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5 Things You Need to Know About Buying Your First Home

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With interest rates at a historical low now may be the perfect time to buy your first home.  However buying a home is a big investment and a big expense.  It’s most likely the biggest purchase you’ll ever make in your life.

If you’re in the market to buy a new home keep these nine things in mind to ensure you get a good deal on your mortgage as well as pay a fair price for your home.

Always get a pre-approval from your bank

As a financial planner this is always where I advise clients to start the home buying process. Visit your local bank branch, talk to a mortgage specialist and ask for a pre-approval.  This will give you an idea of the mortgage loan amount that the bank will approve and it gives you a starting point to begin the shopping process.

A real estate agent can work wonders

When buying your first home a good place to find local listings is via MLS.com.  You’ll be able to get an idea of the homes available in your preferred neighbourhood within the price range of the mortgage pre-approval from your bank.  However working with a real estate agent can greatly speed up the process.  Very often they get the inside scoop about new properties coming onto the market.

Only counter offer if you’re sure

Sometimes your first offer is not accepted by the seller, don’t worry this is normal.  It doesn’t mean you can’t buy the house, all it means is the transaction is now open for negotiation.  Talk to your real estate agent and decide if you want to make a counter offer.  Don’t overbid for a home just because you want it, trust me there are other homes out there.

Always negotiate the interest rate and fees

A lot of people walk in to their bank, apply for a mortgage and accept the conditions as is.  This is a huge mistake – trust me I know.  Everything is negotiable when it comes to mortgages from the interest rate to the inspection and notary fees.  You’ll never know unless you ask.

Shop around for home insurance

Owning a home comes with responsibility and it’s always better to be safe than sorry.  I’m sure you don’t want to move in to your new home and have to pay hundreds of thousands of dollars in additional expenses when an unfortunate event happens such as a theft, fire or flood.

When it comes to buying your first home keep these tips in mind to help make the process as simple as possible.  Don’t forget to always ask questions, because the more information you have the better the decision making process will be.

Tahnya Kristina, CFP

tahnyakristina.com

Photo from Pixabay

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Generate New Sales: Mark Borkowski

Its your call: How to generate new sales prospects.

Humor me for a second. Think back to the last deal you closed and ask you, “Who was the decision maker I had to reach and influence? How did I do it?”

The reason I asked you to think about that is because there will always be someone you will need to contact and influence to get the next deal and the one after that and all the deals you could ever possibly close in one lifetime. Your success doesn’t just happen. You make it happen, and it all begins with prospecting.

Prospecting is nothing more than the art of speaking with people who might do business with you, and engaging them in a meaningful conversation so that they will want to see you and talk further. Let’s not make it any more complicated than that. At the end of the day a telephone sales call is only a conversation between two people.

Make a list of everyone you just identified. It doesn’t matter if you need to speak with fifty people or only one; your focus is on precision not volume.

Once you have the names write down the main issues facing each person on that list. The reason I’m suggesting that is because you will have to address their issues, not yours.

If you start your conversation rambling on about your products and services you will sound like you’re selling something. When you talk about their issues you hit their Greed Glands which address what’s in it for them. Retirees are not waking up in the morning wanting financial products. (It would be nice.) They are, on the other hand, concerned about the rising cost of living.

Once you’ve worked out what you want to say you will have to get the person on the phone. The objective of your call list is not about making calls. Many financial advisors base their lists on volume, in other words the more names on the list the better because if they don’t contact someone there are plenty more to call. What happens with this approach is that most people end up leaving a lot of money on the table, missing up to 75% of their opportunities, simply by not contacting people. A call is not a commodity. It’s precious.
It would be nice if we were mind readers and knew where our biggest opportunity was, but we don’t so we have to speak with everyone. Your objective is to book appointments.

So whether you have twenty people to call or only one, get them on the phone. All of them. Without exemption.
Leaving a voice message doesn’t count. That only fools you into thinking you contacted someone when in fact all you did was leave a voice message. The easiest way is to ensure that you connect with your prospects is to simply find out when they are in, and then call at that time.

By planning your calls and your message you stay in control.
Once you get your prospect on the phone you will have the opportunity to speak for all of about thirty seconds at which time you will either ask for an appointment or ask a qualifying question. From the time you introduce yourself to the time you ask for an appointment there are less actually than thirty words. Make each word count. The words you speak paint images in people’s minds and you have complete control over what those words are.

Twice as important as what you say will be how you say it. Speak slowly and send the message that what you have to say is important. It’s so important that you will take a minute before the call to focus on how you can make the prospect’s life better, and that will bring out the passion in your voice.

At the end of each call you will either be sitting there with an appointment or you won’t. Either way self-assess to either see what you did well so that you can do it again on the next call, or look at where you need to improve.

If a call does not work out for whatever reason figures out if it was they or you. If there was something you could have done better, make sure to take correction action for the next call and then reward yourself for learning from your mistakes. When you consistently self-assess you stop repeating the same mistakes, and when that happens your performance benchmarks rise as like gravity.
By making yourself more effective you ensure that your next deal will be more successful than your last.

Mark Borkowski – is president of Mercantile Mergers & Acquisitions Corporation. Mercantile is a mid market M&A brokerage firm based in Toronto. Contact: www.mercantilemergersacquisitions.com

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Financial advertising, marketing and sales without the 56% google inefficiency.

Google admits that advertisers wasted their money on more than half of internet ads

By  http://qz.com/author/zwenerflignerqz/

Online advertising is a fickle thing. It accounts for 20% of the ad industry’s total spending, and over 90% of revenue for the internet giants Google and Facebook. That said, no one seems to have any idea whether it actually works.

That uncertainty reached a new high this week, as Google announced that 56.1% of ads served on the internet are never even “in view”—defined as being on screen for one second or more. That’s a huge number of “impressions” that cost money for advertisers, but are as pointless as a television playing to an empty room.

This is not a big revelation. The web metrics company ComScore reported last year that 46% of online ads are never seen. Spider.io, an ad fraud company acquired by Google in February, has pointed out that a large portion of ads are “viewed” only by robots, revealing that one botnet of 120,000 virus-infected computers viewed ads billions of times, running up the tab for advertisers without offering them the human eyeballs they sought.

Still, the acknowledgement by a heavyweight such as Google that ad viewability is a problem could shake up the industry by delaying possible IPOs of ad companies and requiring new ways for advertisers to gauge the effectiveness of their ads.

The nineteenth-century retailer John Wanamaker famously said, “Half the money I spend on advertising is wasted. The trouble is I don’t know which half.” In this case, it’s the obviously the half that pays for ads which are never seen, and now advertisers are looking for new tools to figure out which those are.

It’s worth noting that Google made this acknowledgement of the deficiency of the model it has profited richly from while also offering a new model to advertisers: In July it introduced its Active View product, which measures only viewed ads.

Confessions of a CFP: You may need a second mortgage

 

 

 

 

 

 

 

 

 

As a financial planner clients come and see me for a variety of reasons from investment advice to debt consolidations. On a good day clients can bring me a big lump sum of money to invest and on a bad day clients can be in my office with tears in their eyes because they can no longer provide for their families due to the fact that they have accumulated thousands of dollars in debt that they can’t afford to pay off.

A second mortgage gives you access to cash

There are many reasons why people accumulate debt from over spending and poor budgeting to experiencing a job loss or making a bad investment.  When clients are experiencing financial difficulties or need a large amount of money they often turn to their home as a way to free up some extra money because their home is most likely their most valuable asset.

A second mortgage is a new loan in second position on your property title.  In simple terms it means that you will have two mortgage loans on one property.  If you can no longer afford to make your monthly mortgage payments, the second lender will be paid in second priority if your home is forced into default and needs to be sold at auction. Second mortgages are offered by trust and finance companies, they are not offered by big banks.

The first position bank would be (i.e. your original mortgage loan) would be paid first and if there is money left over after your home is sold your second position lender (i.e. your second mortgage loan) would be paid afterwards.  Depending on how much money is leftover from the sale of the home, the second mortgage lender may not be repaid in full. Therefore in exchange for their added risk trust and finance companies charge higher interest rates on second mortgages than first position banks charge on first position mortgage loans.

Consider your options with a second mortgage

According to Cait Flanders of RateHub.ca, a mortgage rate comparison website that aims to help Canadians access the best mortgage rates in the country, second mortgages are most often used as a solution to help clients consolidate high interest debt; but she says that a second mortgage should be a second option for homeowners.  “Most of the big banks (initially offer) homeowners a home equity line of credit (HELOC) for debt consolidation.”  A HELOC is more advantageous than a second mortgage loan because the interest rates are usually lower and the product offers more flexibility, but if your credit is less than ideal a second mortgage may be your only option.  Flanders confirms that “someone with a lower credit score may not be approved for a HELOC and could then consider a second mortgage loan.”

My best advice to clients considering a second mortgage is to make sure you fully understand the financial implications involved when taking out a second lien on your home because that’s exactly what a second mortgage is.  It’s a completely different mortgage contract than the original loan, with a new mortgage term, a new interest rate and a new amortization.  A second mortgage loan also means a second monthly mortgage payment.

Shop for the best interest rate on your second mortgage

How do you find the best interest rate available? By shopping around and comparing rates between trust and finance companies. Consumers should visit RateHub.ca to find a local mortgage broker in your area who can help compare second mortgage interest rates.

Rate comparison websites such as RateHub.ca exist – to provide Canadians with unbiased mortgage information and financial calculators so they can make informed decisions when it comes to their homes and financial lives.  Flanders hopes that with the help of their website “more Canadians will feel comfortable with the decisions they make regarding their mortgages.”

 

Tahnya Kristina, CFP

Tahnyakristina.com

Photo by camknows

The Mortgage Killer – NPA and the big banks Secrets Revealed

NPA a bargaining chip with big banks that helps a great number of average Canadians in many ways.

By:Jaoquin Benitez – Learn more tips, tricks and techniques that make, save or preserve more of your money.

www.themortgagekiller.ca

Perhaps you will be shocked to find out the banks’ worst kept secret, or perhaps it is something that you already knew, but never recognized as a valuable piece of information.

Lending institutions protect themselves by securing the loan with the property that they are financing. This gives the moneylender some assurance that the property owner will pay back the borrowed money on time as specified in the original mortgage agreement and as long as you keep making your mortgage payments, everybody lives happily ever after.

However, if the homeowner begins to fall behind on mortgage payments, the dream of owning a home could become your worst nightmare, not only for you but also for the lending institution.

What is the secret that the bank does not want you to know? The bank does not want to take away your home! I know it sounds absurd, but by the time you finish reading this article you will be persuaded that it is an accurate statement. Allow me to go a step further; the very last thing that the bank wants to do is foreclose on your property. It will become an extra expense that they don’t need to incur and it will cost them thousands of dollars to take a property through the foreclosure process. Now you may be asking yourself: If that’s true, why are they threatening me with foreclosing my property? What do they really want?

There is a simple answer: the bank collection agent wants to scare you into making up the late mortgage payments, and by doing so, ensure you will continue to make your payments on a regular basis until the end of the term as specified in the mortgage agreement. The threat of foreclosure is the only tool that the bank has at its disposal to persuade you to make the mortgage payments.

Furthermore, once the bank initiates the foreclosure process, the laws regulating the banking industry require them to report that property as a non-performing asset. Doing this will hinder the bank’s capacity to borrow more money and will affect its overall credit rating. The bank must try to avoid having to report a non-performing asset on its books at all cost. In many cases, banks intentionally delay initiating a foreclosure proceeding for up to six months, and sometimes even up to a full year, to avoid reporting the property as a non-performing asset.

The ‘non-performing asset’ problem or the NPA, as it is commonly known in the banking and financial industry, affects the banks in more ways than you and I may care to know. These three simple letters strike terror in the banking sector and business circles. The dreaded NPA rule simply states that: “When interest on a loan or any other monies is due to a bank and it remains unpaid for more than 90 days, the entire bank loan automatically becomes a non-performing asset.” They will go to great lengths to avoid having to report a property as a non-performing asset.

Why would three simple letters, “NPA,” cause such terror to a financial institution?

There are a number of problems that will arise from having too many NPAs on the bank’s books. The biggest problem is that the bank must have a certain amount of dollars in cash reserves. If their levels of non-performing assets become too high, they will have to put more cash into their reserve account to compensate for these non-performing assets. This means they now have less money to lend. In addition, they now have to deal with a house that they don’t want because it will become a money pit. Furthermore, they will not be able to make a profit on it because of the way mortgages are structured.

In their quest to maximize their profits, banks structure mortgages in a way that they are paid the majority of the interest up front or at the beginning of the loan term. This is called a front-loaded mortgage, and most mortgages are structured in the same way. This means that in the early years of your mortgage you have not built much equity in the house because the majority of your mortgage payment was slotted to pay for the interest on the loan.

Often banks find that their asset (your house) is worth less than what they lent out, and once the bank takes ownership of your property, they not only have an administrative and legal nightmare, but they are about to take a financial bath!

Even though I am not a bank advocate, I am certain that if you were in the bank’s situation, you would be forced to do the exact same thing. The bank does not have any other recourse. The only legal recourse available to them is foreclosure in order to try to minimize some of their losses. However, that is their very last option.

Can you see the predicament that lending institutions find themselves in? On the one hand, they are losing money by not receiving your mortgage payment and on the other hand, they can’t really afford to foreclose on you because of the negative consequences this will bring them.

While this is an admittedly simplified explanation of how financial institutions operate, the bottom line is that banks are in the “money buying and selling business.” To put it in clear and simple terms, the bank’s profit is generated by the spread created between the interest rate that they pay you on your money and the interest rates that they charge on the money that they lend out. The bank pockets the difference. For the bank to make any money, it must lend out the funds in its possession, or find some sort of investment vehicle that will guarantee a rate of return greater than its cost of borrowing.

Consider the main motivating factor for a bank to be in business. It is not to provide a service to the general public; they are in business to make money. In a foreclosure case, they will most likely lose money. As the old saying goes, “the best way to make money is to stop losing money.” Having the knowledge of how lending institutions operate is empowering. Since you now know that lenders don’t want to foreclose on your property — and you don’t want them to foreclose on you — you have common ground to work out an agreement that will stop the foreclosure process and satisfy both of your needs. Remember: The bank does not want to foreclose your property.

The Mortgage Killer – Mortgage and Real Estate Seminar Toronto

The Mortgage Killer-Canadian Mortgage and Real Estate Seminar Nov. 13

Media Release: News for “The Mortgage Killer” Mortgage Seminar Toronto Airport Marriott.

November is Financial Literacy Month here is your chance to learn more about mortgages and debt financing from a 40 year veteran that knows more, tells all and shows the dedicated few that want the facts, the proof and the truth about mortgages, financing, interest rates and contracts.

“The average Canadian pays too much interest”.

Charles S. Bell covers the basics and deals with the serious issues of debt reduction and mortgage elimination with tried and true methods that have proved to make, save and preserve millions of hard earned dollars for the average Canadian over the many years working with one client at a time.

Join “The Mortgage Killer” for a one night only in NOVEMBER pre-scheduled Mortgage Seminar at The Toronto Airport Marriott Hotel on Wednesday November 13, 2013 at 7:15 pm.

The small print is put into precise focus and the fuzzy math that most people don’t read or understand is carefully interpreted and explained for the benefit, privilege and advantage of the average Canadian.

There are so many variables and offerings that have can have many complex issues when it comes to money, credit and financial contracts and obligations. Finally it is the person and the circumstance with best case scenarios and forward moving plans that make for a more enjoyable home ownership and balanced life.

An excellent source for an Investment Seminar or Financial Seminar this Real Estate Seminar is brought to you by MONEY at no cost or low-cost as a valuable education worthy course and money saving Mortgage Seminar.

http://www.marriott.com/hotels/maps/travel/yyzot-toronto-airport-marriott-hotel/

Learn more… R.S.V.P. Register online or call to attend!
Wednesday, November 13, 2013 at 7:15 pm
http://www.themortgagekiller.ca/
1-800-789-1011 x227
416-626-8143
info@themortgagekiller.ca

Mortgage Seminar Toronto Airport Marriott – September 11, 2013

Media Release-News For: “The Mortgage Killer” Real Estate Seminar

TORONTO, ONTARIO–(Marketwired – Sept. 10, 2013) –

Editors Note: There is an image and a video associated with this press release.

Media ReleaseNews For: “The Mortgage Killer” and Real Estate Seminar

On Wednesday September 11th at 7:30 pm Charles S. Bell invites you to the one of a kind “Mortgage Seminar” that reveals the truth and thousands and hundreds of thousands of dollars of savings with simple, legal financial equalization action techniques. “The Mortgage Killer” financing that brings harmony to your life, assets and property.

Toronto Airport Marriott Hotel by popular demand – Charles Bell will be speaking about the truths and misconceptions of mortgages in Canada. Refreshments served RSVP featinc@financialequalization.com.

Anyone who has a Canadian mortgage owes it to themselves or their family to see if they qualify. Mortgages Canada not all mortgages and debt financing is the same in Canada. Do yourself a favor and learn more about what a difference a day makes. A top notch Canadian Real Estate Seminar highly recommended for the biggest element in property ownership “financing”.

Richard Kiernicki of MONEY sets the record straight about a revolutionary idea that can save thousands and the man who has the plan to do it.

On occasion when opportunity collides directly with preparedness, that moment, has often been defined as “luck”. I am lucky. Being open-minded and being an effective listener have, on quite a few occasions, provided an opportunity for luck to materialize in my life. I accepted an invitation from an acquaintance of mine to attend a small informal meeting a few weeks back to hear about an “opportunity”. There I was introduced to Mr. Charles S. Bell, President of Financial Equalization Action Techniques and Mortgage Killer Ltd. from Toronto, who made a presentation on a subject that, quite frankly I wish I had known about during the quarter century I offered financial planning services to my clients, called the Financial Equalization plan. Now I consider myself even luckier. Charles’ presentation was like a throwback to an era that existed before the creation of hi-tech presentations containing Powerpoint images and graphics that command such presence where the actual presenter can almost get lost somewhere in the hype. Charles was live, a mix of personal stories that led to the research and creation of the plan he masterminded along with a few unrelated vaudevillian style “stories” and jokes. He was genuine. You just got the feeling that this guy was honest, his word on a handshake, a trusted representative of an era slowly fading into history. When you are told that the power behind the creation of the plan was the direct result of great personal and family adversity you just know that Charles speaks directly from his heart. He will prove it! Affectionately known as “The Mortgage Killer” Charles obtained a copyright for the Financial Equalization Plan in 1987 from the government proving that it is the most unique and powerful plan in the mortgage and debt reduction industry. Since then, over 35,000 Canadians have used his process to save millions of dollars in mortgage and debt interest charges they were legally obligated to pay their lenders. This plan CANNOT be purchased. You can only apply to see if you will qualify. There are no fees or out of pocket costs for you to apply. If you do not qualify, you cannot participate. It is as simple as that. Well, with promises like that, I left the seminar determined to expose a fake. After all, when it seems too good to be true, most often it is too good to be true, right? I had to find the flaws. Even though I detest doing due diligence, I had to know. In summary, it’s all good.

Don’t miss this unique opportunity to meet Charles S. Bell the one and original great performer who challenged the government, the status quo, the queen and her representatives. Learn more about the thousands of well-to do and wanting to do better Canadians who have already successfully employed these important, legal techniques to make, save and preserve more money more often on the way to being debt free and equity rich.

To view the image associated with this release, please visit the following link: http://www.marketwire.com/library/20130909-MONEYimageLG.jpg.

To view the video associated with this release, please visit the following link: http://www.youtube.com/watch?v=7NYG6Yo9rII&feature=youtu.be.

Contact Information

  • Toronto
    416-626-8143