt registered against the property. This difference between the two numbers is the owner’s equity.
EFFECTIVE INTEREST RATE: This is the actual interest rate paid on a loan or mortgage. In Canada, mortgages typically have a higher effective interest rate because of the fact that interest rates are compounded semi-annually or twice per year. In Canada, effective interest rates have to be disclosed to the borrower.
FIRST MORTGAGE: The first mortgage in the mortgage agreement that is considered to be in first place, and will have first claim on assets in the event of any default. This is not necessarily the largest mortgage, but rather, the one that is registered first against the title.
FIXED RATE MORTGAGE: A mortgage in which the rate of interest has been fixed for a specific period of time. This specific period of time is generally known as the term of the mortgage.
GDS RATIO (Gross Debt Service Ratio): The percentage of gross annual income required to cover payments associated with housing. Housing payments include mortgage principal, interest, property taxes and sometimes include secondary financing, heating, condominium fees or pad rent.
HIGH-RATIO MORTGAGE: A mortgage that exceeds 80% of the home’s appraised value or purchase price, which ever is lower. These mortgages must be insured for payment to protect the lenders.
INTER ALIA MORTGAGE: “Inter Alia” also known as a blanket mortgage. An Inter Alia Mortgage is a mortgage that is secured by more than one property. A single mortgage document is executed and registered against each property that is used as security.
INTEREST RATE: The value charged by the lender for the use of the lender’s money, this rate is commonly expressed as a percentage rate.
LOAN TO VALUE RATIO: The ratio of the loan to the appraised value or purchase price of the property, whichever is lower. For example, if you purchased a home for $400,000 and it appraised for the same, and you needed a mortgage for $200,000 that would be a 50% loan to value ratio.
LOC: LOC is short for line of credit. There are two distinct types of lines of credit, secured and unsecured. Generally most mortgage lenders grant secured lines of credit, which use the property as additional security.
MATURITY DATE: The end of the term, at which time you can pay off the mortgage or renew it generally without any penalty.
MORTGAGEE: The party who advances the funds for a mortgage loan, in other words, the lender.
MORTGAGE INSURANCE: Applies to high-ratio mortgages. It protects the lender against loss if the borrower is unable to repay the mortgage. Again, this only generally applies to high ratio loans with a loan to value of over 80%.
MORTGAGE LIFE INSURANCE: Pays off the mortgage in full if any or all of the borrowers die. MORTGAGOR: One who gives a mortgage as security for a loan, in other words, the borrower.
NOMINAL INTEREST RATE: An interest rate which does not necessarily correspond to the effective interest rate. In Canada, these two rates do not correspond.
OPEN MORTGAGE: Allows partial or full repayment of the principal at any time, without penalty.
OSB - (Outstanding balance): The amount of principal which is still outstanding at the end of the term, or at any point in time during the mortgage.
PRE-APPROVED MORTGAGE: Qualifies you for a mortgage before you start shopping. You know exactly how much you can spend and are free to make a “firm” offer when you find the right home. Even with pre-approvals, it’s generally recommended that any and all offers for the purchase of a subject property be made with a “subject to financing” clause.
PORTABILITY: The ability to transfer your mortgage, including rate and terms, from your existing property to a new property.
PREPAYMENT CLAUSE: A clause in a mortgage agreement that allows you to pay off all or a percentage of the mortgage, before the maturity date, without incurring any penalty to do so.
PREPAYMENT PENALTY: A fee charged by a lender when the borrower prepays all or a part of a mortgage in excess of the regular payments and prepayment privileges allowed by the mortgage terms of the existing mortgage.
PREPAYMENT PRIVILEGES: Voluntary payments in addition to regular mortgage payments, these vary by lender and institution.
PRINCIPAL: The amount borrowed or still owing on a mortgage loan. Interest is paid on the principal amount.
PROPERTY TRANSFER TAX: A fee paid to the municipal and/or provincial government for the transferring of property from seller to buyer. In British Columbia, it’s currently 1% of the first $200, 000 and 2% on the remainder. For first time buyers in BC, there is a full exemption, where the fair market value of the land and improvements which comprise the principal residence do not exceed the qualifying value of $375,000. Also, if the fair market value of the land and improvements which comprise the principal residence exceeds the applicable qualifying value by an amount not greater than $25,000, a proportionate exemption is available. Click here for more information.
RATE COMMITMENT: A lender’s commitment to offer to hold a specific rate for a certain length of time. Rate commitments or rate holds can vary from 30 to 180 days depending again on the lender and institution.
REFINANCING: Paying off the existing mortgage and arranging a new one or re-negotiating the terms and conditions of an existing mortgage.
RENEWAL: Re-negotiation of a mortgage loan at the end of a term for a new term.
SECOND MORTGAGE: Secondary or additional financing, usually has a shorter term and higher interest rate than the first mortgage. The primary reason for this is, that the secondary lender usually has increased risk, as the loan to value ratio increases with additional financing.
STRATA FEE: A charge (usually monthly) by a Strata Corporation to cover the costs of maintenance, repair, cleaning etc. of common areas. This fee will usually include a reserve to cover major repairs such as re-roofing and heating system replacement.
TAX HOLD BACK: When your property taxes are included with your mortgage payments, your lender will withhold funds from your disbursement to cover interim or final taxes payable to the municipality. The amount depends on the month that the mortgage was funded and the dates when interim and final taxes are due. Tax hold backs are used to pay for the current year’s taxes while your monthly tax installments are accumulated in an account to pay the tax bills for the following year.
TDS RATIO (Total debt service ratio): The percentage of gross annual income required to cover payments associated with housing and all other debts and obligations, such as car loans and credit cards. When lenders are reviewing an application for a mortgage they will look at both the TDS and the GDS which was mentioned earlier. Generally as a rule, these ratios are the same from lender to lender with some variations.
TERM: The length of time the interest rate is fixed. It also indicates when the principal balance becomes due and payable to the lender.
TITLE: Legal ownership in a property.
VARIABLE-RATE MORTGAGE: A mortgage with fixed payments, but encompassing fluctuating interest rates. The changing interest rate determines how much of the payment actually goes towards principal repayment.
VENDOR TAKE-BACK MORTGAGE: When the seller provides some or all of the mortgage financing in order to sell their property. In this situation, the vendor is the mortgagee.
Is poor credit hurting you?
I’m sure you’ve often imagined what your life would be like if you didn’t have poor credit. Well, for starters, you probably envisioned yourself living in a better home, driving a better car perhaps? Of course, along with better credit, you would now become entitled to lower interest rates; rates much lower than what you are probably paying, which would result in savings to you! Savings you could pay part or all of your next vacation with. But back to reality again and that damn credit that’s killing you, and you just can’t seem to do anything about it!
That, I’m positive, is what you say, but not what you really mean. What you really mean is you’ve tried to fix your credit in the past and somehow it’s only gotten worse, OR, as much as you would like to have excellent credit, you’re sure that once you get there you will just revert back to your old ways. Going through all of that effort just to wind up back where you started would for many of you, I’m sure, be too much to bear!
If you’re a movie fan like me, as a famous character once said, “forgetaboutit”. Bad credit isn’t a problem if you truly don’t want it to be. We have the ability to pull out the equity in your home, if we need to, in order to correct this problem. Most times I can lower your overall payments when we do this, because as bad as your credit might be, we do not have to deal with the same double digit rates most of your credit cards have. Chances are also that many of your other loans and alike also have higher rates than what I can usually get. Plus, with my solution, you’re actually going to pay off your credit lines. As you probably already know, most people don’t ever pay off their credit lines; unfortunately, most people just make the minimum interest payments. Worse yet, some of you out there are “robbing Peter to pay Paul”. In other words, you’re using one credit line to make the minimum payments on another! Does any of this sound familiar? Simply put, you’re on the “never-never plan”, never going to stop making payments and never going to pay if off!
Yeah, your rates could get into the 8% or 9% range for really poor credit and a high loan to value, but that would be like stealing money from the credit card companies. With a low credit score, and say, cashing out to 85%, I would typically have you in the high 8% range, and on a $300,000 loan, the payment would be in the $2400/month range, still using a 25 year amortization! Add up what you are paying on your credit cards, any other monthly debts and your current mortgage, and I believe you will be higher than my figure. Not only that, but all of a sudden, your stress level will drop a few notches!
If this sounds like something you would like to explore, contact me, or apply online and let me show you the actual figures. I can promise you that I’ll make the process hassle-free and in a matter of a few weeks, you will be flying, because not only will your overwhelming debts be gone, but you will also have some cash reserves sitting in the bank for a rainy day, and you will not be sliding back the other way.
0 Down - 100% Financing
Did you know it’s been proven time and time again, that owning your own home is the first step to financial freedom? A step I believe that everyone is entitled to make, if that’s what they truly desire. Unfortunately, however, up until recently, desire alone was not enough to make it happen; a sizable down payment was also needed and presented a significant obstacle for many in attaining this dream! Well folks, all that has changed! I have lenders today that can provide mortgage financing on an innovative new program, accessible to qualified home buyers, who have no down payment!
Key components of this exciting program are:
• Owner occupied, primary residences only
• Maximum 2 Units
• New construction or existing properties
• From 1 Year terms and up
• Up to 40 Year amortizations
• Various interest rate types (Fixed, Standard Variable, Capped Variable, Adjustable Rate)
• Flexible credit qualifications, less than perfect credit will be considered
• Up to 100% financing for self-employed or business for self clients is also available
These are just a few of the highlights of this exciting program. For more detailed information and to see how this program might work to your individual situation, please contact me; or apply online today!
Privacy Policy
OUR COMMITMENT TO PRIVACY
VERICO Select Mortgage is committed to maintaining the security, confidentiality and privacy of your personal information. This Privacy Policy documents our on-going commitment to you and has been developed in compliance with the British Columbia Personal Information Protection Act.
SCOPE OF POLICY
This Policy applies to Select Mortgage Corp about individuals and does not apply to the information collected, used or disclosed with respect to corporate or commercial entities. However, such information is protected by other VERICO Select Mortgage policies and practices and through contractual arrangements. This Policy does not impose any limits on the collection, use or disclosure of the following information by VERICO Select Mortgage:
your business contact information;
publicly available information recognized under PIPA.
DEFINITIONS
In this Policy:
“collection” means the act of gathering, acquiring, or obtaining personal information from any source, including third parties, by any means.
“consent” means voluntary agreement to the collection, use and disclosure of personal information for specified purposes. Consent may be express or implied. Express consent can be given orally or in writing, it is unequivocal and does not require any inference on the part of Select Mortgage Corp. Implied consent exists when Select Mortgage Corp can reasonably infer consent based upon your action or inaction.
“disclosure” means making personal information available to a third party.
“personal information” means information about an identifiable individual but does not include business contact information of an individual. Personal information does not include information that is about corporate or commercial entities. It also does not include information that cannot be associated with a specific individual.
“PIPA” means the British ColumbiaPersonal Information Protection Act S.B.C. 2003, c.63.
“third party” means an individual or organization other than VERICO Select Mortgage and you.
“Privacy Officer” means an individual designated by VERICO Select Mortgage who is accountable for VERICO Select Mortgage compliance with this Policy and who can be contacted as set out at the end of this Policy.
“use” means the treatment and handling of personal information by and within VERICO Select Mortgage.
1. ACCOUNTABILITY
VERICO Select Mortgage is accountable and responsible for personal information under its control. VERICO Select Mortgage has designated a Privacy Officer who is accountable for Select Mortgage Corp compliance with this Policy. Accountability for VERICO Select Mortgage compliance rests with the VERICO Select Mortgage Management who may delegate the day-to-day accountability to the Privacy Officer. Other individuals within VERICO Select Mortgage may be accountable for the day-to-day collection and processing of personal information or to act on behalf of the Privacy Officer. VERICO Select Mortgage will adopt procedures to protect personal information, receive and respond to complaints and inquiries, train staff regarding policies and procedures and communicate policies and procedures to you.
2. PURPOSES
When collecting information, VERICO Select Mortgage will state the purpose of collection and will provide, on request, contact information for the Privacy Officer who can answer questions about the collection. VERICO Select Mortgage collects your personal information for the following reasons:
to provide and administer products and services requested and to use/disclose the
information for any purpose related to the provision of requested products and services;
to determine your financial situation including obtaining credit reports
to provide information to third party suppliers of products and services, such as data service providers, etc.;
to provide the information to credit bureaus and other financial institutions to update credit information; to protect VERICO Select Mortgage, yourself and others from fraud and error and to safeguard the financial interests of VERICO Select Mortgage;
to authenticate your identity; to provide information to anyone working with or for VERICO Select Mortgage as needed for the provision of requested products and services; to collect debts owed to VERICO Select Mortgage;
to manage or transfer assets or liabilities of VERICO Select Mortgage, such as in the case of acquisitions and mergers; and to comply with legal and regulatory requirements;
The above collections, uses and disclosures are a necessary part of your relationship with VERICO Select Mortgage.
Other uses:
VERICO Select Mortgage may use your personal information to offer their additional or alternative services to you and may add it to client lists which they prepare and use for this purpose;
VERICO Select Mortgage may contact you for survey purposes.
You may instruct VERICO Select Mortgage to refrain from using or sharing information in the two ways described above at any time by providing written notification to the VERICO Select Mortgage Privacy Officer. VERICO Select Mortgage acknowledges that the sharing of information in the two ways described above is at your option and you will not be refused services merely because you advised VERICO Select Mortgage to stop using or sharing information in these ways. When personal information that has been collected is to be used for a purpose not previously identified, the new purpose shall be identified prior to use and consent for same shall be obtained from you unless the use is authorized or required by PIPA or other law.
3. CONSENT
VERICO Select Mortgage will obtain your consent to collect, use or disclose personal information except where Select Mortgage Corp is authorized or required by PIPA or other law to do so without consent. For example, Select Mortgage Corp may collect, use or disclose personal information without your knowledge or consent where:
VERICO Select Mortgage is collecting or paying a debt; or
VERICO Select Mortgage is obtaining legal advice; or
VERICO Select Mortgage reasonably expects that obtaining consent would compromise an investigation or proceeding; or
VERICO Select Mortgage is obtaining information under circumstances where a person is seriously ill or mentally incapacitated.
Your consent can be express, implied or given through an authorized representative such as a lawyer, agent or broker. Consent may be provided orally, in writing, electronically, through inaction (such as when you fail to notify VERICO Select Mortgage that you do not wish your personal information collected/used/disclosed for optional purposes following reasonable notice of same), action, or otherwise. For example, oral consent could be expressed over the telephone when information is being collected; electronically when submitting an agreement, application or other information; or in writing when signing an agreement or application form. You may withdraw consent at any time, subject to legal or contractual restrictions, provided that reasonable notice of withdrawal of consent is given to VERICO Select Mortgage. On receipt of notice of withdrawal of consent, VERICO Select Mortgage will inform you of the likely consequences of the withdrawal of consent, which may include the inability of VERICO Select Mortgage to provide certain products or services for which that information is necessary.
4. LIMITS ON COLLECTION OF PERSONAL INFORMATION
VERICO Select Mortgage will limit collection of information to that which is reasonable and necessary to provide a product or service and which is reasonable and necessary for the purposes consented to by you. VERICO Select Mortgage will also collect information as authorized by PIPA or other law.
5. LIMITS FOR USING, DISCLOSING AND RETAINING PERSONAL INFORMATION
Your personal information will only be used or disclosed for the purposes set out above and as authorized by PIPA and other law. VERICO Select Mortgage will keep personal information used to make a decision affecting an individual for at least one year after using it to make the decision. VERICO Select Mortgage will destroy, erase or make anonymous documents or other records containing personal information as soon as it is reasonable to assume that the original purpose is no longer being served by retention of the information and retention is no longer necessary for legal or business purposes. VERICO Select Mortgage will take due care when destroying personal information so as to prevent unauthorized access to the information.
6. ACCURACY
VERICO Select Mortgage will make a reasonable effort to ensure that personal information it is using or disclosing is accurate and complete. In some cases, VERICO Select Mortgage relies on you to ensure that certain information, such as your address or telephone number, is current, complete and accurate. If you demonstrate the inaccuracy or incompleteness of personal information, VERICO Select Mortgage will amend the information as required. If appropriate, VERICO Select Mortgage will send the amended information to third parties to whom the information has been disclosed. When a challenge regarding the accuracy of personal information is not resolved to your satisfaction, VERICO Select Mortgage will annotate the personal information under its control with a note that the correction was requested but not made.
7. SAFEGUARDING PERSONAL INFORMATION
VERICO Select Mortgage protects the personal information in its custody or control by making reasonable security arrangements to prevent unauthorized access, collection, use, disclosure, copying, modification, disposal or similar risks. VERICO Select Mortgage will take reasonable steps, through contractual or other reasonable means, to ensure that a comparable level of personal information protection is implemented by the suppliers and agents who assist in providing services to you. Some specific safeguards include:
physical measures such as locked filing cabinets;
organizational measures such as restricting employee access to files and databases as appropriate;
electronic measures such as passwords and firewalls;
regular reviews of processes in place to safeguard personal information; and
investigative measures where VERICO Select Mortgage has reasonable grounds to believe that personal information is being inappropriately collected, used or disclosed.
Confidentiality and security are not assured when information is transmitted through e-mail or other wireless communication. VERICO Select Mortgage will not be responsible for any loss or damage suffered as a result of a breach of security and/or confidentiality when you transmit information to VERICO Select Mortgage by e-mail or other wireless communication or when VERICO Select Mortgage transmits such information by such means at your request.
8. OPENNESS
VERICO Select Mortgage is open about the policies and procedures it uses to protect your personal information. Information about these policies and procedures will be made available in writing and electronically. However, to ensure the integrity of our security procedures and business methods, VERICO Select Mortgage will not disclose sensitive information about its policies and procedures. VERICO Select Mortgage will make available a description of the type of personal information held by VERICO Select Mortgage, and a general description of its use and disclosure.
9. PROVIDING ACCESS
You have a right to access your personal information held by VERICO Select Mortgage. Your information, such as copies of statements, transaction slips and account agreements will be provided upon request and authentication of identity. Upon written request and authentication of identity, VERICO Select Mortgage will provide you with your other personal information under its control, information about the ways in which that information is being used and a description of the individuals and organizations to whom that information has been disclosed. VERIOC Select Mortgage may charge a reasonable fee for providing information in response to a PIPA access request and will provide an estimate of any such fee upon receiving an access to information request. VERICO Select Mortgage may require a deposit for all or part of the fee. VERICO Select Mortgage will make the information available within 30 days or provide written notice where additional time is required to fulfil the request. In some situations, VERICO Select Mortgage may not be able to provide access to certain personal information. This may be the case where, for example, disclosure would reveal personal information about another individual, the personal information is protected by solicitor/client privilege, the information was collected for the purposes of an investigation or where disclosure of the information would reveal confidential commercial information that, if disclosed, could harm the competitive position of VERICO Select Mortgage. VERICO Select Mortgage may also be prevented by law from providing access to certain personal information. Where an access request is refused, VERICO Select Mortgage will notify you in writing, document the reasons for refusal and outline further steps which are available to you.
10. COMPLIANCE
VERICO Select Mortgage will, on request, provide information regarding its complaint procedures. Any inquiries, complaints or questions regarding this Policy should be directed in writing to the VERICO Select Mortgage Privacy Officer. VERICO SelectMortgage will give appropriate notice of any amendments to this Policy.
Contact Information:
Privacy Officer
VERICO Select Mortgage
Administration Office
205-1497 Admirals Road
Victoria, B.C. V3R 8P7
© Copyright 2004 - 2008 VERICO Select Mortgage
Disclaimer
This Web site is for your personal and non-commercial use. You may not modify, copy, distribute, transmit, display, perform, reproduce, publish, license, create derivative works from, transfer, or sell any information software, products or services obtained from this Web site.
Kam Brar is a licensed sub-mortgage broker servicing British Columbia. We make our licensing information public on Web site and by request. We subscribe to all provincial and federal laws, and any rules of ethics and practice pertaining to lending and good business ethics.
The information published on this web site may include inaccuracies or typographical errors.
The information is provided “as is” without warranty of any kind. In no event shall Kam Brar and/or our suppliers be liable for any direct, indirect, punitive, incidental, special or consequential damages arising out of or in any way connected with the use of this web site or with the delay or inability to use this web site, or for any information, products, and services obtained through this web site, or otherwise arising out of the use of this web site, whether based on contract, tort, strict liability or otherwise.
This Web site may contain hyperlinks to Web sites operated by parties other than us. Such hyperlinks are provided for your reference only. We do not control such Web sites, and are not responsible for their contents. Any hyperlinks to such Web sites do not imply any endorsement of the material on such Web sites or any association with their operators.
We reserve the right to change the terms, condition, and notices under which this Web site is offered at any time and without notice.
Contact
Kam The Mortgage Man
Kam Brar - Mortgage Specialist
#106-3212 Jacklin Road
Victoria, BC V9B 0J5
250-686-4246
Toll Free - 877-686-4246
Please fill in the form below to arrange a time for me to get in touch with you!
Solutions
This is where you’re going to find innovative solutions and answers to your mortgage questions and roadblock. Just click on the solution you’re interested in to learn more!
- The ABC’s of mortgages is where you will find an explanation of some of the most common mortgage terms and expressions out there.
- Do you have a strong desire to own your own home? Are you currently flushing your money down the drain in rent? Is the fact that you have little or no down payment at all, getting in the way of your dreams of home ownership? Well if you answered yes to any one or all of these questions click here to learn more about our 0 Down program, and take the first step in turning your dreams into reality!
- Would you be interested in saving $276,157.80? I thought you might say that, just click here to learn more!
- Is your poor credit hurting you? Are you currently drowning in a sea of debt? Are your monthly payments enough to choke a horse? If you answered yes, and you own your home and believe that you might have some equity in it, then click here to be rescued!
- Looking to purchase your first home? Well, before you do, so please click here to find out how you can turn your home into your own private bank! Even if you already own your own home, I’m sure you could also use your own private bank, couldn’t you?
- Do you have poor credit? Do you have a desire to improve your situation? Have you always dreamed about owning your own home someday? Well, if you answered yes to any one or all of these questions click here to learn more!
- Do you have good credit, but lousy cash flow? Well if you’re in a “cash flow crunch” click here to learn how to take control of it and turn it around!
- Did you know that there is a way to make the interest on your mortgage, tax deductible? To learn how you might be able to get the tax department to start sending you checks for a change, instead of the other way around, just click here!
- Want some help understanding your credit report and credit score? Click here to get started!
Testimonials
I was becoming overwhelmed with a mountain of debt and a small decrease in pay. After speaking with Kam about what my options were, I realized that managing all this with money in the bank was possible. As result I had a huge weight lifted off my shoulders. Thanks Kam!
Claire S.
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Kam was extremely helpful in the process of applying for my mortgage. He responded to my questions quickly and went the extra mile to help make the process as smooth as possible. His calming presence and patience when I started getting anxious was a tremendous help, as the process took longer than I had hoped, being a large volume of applications. I would absolutely recommend Kam to anyone looking for a mortgage broker.
Lori K. & Mario L.
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“Unlike other Brokers Kam Brar made me feel like a client not another sale, he answered all my questions and made sure all my needs were met not the banks in an adequate timely manner.”
Chris B.
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We would like to compliment Kam on the excellent service he provided for us. Not expecting to find a property so quickly, we started searching without any pre-arranged financing. Made an offer on a place and needed a mortgage pronto! Needless to say, we were in a bind and banks were hard to get an appointment with on such short notice. Our realtor suggested a mortgage broker.
Someone recommended Kam to us and we gave him a call. That night he promptly went into action and gave us a list of documentation he would require. He met us at times that fit our schedule, took into account all our concerns and expectations. Kam not only found us a mortgage with terms we wanted, but at an institution both helpful and easy to deal with. He made the whole process as simple as possible and well within our required time limits. When the time comes for refinancing, we know who to call.
Thanks Kam, we’re loving our new home.
S. Brown and A Hurst
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After being told by several people, including our bank, that there was no possible way that we could get enough equity out of our current house to borrow enough money to buy a lot and then build our dream house, Kam was referred to us. I called him and had a meeting within hours, I felt as if I was the only client he had. We went through the whole scenario and Kam was able to figure out a way to make it all happen with very descent rates. The foundations of our new dream house are going in as we speak. We were very happy and satisfied with his knowledge, personal service and work ethic. I highly recommend Kam the Mortgage Man.
Rich Fryer
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We just wanted to express our gratitude for making the last few weeks so easy for us, you were the perfect person for the job and your guidance through the mortgage process was especially helpful as you took the time to explain our options and guide us toward smart financial decisions. You definietely are the man!
T & R Demmings
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We just wanted to say thanks for all the work you put in for us. We really appreciate your efforts and the way you looked at the big pictures. You’re the first mortgage broker we’ve had that’s done that for us. Thanks!
Mike and Joanne Spruyt
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“Having newly separated from my husband, I was left in a world of financial chaos. Kam was not only able to make sense of the chaos, he simplified it to such an extent that for the first time in years I feel like I have control over my finances instead of the other way around. Kam not only helped me with refinancing my mortgage and debt consolidation, he even spent four hours on a Saturday morning helping me buy a car. Thanks Kam! Couldn’t have made it without you.”
Rachel F.
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” My wife and I met Kam at an internet related conference. We were not looking for financing at that time - despite having a growing business. However we kept in touch with Kam and my wife started to explore ways of being able to generate cash for the business through the re-financing of our home. Being small business owners, doing this on our own was a cumbersome process, especially with the strict requirements for salary generation!
Needless to say, Kam stayed patient and was able to find us an excellent deal with a reputable lendor that fitted out needs perfectly. The happy ending is the business has been able to grow with this capital injection in the 2 months we have had the loan and our borrowing costs have been decreased.
I would recomend Kam to anyone looking for a more “creative” way of utlising funds from their home mortgage. He is very well connected and also is very patient and gets down to the root of the issue as to “why you really want the funds”.
Ian & Jini
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Kam’s Mortgage Blog
Hi, welcome to my Mortgage Blog. This blog will be updated regularly with useful mortgage, real estate and other interesting information. I will also post my Mortgage Monthly newsletter here and it will also be sent to subscribers via email. Copies of past newsletters can be found in the Archives.
Please feel free to leave me your comments and feedback regarding anything that is posted here.
Meet Kam
I feel that before I entrust someone with handling something as paramount to my financial well being, as my mortgage, I would want to know a little more about them, and I am guessing that you are no different! After all, for most Canadians, their home is their single largest asset; an asset that should not only be a place where they and their family live, but an important cornerstone to their financial dreams. I don’t simply view a mortgage as a debt; I look upon it as much more, an overall piece of the financial puzzle. I believe that we shouldn’t be working for our mortgage, but instead, have our mortgage working for us! Unfortunately, however, this is not always the case! That’s why I’m here. I am committed to help you maximize your mortgage while at the same time minimize your payments, by showing you and sharing with you innovative and creative solutions to your mortgage needs. Ultimately, my goal is to have you mortgage free sooner rather than later! Let me take a moment and share with you some of my past experiences, that I feel help me to directly benefit my clients today!
Prior to becoming a mortgage broker, I was involved in the automotive industry as a finance manager for over 10 years in both the Okanagan and Victoria. During this period of time, I have arranged financing for several thousand clients for their vehicle purchases; clients with perfect credit, as well as for those with less than perfect credit, and everyone in between. I’ve run across clients from all walks of life and occupations, but there’s one thing they all had in common: they just wanted to have someone treat them with honesty, integrity and respect. Something which I always strive to do! I also learned to look beyond the obstacles that were placed directly in front of me when it came to getting the deal done, and instead, chose to view these as mere challenges leading to a positive conclusion to the deal. I can honestly say that during this time, I encountered some wonderful and rather interesting clients and unique situation that always kept me on my toes!
Prior to entering the automotive industry, I was a realtor in the Okanagan and got to share the experience of helping clients to purchase or sell their homes. This was yet again another time in my life that I got to deal first hand with people from all walks of life and at different points in their lives. I dealt with everyone from first time buyers to small real estate investors and the gamut in between. Yet in spite of their differences, in the end, all of my clients were looking for the same thing: to be treated with honesty, integrity and respect; three things which I worked in earnest to provide for each and every one of them. I also learned the art of making a deal, and the many different ways it often took to get it done!
Before I became a realtor, I owned and operated my own small businesses which I started from scratch, ran and ultimately sold. I grew up in Vancouver and that’s where I started my first business: a janitorial company. During the course of operating this, I also started a roofing company, and I operated both businesses for a few years before I sold them. Now let me tell you there is nothing more challenging than operating small businesses, and dealing with the day to day issues that come along with them! Everything from personnel to clients keeps you hopping and on your toes! Again, the same common denominators apply: everyone wants to be treated with honesty, integrity and respect whether they be personnel or clients, and ultimately, the buck stops with you. Most importantly, it is paramount that you do what you said you were going to do.
Well, that’s my summary of the past 23 years of my working experiences. Of course, no summary would be complete without a quick personal snapshot. I’m an ardent believer that our families are also an important and vital component to our overall success, and my in my own case, it’s certainly not any different. I have an absolutely wonderful and amazing wife, Michelle. She is truly the glue that holds and keeps everything together and keeps our entire family operating seamlessly. In 2007, it will be 15 fantastic years together. I also have two delightful and energetic children, Selena who is 7 and Shaan who is 4. If there’s one thing that they both have taught me over the last few years, it’s that you need to have fun and laugh and never take yourself too seriously! Lessons that I believe we could all benefit from time to time.
Well there you have it, a little bit about me. It’s kind of hard to sum up anyone in a few paragraphs, but if you feel that I might be someone who you would consider working with and entrusting with your mortgage needs, give me a shout! I look forward to meeting you!
Looking For A Mortgage?
Good Credit - Bruised Credit - No Credit
I Can Help..!
Call Kam: (250) 686-4246 - Toll Free 877-686-4246
Click Here To Contact Kam
| I was interviewed by talk show host Terry Spence of “Talk It Over” on C-FAX 1070 radio, regarding Mortgages. When you listen to this interview it will answer many questions you may have regarding mortgages and current financial trends. Click below to listen
Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser. |
With today’s hectic and chaotic lifestyle, do you have tons of free time to search out the mortgage that’s best suited for you? Do you have the time to research the in’s and out’s of the multitude of products out there, in order to make sure you get the best possible deal overall and the most bang for your hard earned bucks?
Well, if you answered no, you’re not alone! Unfortunately, this is the reality for many of us today, and it can end up costing you thousands of dollars! Thousands of dollars that could be much better spent on more important things instead of being flushed down the drain! Also, if you’re like most people out there who think that when it comes to mortgages the only thing that matters is rate, I’m here to tell you, it’s not! The mortgage with the lowest rates may not necessarily be the best possible deal in the long run! There are more parts to a mortgage than just rates! My personal commitment to you is to make sure that you get the most bang for those hard earned buck!s! That’s it! NO GIMMICKS, JUST EXCEPTIONAL, PERSONALIZED, CLIENT FOCUSED SERVICE! When you have me in your corner, as your personal mortgage specialist, I can promise you that I’m going to work to make sure the whole process is hassle-free, and of course, to find a mortgage that will be tailored to your individual circumstance.
This site was created with you, my clients, both current and future, in mind. I urge you to explore and discover all the information presented here. On my solutions pages you, will find exactly that: innovative solutions and ideas, to some very common and not so common mortgage roadblocks! I have tried to make this site both informative and interesting, but if there’s something missing that you would like to see, please let me know! Now if you’re ready to save money on your next mortgage by ensuring that you get the best possible mortgage out there for your individual situation, I strongly urge you to contact me today! You can do so by applying online, completing the Contact Form or just by calling me at 250-686-4246; you can also reach me at my office located at #106-3212 Jacklin Road, Victoria, B.C. There is no obligation or cost for this free consultation,so go ahead and do it today! I promise that you won’t be disappointed and I’d welcome the opportunity to be of assistance to you and your family!
