Cancer & Financial Literacy

As the leaves change color, October weather teases us with the last taste of summer or abruptly knocks us in the gut to remind us of the changing seasons, life sometimes treats us exactly the same way.

Cancer and financial literacy really don’t have much in common, in fact one is all to prevalent in our lives while the other needs to be more prevalent.

After watching NFL football on Monday night, there was the common pink theme among both teams.  If two teams battling each other so violently can come together on one common ground, surely I can make a small difference. As I sat pondering my blog update next day, I had 4 cards to be signed and delivered to clients.  Normally I would send a gift card of some sort to accompany the card as a token of my appreciation.  Then it hit me like a thundering tackle in a football game, I am going Pink for October.  With every funded mortgage during the month, a donation will be made to the Canadian Cancer Society.  These clients will receive an acknowledgement in their honour.

November is Financial Literacy Month.  In preparation for financial literacy month, there a couple of contests open for individuals to enter.  The first is a contest eligible for youth ages 13 to 19.  It’s an easy contest to enter all you need to do is create a You Tube video and tell everyone why you are reaching for a financial goal.

In addition there is another contest open for post secondary students who could win up to $2500 for creating a 2 to 4 minute video.  Let’s some youth creativity to come up with some winners in Winnipeg.

In the spirit of financial literacy, I will be providing tips and tools through my Facebook page, twitter and Google+.  All you need to do is click on one of these links to get “hooked” up with all this timely info.  For every Winnipeg like on this facebook page during the month of October, I will donate an additional $2.  I’m starting at 55 so the rest is up to you.

Cancer and Financial Literacy, let’s kick some butt on both of these fronts.

 

The Value of Good Mortgage Advice

A recent situation arose where a client was preapproved for a new home purchase by their bank.  Great, right?, not necessarily, they owned an existing home and were told by the bank representative that they should sell their home first and then purchase a new one.  They were moving down in price so the client assumed this was a no brainer.  The bank representative did not do the diligence in exploring their current situation.

They proceed to sell their home, agree on a price and then go out looking for a home.  They would have some equity to purchase a home however, were hoping to buy a new home with 5% down payment as pre approved by the bank.  The only catch in this situation is that in Canada an insurer(a 2nd step in the approval) needs to approve the mortgage with less than a 20% down payment.  The clients were not made aware of this and their application was not approved with 5% down payment.  Instead the insurer requested 10% down payment with some conditions that the client had to meet before the bank could get it approved.  The clients are now scrambling to look at options so they can own a home rather than rent.

The moral of this story is as follows:

1)  Get a second opinion after meeting with your bank.  The experience and knowledge of the bank representative may not be as good as you think.  Ask about their experience in mortgages and how many times they have handled a situation like yours.  A mortgage broker with the Accredited Mortgage Professional (AMP) designation is committed to ongoing education and professional development, a great first step in identifying someone who is committed to the consumer.

2)  Speak to your realtor about your options.  A professional realtor will review the options with you and team up with your mortgage advisor to assist you in a smooth transaction.  Making an offer, “subject to sale of your existing home”, may offer you the necessary security to ensure your new home and fianancing is approved before you sell your existing home.

Good advice from a team of professionals acting in your best interest is the key.