August 16, 2018

Great Book Written Right Here In Oakville

I recently had the pleasure of not only reading but meeting the author Plum Johnson of the book “They Left Us Everything.”  Plum uses humour, wit and honesty to portray why family history is important to understand your past and how to move forward with your family dynamics.  What is really cool is the story is about selling the family home which is located locally at Trafalgar overlooking Lake Ontario in Oakville.  It was a 23 room home that hadn’t been touched in over 60 years and full of history, antiques and other treasures yet to be discovered!

Plum and her 3 brothers cared for their parents for almost 20 years.  First her Father with Alzheimers and then her difficult 93 year old Mother.  This created conflicted feelings of guilt and resentment for not being more understanding and kinder.  Plum felt like she had lost 20 years of her life, felt selfish and ashamed but also learned through the process that when you are getting close to the end and feel your time is running out, you lose the niceties and your filter!

During clearing out the family home, they found over 2,000 letters written by Plums’ Mother, Father, Grandmother and friends.  That was the inheritance and the true gift.  It wasn’t about the possessions but learning about her parents lives and how they lived.  Now it is adult to adult and learning why they behaved they way they did.  Like her Mother’s Mom being an absentee parent which explained why her mother was so possessive over Plum.  Had she had known, their relationship would have been different.

She talks about the strong support system between the siblings and their get togethers where they discussed their parents care.  They could laugh or cry about things through the illnesses.  The rule was no spouses allowed because to took them back to an original time & kept everyone on the same page.

There was a lot of helpful learning in this book.  1- when dealing with an Alzheimer’s person, don’t argue, just go along with whatever they say.  It was a real gift to see the soft vulnerable side of her parents  2- The whole downsizing can be a daunting task but actually it was a profound journey rather than a burden  3- Leave your things for your children.  Don’t sort it out or throw stuff away before you go, especially your diary.  It is a beautiful experience for your children to learn about your life 4- Show  interest in your family history, speak to your elders as they are a wealth of info because with computers, there won’t be those letters to learn from, take videos and write in diaries 5- Be kinder to person going through the illness, we will all be there someday!

Colleen Saunders is a 20 year veteran in the mortgage industry, serving Oakville, Burlington, Mississauga,  and Toronto and offering all mortgage related services such as 2nd mortgages, private mortgages and more.

It Is Still Possible For Self Employed

I was recently asked how are ‘Business For Self’ people going to be able to qualify for a mortgage under the new financing rules.  If you have to prove that you can service the mortgage from your income but do not declare all your income due to the offset of expenses or possibly a cash industry, how will you ever qualify!

I am in the process of finalizing a mortgage for a client that is basically in a cash industry at very decent rates.  It is really important that as an entrepreneur, you deposit all your earnings in your savings or chequing account and not hide the cash under your mattress!!  If you can show the monies being deposited into your account, I have lenders that will consider this as your income regardless what your tax return says.

As in everything else, the higher the risk the higher the interest rate but when you consider the benefit of your write offs and lower income taxes, it is worth paying the higher interest rate.

I have also been asked about Self Employed qualifying on renewal.  At this time, you do not have to qualify when you renew your mortgage, only if you want to refinance your mortgage and take equity out of your home.  Should you want to refinance, the same guidelines above will fall into play.  Just make sure you deposit your income into your account to prove a paper trail.

Colleen Saunders is a 20 year veteran in the mortgage industry, serving Mississauga, Burlington, Oakville and Toronto and offering all mortgage related services such as 2nd mortgages, private mortgages and more.

To contact Colleen, please fill out the form on  www.mortgagesbycolleen.ca  or call 416-459-2406

Do You Know Your Why?

Do you ever ask yourself why you selected the business you are in or why you are employed by a particular employer in a particular industry?  I have asked myself this question on many occasions and a few months back, finally got an answer!  When I was employed with The Royal Bank and working in the branch system, the thing that always bothered me was when I had to decline clients for their mortgage or loan.  These were the people that needed the lowest rate and the most help to consolidate their debts.  If we would have lent them the money, it would have reduced their debt load enormously.  However, what usually happened was these were the clients that we couldn’t help, had to decline their application and it really bothered me.

So, when I left banking I sort of fell into being a Mortgage Agent, it seemed like a normal transition from running a bank branch.  At the heart of it, I really got into this industry because I wanted to help those people that I could not help at the Bank.

Ever since I was a child, I always fought for the underdog.  My Mother was a single parent and my Father never supported us, so I know what it was like to be one of the families that struggled with money.  I recently realized that this is what I want to give to my clients, the help that I wish we had received when we needed it!  Banks take great care of the people that have lots of money but who takes care of everyone else?

Let’s sit down and discuss your personal situation and how we can work together to find your best option, it is totally confidential.

Colleen Saunders is a 20 year veteran in the mortgage industry, serving Mississauga, Burlington, Oakville and Toronto and offering all mortgage related services such as 2nd mortgages, private mortgages and more.

To contact Colleen, please fill out the form on  www.mortgagesbycolleen.ca  or call 416-459-2406

Should You Take Equity From Your Home?

We all come to a point in our lives when we may need to refinance our mortgage to invest in a major purchase, home renovation, investment, emergency or consolidate outstanding debts.  The interest rates on mortgages are much less than borrowing via another vehicle.  There are some things you do need to consider before doing that refinance.

1. Your Mortgage Terms Will Change

When you refinance your mortgage, what your institution will do is an ‘increase and blend’ on the interest rate, which means they will blend your existing mortgage rate based on the current mortgage owing and blend the current mortgage rate with the amount you want to borrow.  This will increase your mortgage payment based on the amount being borrowed.  The amortization will remain the same as your current mortgage.  If that payment is too high, you can always rewrite a new mortgage and amortize up to 30 years to keep the payment down.

2. Under The New Rules, You Will Have To Re-qualify

The only situation that you do not have to re-qualify for a mortgage is upon renewal, any other situation means you will have to meet the new debt servicing requirements and produce all the financial verification to be approved.  Do the leg work beforehand to make sure you qualify.  If I can help you in any way, call me.

3. What Is The Purpose Of Refinancing?

If you plan to invest these new monies to increase your wealth or do some major renovations which will increase the value of your home or pay off high-interest debt that will lower your monthly expenses, then it makes a lot of sense.  However if you plan to take the equity to go on a extravagant vacation or purchase some long desired things, it may not be a strong financial plan.

Colleen Saunders is a 20 year veteran in the mortgage industry, serving Mississauga, Burlington, Oakville and Toronto and offering all mortgage related services such as 2nd mortgages, private mortgages and more.

To contact Colleen, please fill out the form on  www.mortgagesbycolleen.ca  or call 416-459-2406

 

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How To Read Your Credit Report

And now for something completely different, as opposed to writing a blog about “everything you wanted to know about how to read your Credit Report”, I did a recording!!  I hope you enjoy it.

If you have any questions or need clarification on any points, would love to speak with you!!

Information session on: How To Read Your Credit Report, all you ever wanted to know!

Posted by Mortgages By Colleen on Wednesday, June 27, 2018

Colleen Saunders is a 20 year veteran in the mortgage industry, serving Mississauga, Burlington, Oakville and Toronto and offering all mortgage related services such as 2nd mortgages, private mortgages and more.

To contact Colleen, please fill out the form on  www.mortgagesbycolleen.ca  or call 416-459-2406