March 4, 2025 • 26 mins
Are you ready to step into the world of home ownership? Our latest episode delves into the essential elements of creating a sound home ownership blueprint. Join us as we discuss the current landscape of the Canadian mortgage market with Aristo Ariyaratnam, a seasoned mortgage broker. In this engaging dialogue, we uncover key trends influencing mortgage rates, clarify misconceptions that often confuse first-time buyers, and share practical advice to equip you for your home-buying journey. Whether you're a novice exploring your options or someone wanting to refine your understanding of mortgages, this episode offers valuable insights to empower your decisions. From the importance of a solid down payment to the often-overlooked closing costs, we break down what you need to know before making one of life's biggest purchases. As the episode unfolds, we also touch on the evolving role of technology in the mortgage sector, showcasing how advancements streamline processes while still emphasizing the human touch in financial decision-making. With expert insights and relatable discussions, you'll gain the knowledge necessary to navigate the complexities of home purchasing with confidence. Don't forget to subscribe, share your thoughts, and leave a review! Let's get ready to turn your home ownership dreams into reality!
You can reach Aristo at 416-881-5927 for a consultation on your mortgage needs.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:01):
Welcome to the Money is for you podcast brought to
you in collaboration withNotable Wealth Management Inc.
I am Jacqueline Correa, yourhost on this journey.
Today, we are going to talkabout building your home
ownership blueprint, and I havea very special guest with me and
my circle of influence Haristo,the mortgage broker.
(00:25):
Haristo, just tell us a littlebit about yourself.
What do you do?
How long have you been in thebusiness?
Let's just get to know who youare.
Speaker 2 (00:32):
My name is Haristo.
I've been in the business for16 years now.
I'm a principal broker atMcGill and Capital Network.
This is my first podcast, soI'm a little bit excited and
nervous, but we'll get throughit Awesome.
Speaker 1 (00:47):
So let me tell you how my little long, little short
story of how Haris and I havehad a very long history of work
relationship, but I'm also hisclient.
I think I told you guys a coupleweeks ago about my story of
being unemployed for two years,and this is when I actually went
to my sister and she introducedme to this gentleman here,
(01:10):
aristo, and he pretty much hadto clean up my mess after being
unemployed for two years andthen we started working together
.
So you know, as part of being afinancial advisor and a wealth
builder, you find that there aretimes when your clients need
help, and so this is how I bringin Haristo to take this part
(01:33):
over to.
You know, whether it'srefinancing or a new mortgage
and whatnot.
So I thought this would be aperfect opportunity to bring him
in so he can tell you a littlebit of you wanted to build bill,
to be a home to first-timehomebuyer or, if you know, you
want to know more about yourblueprint and your home
(01:54):
ownership.
So first I start with what arethe currents trends are you
seeing in the Canadian mortgagemarket and how do these trends
impact potential homebuyerstoday?
Speaker 2 (02:07):
Currently.
Obviously, interest rates wentup significantly the last two
years, but as of June, thegovernment decided to reduce the
rates June 2024, and since thenthey've dropped about 1.75% in
the rate, so that's helped alittle bit.
That has also increased a lotof buyers that are interested in
(02:28):
buying, but the people arestill nervous.
Cmhc also has gracefullyincreased their limit for
first-time homebuyers from $1million to $1.5 million and
amortizations stretched out to30 years instead of 25, which is
limiting a lot of purchases.
But on the other side of it,affordability has been an issue.
(02:52):
Wages haven't gone up prettystagnant but cost of living has
gone up.
Even though they reduced therates, it's still a higher
impact than it was before.
So, that's having some issuesthere.
Those are the major ones.
Speaker 1 (03:07):
Okay, and what are some of the common
misconceptions people have aboutmortgages, the mortgage process
and you have encountered inyour time.
Speaker 2 (03:21):
Most of it is, a lot of people are into those
first-time homebuyers so they'rethinking only 5%, right?
So there, it's only 5% for thefirst 500,000.
Speaker 1 (03:30):
Okay, so then there's a sliding scale.
Speaker 2 (03:33):
So everybody's like, I have 5%.
Well, don't always bank on that5% Um, and I always urge people
save as much as you can.
More than what you think youneed, um, so that's one of the
issues.
A second time more than whatyou think you need.
So that's one of the issues.
Second time is first-timehomebuyers.
They think that so you could,first-time homebuyers would be
the first time, or you haven'tpurchased a house in four years.
Speaker 1 (03:53):
Oh, okay, it's four.
Okay, I thought it was five, nofour, so it's four calendar
years, so they didn't changethat Four calendar years.
I believe that's what it is.
Speaker 2 (04:00):
That's the calendar years, but if you bought
something with 20% down, thatstill counts as a purchase.
Okay, some people are like well, I never got insurance, but you
still bought a house.
Speaker 1 (04:11):
So you're saying so that changes the situation.
Speaker 2 (04:17):
If you purchased the first one and you had 20%, it's
still a purchase.
Speaker 1 (04:20):
There's a house under your name.
Okay, okay, I got you, butactually what I was thinking?
So let's say I had my home andI had the 20%, but I wanted to
buy a next one.
Speaker 2 (04:28):
No, you won't qualify .
Won't qualify.
Okay, they did have.
You can have a secondary homewith insure.
They got rid of that program.
Speaker 1 (04:34):
Okay, okay, okay, all right.
So what are some of the?
Okay, sorry, I did that one.
What advice would you give to afirst-time homebuyer in Canada
and who are now just startingout?
What are the mortgage programs?
Speaker 2 (04:54):
How can they navigate ?
Historically there was alwaysRSPs you can tap into.
Save your RSPs, you can takesome money out.
Then the government came backwith the first time home savings
account that you can have atthe bank which is separate from
your RSVs.
So that helps Ideally.
I always tell people try tohave 10%.
5% is a nice to have like abaseline, but 10% because
(05:17):
there's always a cost of closing.
People forget about landtransfer.
I know you get it.
There's a rebate of $4,000 inthe 905 and then 416, about
$8,000 max.
About $8,475 is a max rebate.
But you should also considerclosing.
You should consider legal costs, you should consider insurance.
There's always those costs thatpeople sometimes forget, right
(05:40):
right.
So keep that in mind is acritical thing that I think.
And then sit down with amortgage broker and there's also
a misconception that there's afee associated with it.
There isn't, it's aconsultation fee.
I mean, there's no fees, it's aconsultation.
You sit down, they at leastguide you in the right direction
and then from there what we cando is like myself.
(06:01):
When somebody comes to me, I'lltell them okay, this is your
budget, literally, this is yourbudget.
Max, like you can go up tomaybe a million dollars.
I try to stay at $825,000.
And I'll even have aconversation with their agent
just to make sure.
Hey, we can go this far, butyou're really pushing it.
They're going to be stretchedout and I try to tell people not
to get stretched out because ofthe home.
There's other expenses thatcome Right right and people
(06:22):
sometimes forget about thatProperty tax, renovations, I
don't know additions, remodelingwife wants a new couch.
You know things happen, soalways keep that in
consideration.
Speaker 1 (06:34):
Okay.
So and I'm going to come backto that because that's kind of
like coming into my area, sowhen they come to you, do you
actually work with them, let'ssay, to just kind of do the
budgeting?
Do you provide that service?
Speaker 2 (06:51):
100%.
I have no problems doing it.
I'd rather do that, because I'drather make them strong as
possible on their first purchase.
My thing is to educate, enablethem to get it teach them how to
do it and how to manage it.
But also, I think, futureinvestment.
Nobody thinks about theirsecondary home, but why don't we
plan on the first purchase forthe secondary home?
(07:11):
And if they're in a good taxbracket you can save on the tax
portion.
So get a reasonable house.
Maybe get a condo as aninvestment property.
That'll reduce your taxes.
You've got somebody paying yourmortgage.
So I look at a holistic part ofhow we can grow, sort of how
live below the means and make aninvestment, because a house is
not an investment unless it'spaying you back.
(07:33):
So when you live there, you'rejust living there.
You're paying mortgages.
But if you have somebody payingfor your mortgage, it's the
better.
Speaker 1 (07:41):
But it's a start.
I'm a strong believer that andI mean I talk about the four
pillars of wealth building andso I believe real estate is like
the number one.
I know it don't start, so it'salways for my pillar it's the
fourth one, because there is athree that before it hits to
that, but I'm a strong believerevery person that live in Canada
(08:04):
should have well, even if it'snot in Canada, should own a
property, because it's one ofthe things that will always,
always have equity.
You will build back that equityand I mean I'm a prime example
of what had happened to me andif I did not have my home, I
(08:27):
would have been in a lot moretrouble Because you know, when
you had to clean all my stuff up, first of all, when I moved
from a job to self-employed, Iwas treated very differently
from the five banks.
Speaker 2 (08:43):
I was considered like and you were able to tap into
your house to clean up helpyourself and clean up some bills
.
Speaker 1 (08:48):
So, coming back to that, I still believe if I did
not have that one asset, I wouldhave been worst off.
Speaker 2 (08:55):
Definitely.
Speaker 1 (08:56):
So I always say these are things that will allow us
to, even if we had debt.
It helps us to rebuild fasterthan starting from nothing.
As a homeowner, when would itbe a good time to refinance your
home, and what factors shouldthey take into consideration
(09:19):
before making that decision?
Speaker 2 (09:21):
So refinance is a little bit tricky.
I kind of shy away from peopleusing it as a credit card.
Right, it's not for you to goand go on a great vacation or
buy the newest car.
That is not the best option forit.
When I do consider refinances,if your debts have a higher
interest rate than your mortgagemost likely it does 99% of the
(09:43):
time it is.
So if we consolidate great, sosay, let's just do simple math
you have $100,000 of debt andyou're able to roll it to your
mortgage, your payments aregoing to go up, right when they
do.
What I suggest is because yousaved on the $100,000 a month
I'm just using numbers.
If you saved $1,000, that money, your mortgage payment might
(10:06):
have gone up by $200.
But why not keep putting the$1,000 into your mortgage?
Speaker 1 (10:11):
Right or into an investment.
Speaker 2 (10:13):
Or yeah, yeah, so invest or whatever, but but I
always tell people increase yourmortgage payment by $25 a week,
right?
So I give people options.
I talk to them about increaseyour payment by $25, which saves
a lot in the long run.
Sometimes people don't think ofit.
Banks don't offer that, right,because they're in the business
of making money.
I'm in the business of youdoing better, so you can either
(10:34):
do something else or I'm in areferral business.
Speaker 1 (10:37):
So, for instance, could they not do it in a
situation like that, instead ofdoing monthly to weekly by
weekly?
Speaker 2 (10:44):
So every mortgage has a prepayment option.
Speaker 1 (10:46):
So every year you can pay 10% to 15%.
Speaker 2 (10:48):
It depends who the lender is Right Towards the
principal, which we have aclient right now.
Her father is about to pass andhe's decided to.
He wants to help the family out, so all the three kids he's
getting a lump sum.
Nice.
So, like as we speak today,they're paying 200,000 towards
(11:08):
each other, each mortgage, rightright of the kids.
So that's a nice to have.
It doesn't always happen, butthat'll significantly lower her
monthly payment if she wants torefinance it, or it stays the
same, but her term will be less.
She'll pay it off sooner nice,nice um.
Speaker 1 (11:19):
And how do you see the mortgage industry evolving
in the next few years,especially with the technology
and online lending platforms?
Speaker 2 (11:27):
I know AI is going to be a significant role in the
processing time of mortgages,meaning people can get quick
updates, quick answers, which isa great tool to have because
processing takes the longest.
Right right, which is a greattool to have because processing
takes the longest.
Right right Underwriting.
You know it might save some oftheir time, but I think there
still needs to be sort of ahands-on approach to it to help
(11:50):
navigate things, because theremight be something that the
system has set of rules and ifit doesn't follow it, so the
human aspect is still required.
I don't think it's going to goaway, but I think it will help
processing time.
Included with that, there couldbe some cost savings or quicker
response on things.
Right, um, we are.
Our brokerage is definitelyheading towards more of the ai
(12:10):
automating things, uh, even forour internal staff, how to flow
things.
So everybody's on one system,right, those things will help.
Um, we have a great tool wheregoing forward this year, like if
our brokerage was to updatesomething the lawyer, the client
everybody gets the same notice,gets up-to-date information
okay, so I can log into a portalthat I can give you and you
(12:31):
could see where your deal isinstead of calling me a hundred
times.
Right, you know, some peopleare just nervous.
Speaker 1 (12:36):
They want to know.
They want to know, but it's alllife, so so is that means that
they work with a set of lawyersthat you already have in place,
or they can still have their own.
Speaker 2 (12:45):
It's basically you can communicate with any lawyer.
Okay, they don't have to havethat platform.
It's our platform thateverybody can access to okay, so
you just give access throughyour client yeah, okay, and then
the client just goes throughright, so we're trying to
streamline things, which wasn'ta thing before right.
Speaker 1 (13:00):
So is that?
Is that when because I knowmost of the times the lawyer is
the last person that comes in?
Speaker 2 (13:04):
yeah, but sometimes there's communication that needs
to be like lawyers say, hey, weneed this this instead of just
letting us know when theycommunicate it.
The client can know okay rightor as soon as they get
instructed on deal.
It's all done.
Lawyers got instructed, but thelawyer still has to fulfill
things which they have to goback to the client, or sometimes
I might have it so I can justupload it.
Speaker 1 (13:22):
Right right.
Speaker 2 (13:23):
Right.
So it creates transparency kindof alleviates stress of the
client and I think communicationwill help to see where the deal
is for the client.
Speaker 1 (13:34):
Right, I know sometimes, especially, you know,
as entrepreneurs, we kind oflose the leverage than having a
job right, meaning that theytreat sometimes we're treated
different.
So how is what are thedifference between um an
employer being employed?
(13:55):
How do you um assess them?
Compare to a person that is anentrepreneur or have a small
business?
Speaker 2 (14:02):
the the benefits of the employee is you get a t4,
okay, you get a pay stub, youget a regular cycle of pay, so
it's easy to prove it's provableincome at the end of the day.
But if we, if we um, if we gofor self-employed, um, most of
the self-employed are trying toshave away their tax uh
(14:23):
requirements.
How can I pay less taxself-employed?
So they expense a lot of things, right?
So the lender essentially iskind of hesitant to lend on when
you're like oh, you say youmake 500 000 but on your taxes
you show 35 right right right,and that's where the biggest
problem is but I was under theimpression that they take the
gross compared to.
(14:44):
They take the gross when you'reemployed, right, they take the
gross when you're self-employedalso, but they want to know what
you claim.
Speaker 1 (14:53):
Gotcha, gotcha.
So you still have to.
Speaker 2 (14:56):
So that's the benefit of being self-employed, is you
get to write off a big portionof your income.
Speaker 1 (15:01):
But it affects you though.
Speaker 2 (15:03):
But yeah, so you try to save on the taxes, you're
getting affected on themortgages, right?
That's why sometimes I believe,if we plan it out and explain
that to you know, aself-employed wants to buy a $2
million house.
Great, you can buy it, you canprobably afford it, but your
(15:26):
taxes doesn't reflect it.
To walk through what we need todo, how you need to claim your
taxes, what you need to push out, um, and then you know, then
there's option of a b lender.
Right is it?
Is it is it cheaper?
to go one percent higherinterest rate and pay less taxes
?
Okay, or is it?
You know, are you going to paya million dollars 13 on a
million dollars, right?
Or pay that one percent extraon your mortgage?
So some people have adifficulty with that going oh, I
want to save on my taxes, orthey want a lending, but they're
like, hey, this is what youcould have done.
Now, if you look at it, you'resaving a lot more money doing
(15:47):
the way you're doing yourbusiness.
Speaker 1 (15:50):
Right, because you get more to write off as an
expense.
Speaker 2 (15:52):
So that tax portion is much higher than that 1%
interest.
So again it's educating.
So again it's educating.
Speaker 1 (15:58):
I was just going to say that.
So, like, when you sit withthat client, do you actually?
I mean like someone like myself, if, like, I come into you and
I'm like, oh, but you know, theA lender, he's giving me that 1%
less, and sometimes what I'vecome to realize is a lack of
(16:21):
knowledge, right?
So how would you?
Or, like, would you actuallybreak it down on paper?
Speaker 2 (16:26):
definitely.
I'll say look, a lender mightgive you this, but based on your
income.
You won't get approved based onhow you claim right, because a
lot of people get pre-approvedand think it's over right.
It's not so.
We've had this discussion,jackie and I, several times.
Regards to this Pre-approvaldoes not mean it's approved.
Speaker 1 (16:43):
I know it is a very soft approval.
Speaker 2 (16:45):
They don't look at everything deeply.
Based on your income, what yousay, based on what you're trying
to buy, this is what youapprove, Right.
But then there's like I've hada client who literally bought a
car a month before closing Threemonths ago.
He was approved, yes, and thatthrew my whole ratio off.
Speaker 1 (17:01):
That's right, because that's new debt, that's an end
debt.
Speaker 2 (17:03):
Yes, and the lender has the right to pull a credit
bureau, even like a week afterclosing, you know, or the week
before closing.
So those are the things, thatpre-approval and pre-approval
things could change Right.
Right, maybe you get a betterdeal or your life situations
have changed, right.
Speaker 1 (17:22):
So the other thing is I know also you know some of
the things I tell my clients isthe fact that when you work with
a broker, you have choicesright.
I mean you suggested.
I know you've been in thisbusiness a long time, you have a
lot of connection, so sharewith us, like, the difference
between an A lender, a B lender,a C lender, a D lender.
(17:43):
I know you have a lot ofconnection, so share with us,
like, the difference between ana lender or B lender or C lender
or D lender.
I know you have the differentlevels right.
Speaker 2 (17:45):
So yeah, so a lender is typically excellent credit.
Anything over like 650 andhigher income makes the debt
income ratios, you know, line upso you know you make it, make a
certain job.
You have one property.
It's a cookie cutter situation.
You're limited to whatever A Blender will look at your actual
income.
You know, if you have mostlyself-employed people or your
(18:08):
bruised credit, it still givesyou an opportunity to get into
the market and sort of work yourway out of it.
So you can go to B to A.
There is a higher interest rate, obviously, and there is a fee
associated with it.
But you're in the real estategame that you're trying to get
into and it also people fallinto hard times.
Things happen like you were ina situation.
Not that you're a bad person,not that you're bad with money,
(18:29):
you weren't gambling but thingshappen.
So be lenders, sort of help.
You sort of get back in, giveyou an opportunity, opens the
door, understands a biggerpicture.
It's not and we're able tonegotiate due to our
relationship with the lenders.
Speaker 1 (18:46):
And then you have private lenders too, right so?
Speaker 2 (18:48):
there's private lenders and it's picked up
really in our market lately.
The last five years has been anupward trend of private lending
.
Private lending used to be youknow, you have equity, no
problem.
That's what it used to be.
I was having a conversation inmy office regards to this like b
lending has become like alending, because all the
requirements and private now isasking for hey, what's your cash
(19:10):
flow?
Can you afford this?
Speaker 1 (19:12):
and I don't blame them yeah absolutely don't blame
them, because they still wantto know that they're going to
get back their money.
Speaker 2 (19:17):
Well, that's the thing.
So people, so people got into areally bad habit and that was
prepayment.
So you get a $2 millionmortgage.
We have a scenario right nowClient had a paid off house, he
decided to build a house for $2million, but he only makes
$85,000.
Speaker 1 (19:33):
Mm-hmm.
Speaker 2 (19:33):
Prepaid, no problem.
He lived in this big, gigantic5,000 square foot house custom
made, beautiful, but he onlymakes $85,000.
Now the mortgage is due, it's$15,000 a month.
Speaker 1 (19:47):
Wow.
Speaker 2 (19:47):
Wow.
And he can't even make thefirst payment that's due Right.
So now he's panicked to sell.
But to sell a $2 million house,the market's not that easy
right now to unload a $2 millionhouse.
So now here's a man who was ina comfortable position, got a
bigger than thing, was private,didn't make him feel it Right.
For one year he had no mortgage.
Speaker 1 (20:06):
Okay, so, so.
Speaker 2 (20:07):
Because they prepaid the mortgage for a year Right
Out of the equity.
Speaker 1 (20:10):
Okay, so, okay, so how?
I mean, I know that is ashort-term fix, because I do
have some clients that they hadto do that and that's a
short-term fix.
Now how?
Speaker 2 (20:27):
It's not even a short-term fix.
It's a short-term, delusionalability to keep a property that
you can't afford.
Speaker 1 (20:36):
Okay, I like the way you said that, but sometimes
there's some emotionalattachment to, to our home right
, um, all right, and I mean, tobe honest, the market is not the
greatest for a renter today.
I mean 15 000 is a lot.
But I'm just saying let's talkabout the standard normal person
.
When you look at the twobuckets, right, like you know,
(20:57):
you know I'm paying $4,000 herefor this rental when I'm in this
house, and I'm having to paythe same $4,000, right, and I do
understand.
There you're saying but youcan't afford it on paper.
But if they were to leave thishouse, they still had to go find
that rental property.
Right, it's like a rock and ahard ball house they still had
(21:18):
to go find that rental propertyright.
Speaker 2 (21:20):
It's like a rock and a hard ball a ball no after in
the last 20 years.
This is probably the safest timeto rent, in a sense, where
you're actually probably gonna,if you're in something you can't
afford um and and I mean affordmeans comfortably, afford right
, like literally like you have alittle bit of money for
breathing and not taking fromcredit card to the line of
credit to this, and that Cost ofliving has gone up so much.
(21:43):
It's really a tight balancingact and if you're balancing like
that, it's not good for you,you're not going to be happy,
emotional instabilities, it'sjust going to be sort of you're
digging yourself further.
Speaker 1 (21:56):
It's a hole.
So what you're saying?
Speaker 2 (21:58):
saying you don't recommend it no, so private
mortgage is good.
Right with a plan okay somepeople fail to plan okay.
Speaker 1 (22:06):
So let me just come back to that private mortgage,
because private mortgage, um,could be where it's like a line
of credit or a loan right, whichis a small portion compared to
private lending.
Is the whole house like?
Speaker 2 (22:19):
no, so there's private lending.
You can do whole house one onefirst mortgage okay, you can do
second mortgages, and thenthere's third, and you know.
Speaker 1 (22:26):
So that's when I see what you said, I'm just thinking
um like secondary loan.
Yeah, yeah, yeah even that.
Speaker 2 (22:33):
so you get that secondary funding.
Um, I know the last few yearspeople have fallen into trouble
where they've got a secondaryfunding.
The property has gone down invalue, right.
So you can't refinance outMillion dollar house.
You've got to appraise thatmillion dollars.
You've got a $700,000 mortgageNow you've got a $100,000 second
mortgage Now that milliondollar house is worth $900,000.
Speaker 1 (22:56):
Right.
Speaker 2 (22:57):
Now you're a 90 90 loan.
To value minimum you have tohave 80 for refinance so.
Speaker 1 (23:04):
So how do you deal with that?
I'm just trying to figure out,like if we had a client now
that's listening to this show,what would you recommend at that
stage?
Because I mean you're prettyhonest I know you.
Speaker 2 (23:13):
You say you call a spade a spade I think in the
last two years I've, in the lastsix months, I've literally told
people you're better offselling.
Wow, get rid of the houseBecause you're not going to get
out of it.
Start off fresh.
You have all your debt, thenyou can do with the 10% down
Right Instead of it eating awayevery month.
Speaker 1 (23:32):
Right right.
Speaker 2 (23:32):
So you're eating away your equity.
You're hoping for the market tochange it will eventually, but
maybe this is the normal Right.
What we were used to was just ablessing.
12 years ago, when I had amortgage, the rates were like 6%
, 7% anyways.
Speaker 1 (23:45):
Right.
Speaker 2 (23:45):
So this is 4.5%, 5%.
Maybe that's the normal.
Speaker 1 (23:50):
But you know the unfortunate thing with humans we
get comfortable really fast andwe've had good interest rates
for the probably decade or twobut it wasn't realistic.
Speaker 2 (24:00):
Maybe okay right.
Well, no prices were going.
Speaker 1 (24:04):
I was just gonna say, but we did not have the cost of
living so high, right?
Speaker 2 (24:08):
so so the low rates of demand went up.
Obviously immigration helpedright with that, or you know
help that demand it's a touchysubject, it has helped and it's
it's helped and it's sort of putsome dampers on certain things
but it made things tougher too Idon't think we have the
infrastructure to open the gatesand say absolutely absolutely
but people were let in and uh,here we are that's a whole
(24:31):
nother story.
Speaker 1 (24:32):
You know that's another political.
We're in a little bit politicalturmoil right now because of
because of it we don't havepolitical turmoil right now.
Because of it.
Because of it we don't have ahead right now because of it.
So tell me.
If somebody needs to get a holdof you or they want to sit down
and discuss this, just tellthem how they can reach you.
Speaker 2 (24:50):
You can reach me.
I'm on every social mediaplatform possible.
My phone number is 416-881-5927.
And we're also going to put youon the no problem and I tell
everybody, before you buy ahouse, sit down with a broker it
doesn't cost you anything andplan your day.
Make a plan of what you'regoing to get, how you're going
to afford it worst-case scenario.
(25:12):
And then obviously the otheraspect is see Jackie for your
insurance and lately we've hadto pay off some insurance
clients.
People have passed in the lasttwo years.
Suddenly, you know, we had aperson who was struggling
financially and they were in apretty tight position and on top
of that the husband passed away.
(25:33):
Suddenly he was found out withstage 3 cancer and he passed out
.
We had to pay out and close him.
But insurance is an importantaspect people sometimes forget
Very much it is.
He was found out with stagethree cancer and he passed out.
We had to pay out and close him.
But insurance is an importantaspect.
Speaker 1 (25:42):
People sometimes forget Very much.
It is, I call it the love, thelove that we give back to the
people that are left behind.
So I want to thank you forcoming on the show, and we
definitely need to do this moreoften.
So stay tuned for more to come,and thank you for watching.
Goodbye.
Welcome to the Money is for you podcast brought to
you in collaboration withNotable Wealth Management Inc.
I am Jacqueline Correa, yourhost on this journey.
Today, we are going to talkabout building your home
ownership blueprint, and I havea very special guest with me and
my circle of influence Haristo,the mortgage broker.
(00:25):
Haristo, just tell us a littlebit about yourself.
What do you do?
How long have you been in thebusiness?
Let's just get to know who youare.
Speaker 2 (00:32):
My name is Haristo.
I've been in the business for16 years now.
I'm a principal broker atMcGill and Capital Network.
This is my first podcast, soI'm a little bit excited and
nervous, but we'll get throughit Awesome.
Speaker 1 (00:47):
So let me tell you how my little long, little short
story of how Haris and I havehad a very long history of work
relationship, but I'm also hisclient.
I think I told you guys a coupleweeks ago about my story of
being unemployed for two years,and this is when I actually went
to my sister and she introducedme to this gentleman here,
(01:10):
aristo, and he pretty much hadto clean up my mess after being
unemployed for two years andthen we started working together
.
So you know, as part of being afinancial advisor and a wealth
builder, you find that there aretimes when your clients need
help, and so this is how I bringin Haristo to take this part
(01:33):
over to.
You know, whether it'srefinancing or a new mortgage
and whatnot.
So I thought this would be aperfect opportunity to bring him
in so he can tell you a littlebit of you wanted to build bill,
to be a home to first-timehomebuyer or, if you know, you
want to know more about yourblueprint and your home
(01:54):
ownership.
So first I start with what arethe currents trends are you
seeing in the Canadian mortgagemarket and how do these trends
impact potential homebuyerstoday?
Speaker 2 (02:07):
Currently.
Obviously, interest rates wentup significantly the last two
years, but as of June, thegovernment decided to reduce the
rates June 2024, and since thenthey've dropped about 1.75% in
the rate, so that's helped alittle bit.
That has also increased a lotof buyers that are interested in
(02:28):
buying, but the people arestill nervous.
Cmhc also has gracefullyincreased their limit for
first-time homebuyers from $1million to $1.5 million and
amortizations stretched out to30 years instead of 25, which is
limiting a lot of purchases.
But on the other side of it,affordability has been an issue.
(02:52):
Wages haven't gone up prettystagnant but cost of living has
gone up.
Even though they reduced therates, it's still a higher
impact than it was before.
So, that's having some issuesthere.
Those are the major ones.
Speaker 1 (03:07):
Okay, and what are some of the common
misconceptions people have aboutmortgages, the mortgage process
and you have encountered inyour time.
Speaker 2 (03:21):
Most of it is, a lot of people are into those
first-time homebuyers so they'rethinking only 5%, right?
So there, it's only 5% for thefirst 500,000.
Speaker 1 (03:30):
Okay, so then there's a sliding scale.
Speaker 2 (03:33):
So everybody's like, I have 5%.
Well, don't always bank on that5% Um, and I always urge people
save as much as you can.
More than what you think youneed, um, so that's one of the
issues.
A second time more than whatyou think you need.
So that's one of the issues.
Second time is first-timehomebuyers.
They think that so you could,first-time homebuyers would be
the first time, or you haven'tpurchased a house in four years.
Speaker 1 (03:53):
Oh, okay, it's four.
Okay, I thought it was five, nofour, so it's four calendar
years, so they didn't changethat Four calendar years.
I believe that's what it is.
Speaker 2 (04:00):
That's the calendar years, but if you bought
something with 20% down, thatstill counts as a purchase.
Okay, some people are like well, I never got insurance, but you
still bought a house.
Speaker 1 (04:11):
So you're saying so that changes the situation.
Speaker 2 (04:17):
If you purchased the first one and you had 20%, it's
still a purchase.
Speaker 1 (04:20):
There's a house under your name.
Okay, okay, I got you, butactually what I was thinking?
So let's say I had my home andI had the 20%, but I wanted to
buy a next one.
Speaker 2 (04:28):
No, you won't qualify .
Won't qualify.
Okay, they did have.
You can have a secondary homewith insure.
They got rid of that program.
Speaker 1 (04:34):
Okay, okay, okay, all right.
So what are some of the?
Okay, sorry, I did that one.
What advice would you give to afirst-time homebuyer in Canada
and who are now just startingout?
What are the mortgage programs?
Speaker 2 (04:54):
How can they navigate ?
Historically there was alwaysRSPs you can tap into.
Save your RSPs, you can takesome money out.
Then the government came backwith the first time home savings
account that you can have atthe bank which is separate from
your RSVs.
So that helps Ideally.
I always tell people try tohave 10%.
5% is a nice to have like abaseline, but 10% because
(05:17):
there's always a cost of closing.
People forget about landtransfer.
I know you get it.
There's a rebate of $4,000 inthe 905 and then 416, about
$8,000 max.
About $8,475 is a max rebate.
But you should also considerclosing.
You should consider legal costs, you should consider insurance.
There's always those costs thatpeople sometimes forget, right
(05:40):
right.
So keep that in mind is acritical thing that I think.
And then sit down with amortgage broker and there's also
a misconception that there's afee associated with it.
There isn't, it's aconsultation fee.
I mean, there's no fees, it's aconsultation.
You sit down, they at leastguide you in the right direction
and then from there what we cando is like myself.
(06:01):
When somebody comes to me, I'lltell them okay, this is your
budget, literally, this is yourbudget.
Max, like you can go up tomaybe a million dollars.
I try to stay at $825,000.
And I'll even have aconversation with their agent
just to make sure.
Hey, we can go this far, butyou're really pushing it.
They're going to be stretchedout and I try to tell people not
to get stretched out because ofthe home.
There's other expenses thatcome Right right and people
(06:22):
sometimes forget about thatProperty tax, renovations, I
don't know additions, remodelingwife wants a new couch.
You know things happen, soalways keep that in
consideration.
Speaker 1 (06:34):
Okay.
So and I'm going to come backto that because that's kind of
like coming into my area, sowhen they come to you, do you
actually work with them, let'ssay, to just kind of do the
budgeting?
Do you provide that service?
Speaker 2 (06:51):
100%.
I have no problems doing it.
I'd rather do that, because I'drather make them strong as
possible on their first purchase.
My thing is to educate, enablethem to get it teach them how to
do it and how to manage it.
But also, I think, futureinvestment.
Nobody thinks about theirsecondary home, but why don't we
plan on the first purchase forthe secondary home?
(07:11):
And if they're in a good taxbracket you can save on the tax
portion.
So get a reasonable house.
Maybe get a condo as aninvestment property.
That'll reduce your taxes.
You've got somebody paying yourmortgage.
So I look at a holistic part ofhow we can grow, sort of how
live below the means and make aninvestment, because a house is
not an investment unless it'spaying you back.
(07:33):
So when you live there, you'rejust living there.
You're paying mortgages.
But if you have somebody payingfor your mortgage, it's the
better.
Speaker 1 (07:41):
But it's a start.
I'm a strong believer that andI mean I talk about the four
pillars of wealth building andso I believe real estate is like
the number one.
I know it don't start, so it'salways for my pillar it's the
fourth one, because there is athree that before it hits to
that, but I'm a strong believerevery person that live in Canada
(08:04):
should have well, even if it'snot in Canada, should own a
property, because it's one ofthe things that will always,
always have equity.
You will build back that equityand I mean I'm a prime example
of what had happened to me andif I did not have my home, I
(08:27):
would have been in a lot moretrouble Because you know, when
you had to clean all my stuff up, first of all, when I moved
from a job to self-employed, Iwas treated very differently
from the five banks.
Speaker 2 (08:43):
I was considered like and you were able to tap into
your house to clean up helpyourself and clean up some bills
.
Speaker 1 (08:48):
So, coming back to that, I still believe if I did
not have that one asset, I wouldhave been worst off.
Speaker 2 (08:55):
Definitely.
Speaker 1 (08:56):
So I always say these are things that will allow us
to, even if we had debt.
It helps us to rebuild fasterthan starting from nothing.
As a homeowner, when would itbe a good time to refinance your
home, and what factors shouldthey take into consideration
(09:19):
before making that decision?
Speaker 2 (09:21):
So refinance is a little bit tricky.
I kind of shy away from peopleusing it as a credit card.
Right, it's not for you to goand go on a great vacation or
buy the newest car.
That is not the best option forit.
When I do consider refinances,if your debts have a higher
interest rate than your mortgagemost likely it does 99% of the
(09:43):
time it is.
So if we consolidate great, sosay, let's just do simple math
you have $100,000 of debt andyou're able to roll it to your
mortgage, your payments aregoing to go up, right when they
do.
What I suggest is because yousaved on the $100,000 a month
I'm just using numbers.
If you saved $1,000, that money, your mortgage payment might
(10:06):
have gone up by $200.
But why not keep putting the$1,000 into your mortgage?
Speaker 1 (10:11):
Right or into an investment.
Speaker 2 (10:13):
Or yeah, yeah, so invest or whatever, but but I
always tell people increase yourmortgage payment by $25 a week,
right?
So I give people options.
I talk to them about increaseyour payment by $25, which saves
a lot in the long run.
Sometimes people don't think ofit.
Banks don't offer that, right,because they're in the business
of making money.
I'm in the business of youdoing better, so you can either
(10:34):
do something else or I'm in areferral business.
Speaker 1 (10:37):
So, for instance, could they not do it in a
situation like that, instead ofdoing monthly to weekly by
weekly?
Speaker 2 (10:44):
So every mortgage has a prepayment option.
Speaker 1 (10:46):
So every year you can pay 10% to 15%.
Speaker 2 (10:48):
It depends who the lender is Right Towards the
principal, which we have aclient right now.
Her father is about to pass andhe's decided to.
He wants to help the family out, so all the three kids he's
getting a lump sum.
Nice.
So, like as we speak today,they're paying 200,000 towards
(11:08):
each other, each mortgage, rightright of the kids.
So that's a nice to have.
It doesn't always happen, butthat'll significantly lower her
monthly payment if she wants torefinance it, or it stays the
same, but her term will be less.
She'll pay it off sooner nice,nice um.
Speaker 1 (11:19):
And how do you see the mortgage industry evolving
in the next few years,especially with the technology
and online lending platforms?
Speaker 2 (11:27):
I know AI is going to be a significant role in the
processing time of mortgages,meaning people can get quick
updates, quick answers, which isa great tool to have because
processing takes the longest.
Right right, which is a greattool to have because processing
takes the longest.
Right right Underwriting.
You know it might save some oftheir time, but I think there
still needs to be sort of ahands-on approach to it to help
(11:50):
navigate things, because theremight be something that the
system has set of rules and ifit doesn't follow it, so the
human aspect is still required.
I don't think it's going to goaway, but I think it will help
processing time.
Included with that, there couldbe some cost savings or quicker
response on things.
Right, um, we are.
Our brokerage is definitelyheading towards more of the ai
(12:10):
automating things, uh, even forour internal staff, how to flow
things.
So everybody's on one system,right, those things will help.
Um, we have a great tool wheregoing forward this year, like if
our brokerage was to updatesomething the lawyer, the client
everybody gets the same notice,gets up-to-date information
okay, so I can log into a portalthat I can give you and you
(12:31):
could see where your deal isinstead of calling me a hundred
times.
Right, you know, some peopleare just nervous.
Speaker 1 (12:36):
They want to know.
They want to know, but it's alllife, so so is that means that
they work with a set of lawyersthat you already have in place,
or they can still have their own.
Speaker 2 (12:45):
It's basically you can communicate with any lawyer.
Okay, they don't have to havethat platform.
It's our platform thateverybody can access to okay, so
you just give access throughyour client yeah, okay, and then
the client just goes throughright, so we're trying to
streamline things, which wasn'ta thing before right.
Speaker 1 (13:00):
So is that?
Is that when because I knowmost of the times the lawyer is
the last person that comes in?
Speaker 2 (13:04):
yeah, but sometimes there's communication that needs
to be like lawyers say, hey, weneed this this instead of just
letting us know when theycommunicate it.
The client can know okay rightor as soon as they get
instructed on deal.
It's all done.
Lawyers got instructed, but thelawyer still has to fulfill
things which they have to goback to the client, or sometimes
I might have it so I can justupload it.
Speaker 1 (13:22):
Right right.
Speaker 2 (13:23):
Right.
So it creates transparency kindof alleviates stress of the
client and I think communicationwill help to see where the deal
is for the client.
Speaker 1 (13:34):
Right, I know sometimes, especially, you know,
as entrepreneurs, we kind oflose the leverage than having a
job right, meaning that theytreat sometimes we're treated
different.
So how is what are thedifference between um an
employer being employed?
(13:55):
How do you um assess them?
Compare to a person that is anentrepreneur or have a small
business?
Speaker 2 (14:02):
the the benefits of the employee is you get a t4,
okay, you get a pay stub, youget a regular cycle of pay, so
it's easy to prove it's provableincome at the end of the day.
But if we, if we um, if we gofor self-employed, um, most of
the self-employed are trying toshave away their tax uh
(14:23):
requirements.
How can I pay less taxself-employed?
So they expense a lot of things, right?
So the lender essentially iskind of hesitant to lend on when
you're like oh, you say youmake 500 000 but on your taxes
you show 35 right right right,and that's where the biggest
problem is but I was under theimpression that they take the
gross compared to.
(14:44):
They take the gross when you'reemployed, right, they take the
gross when you're self-employedalso, but they want to know what
you claim.
Speaker 1 (14:53):
Gotcha, gotcha.
So you still have to.
Speaker 2 (14:56):
So that's the benefit of being self-employed, is you
get to write off a big portionof your income.
Speaker 1 (15:01):
But it affects you though.
Speaker 2 (15:03):
But yeah, so you try to save on the taxes, you're
getting affected on themortgages, right?
That's why sometimes I believe,if we plan it out and explain
that to you know, aself-employed wants to buy a $2
million house.
Great, you can buy it, you canprobably afford it, but your
(15:26):
taxes doesn't reflect it.
To walk through what we need todo, how you need to claim your
taxes, what you need to push out, um, and then you know, then
there's option of a b lender.
Right is it?
Is it is it cheaper?
to go one percent higherinterest rate and pay less taxes
?
Okay, or is it?
You know, are you going to paya million dollars 13 on a
million dollars, right?
Or pay that one percent extraon your mortgage?
So some people have adifficulty with that going oh, I
want to save on my taxes, orthey want a lending, but they're
like, hey, this is what youcould have done.
Now, if you look at it, you'resaving a lot more money doing
(15:47):
the way you're doing yourbusiness.
Speaker 1 (15:50):
Right, because you get more to write off as an
expense.
Speaker 2 (15:52):
So that tax portion is much higher than that 1%
interest.
So again it's educating.
So again it's educating.
Speaker 1 (15:58):
I was just going to say that.
So, like, when you sit withthat client, do you actually?
I mean like someone like myself, if, like, I come into you and
I'm like, oh, but you know, theA lender, he's giving me that 1%
less, and sometimes what I'vecome to realize is a lack of
(16:21):
knowledge, right?
So how would you?
Or, like, would you actuallybreak it down on paper?
Speaker 2 (16:26):
definitely.
I'll say look, a lender mightgive you this, but based on your
income.
You won't get approved based onhow you claim right, because a
lot of people get pre-approvedand think it's over right.
It's not so.
We've had this discussion,jackie and I, several times.
Regards to this Pre-approvaldoes not mean it's approved.
Speaker 1 (16:43):
I know it is a very soft approval.
Speaker 2 (16:45):
They don't look at everything deeply.
Based on your income, what yousay, based on what you're trying
to buy, this is what youapprove, Right.
But then there's like I've hada client who literally bought a
car a month before closing Threemonths ago.
He was approved, yes, and thatthrew my whole ratio off.
Speaker 1 (17:01):
That's right, because that's new debt, that's an end
debt.
Speaker 2 (17:03):
Yes, and the lender has the right to pull a credit
bureau, even like a week afterclosing, you know, or the week
before closing.
So those are the things, thatpre-approval and pre-approval
things could change Right.
Right, maybe you get a betterdeal or your life situations
have changed, right.
Speaker 1 (17:22):
So the other thing is I know also you know some of
the things I tell my clients isthe fact that when you work with
a broker, you have choicesright.
I mean you suggested.
I know you've been in thisbusiness a long time, you have a
lot of connection, so sharewith us, like, the difference
between an A lender, a B lender,a C lender, a D lender.
(17:43):
I know you have a lot ofconnection, so share with us,
like, the difference between ana lender or B lender or C lender
or D lender.
I know you have the differentlevels right.
Speaker 2 (17:45):
So yeah, so a lender is typically excellent credit.
Anything over like 650 andhigher income makes the debt
income ratios, you know, line upso you know you make it, make a
certain job.
You have one property.
It's a cookie cutter situation.
You're limited to whatever A Blender will look at your actual
income.
You know, if you have mostlyself-employed people or your
(18:08):
bruised credit, it still givesyou an opportunity to get into
the market and sort of work yourway out of it.
So you can go to B to A.
There is a higher interest rate, obviously, and there is a fee
associated with it.
But you're in the real estategame that you're trying to get
into and it also people fallinto hard times.
Things happen like you were ina situation.
Not that you're a bad person,not that you're bad with money,
(18:29):
you weren't gambling but thingshappen.
So be lenders, sort of help.
You sort of get back in, giveyou an opportunity, opens the
door, understands a biggerpicture.
It's not and we're able tonegotiate due to our
relationship with the lenders.
Speaker 1 (18:46):
And then you have private lenders too, right so?
Speaker 2 (18:48):
there's private lenders and it's picked up
really in our market lately.
The last five years has been anupward trend of private lending
.
Private lending used to be youknow, you have equity, no
problem.
That's what it used to be.
I was having a conversation inmy office regards to this like b
lending has become like alending, because all the
requirements and private now isasking for hey, what's your cash
(19:10):
flow?
Can you afford this?
Speaker 1 (19:12):
and I don't blame them yeah absolutely don't blame
them, because they still wantto know that they're going to
get back their money.
Speaker 2 (19:17):
Well, that's the thing.
So people, so people got into areally bad habit and that was
prepayment.
So you get a $2 millionmortgage.
We have a scenario right nowClient had a paid off house, he
decided to build a house for $2million, but he only makes
$85,000.
Speaker 1 (19:33):
Mm-hmm.
Speaker 2 (19:33):
Prepaid, no problem.
He lived in this big, gigantic5,000 square foot house custom
made, beautiful, but he onlymakes $85,000.
Now the mortgage is due, it's$15,000 a month.
Speaker 1 (19:47):
Wow.
Speaker 2 (19:47):
Wow.
And he can't even make thefirst payment that's due Right.
So now he's panicked to sell.
But to sell a $2 million house,the market's not that easy
right now to unload a $2 millionhouse.
So now here's a man who was ina comfortable position, got a
bigger than thing, was private,didn't make him feel it Right.
For one year he had no mortgage.
Speaker 1 (20:06):
Okay, so, so.
Speaker 2 (20:07):
Because they prepaid the mortgage for a year Right
Out of the equity.
Speaker 1 (20:10):
Okay, so, okay, so how?
I mean, I know that is ashort-term fix, because I do
have some clients that they hadto do that and that's a
short-term fix.
Now how?
Speaker 2 (20:27):
It's not even a short-term fix.
It's a short-term, delusionalability to keep a property that
you can't afford.
Speaker 1 (20:36):
Okay, I like the way you said that, but sometimes
there's some emotionalattachment to, to our home right
, um, all right, and I mean, tobe honest, the market is not the
greatest for a renter today.
I mean 15 000 is a lot.
But I'm just saying let's talkabout the standard normal person
.
When you look at the twobuckets, right, like you know,
(20:57):
you know I'm paying $4,000 herefor this rental when I'm in this
house, and I'm having to paythe same $4,000, right, and I do
understand.
There you're saying but youcan't afford it on paper.
But if they were to leave thishouse, they still had to go find
that rental property.
Right, it's like a rock and ahard ball house they still had
(21:18):
to go find that rental propertyright.
Speaker 2 (21:20):
It's like a rock and a hard ball a ball no after in
the last 20 years.
This is probably the safest timeto rent, in a sense, where
you're actually probably gonna,if you're in something you can't
afford um and and I mean affordmeans comfortably, afford right
, like literally like you have alittle bit of money for
breathing and not taking fromcredit card to the line of
credit to this, and that Cost ofliving has gone up so much.
(21:43):
It's really a tight balancingact and if you're balancing like
that, it's not good for you,you're not going to be happy,
emotional instabilities, it'sjust going to be sort of you're
digging yourself further.
Speaker 1 (21:56):
It's a hole.
So what you're saying?
Speaker 2 (21:58):
saying you don't recommend it no, so private
mortgage is good.
Right with a plan okay somepeople fail to plan okay.
Speaker 1 (22:06):
So let me just come back to that private mortgage,
because private mortgage, um,could be where it's like a line
of credit or a loan right, whichis a small portion compared to
private lending.
Is the whole house like?
Speaker 2 (22:19):
no, so there's private lending.
You can do whole house one onefirst mortgage okay, you can do
second mortgages, and thenthere's third, and you know.
Speaker 1 (22:26):
So that's when I see what you said, I'm just thinking
um like secondary loan.
Yeah, yeah, yeah even that.
Speaker 2 (22:33):
so you get that secondary funding.
Um, I know the last few yearspeople have fallen into trouble
where they've got a secondaryfunding.
The property has gone down invalue, right.
So you can't refinance outMillion dollar house.
You've got to appraise thatmillion dollars.
You've got a $700,000 mortgageNow you've got a $100,000 second
mortgage Now that milliondollar house is worth $900,000.
Speaker 1 (22:56):
Right.
Speaker 2 (22:57):
Now you're a 90 90 loan.
To value minimum you have tohave 80 for refinance so.
Speaker 1 (23:04):
So how do you deal with that?
I'm just trying to figure out,like if we had a client now
that's listening to this show,what would you recommend at that
stage?
Because I mean you're prettyhonest I know you.
Speaker 2 (23:13):
You say you call a spade a spade I think in the
last two years I've, in the lastsix months, I've literally told
people you're better offselling.
Wow, get rid of the houseBecause you're not going to get
out of it.
Start off fresh.
You have all your debt, thenyou can do with the 10% down
Right Instead of it eating awayevery month.
Speaker 1 (23:32):
Right right.
Speaker 2 (23:32):
So you're eating away your equity.
You're hoping for the market tochange it will eventually, but
maybe this is the normal Right.
What we were used to was just ablessing.
12 years ago, when I had amortgage, the rates were like 6%
, 7% anyways.
Speaker 1 (23:45):
Right.
Speaker 2 (23:45):
So this is 4.5%, 5%.
Maybe that's the normal.
Speaker 1 (23:50):
But you know the unfortunate thing with humans we
get comfortable really fast andwe've had good interest rates
for the probably decade or twobut it wasn't realistic.
Speaker 2 (24:00):
Maybe okay right.
Well, no prices were going.
Speaker 1 (24:04):
I was just gonna say, but we did not have the cost of
living so high, right?
Speaker 2 (24:08):
so so the low rates of demand went up.
Obviously immigration helpedright with that, or you know
help that demand it's a touchysubject, it has helped and it's
it's helped and it's sort of putsome dampers on certain things
but it made things tougher too Idon't think we have the
infrastructure to open the gatesand say absolutely absolutely
but people were let in and uh,here we are that's a whole
(24:31):
nother story.
Speaker 1 (24:32):
You know that's another political.
We're in a little bit politicalturmoil right now because of
because of it we don't havepolitical turmoil right now.
Because of it.
Because of it we don't have ahead right now because of it.
So tell me.
If somebody needs to get a holdof you or they want to sit down
and discuss this, just tellthem how they can reach you.
Speaker 2 (24:50):
You can reach me.
I'm on every social mediaplatform possible.
My phone number is 416-881-5927.
And we're also going to put youon the no problem and I tell
everybody, before you buy ahouse, sit down with a broker it
doesn't cost you anything andplan your day.
Make a plan of what you'regoing to get, how you're going
to afford it worst-case scenario.
(25:12):
And then obviously the otheraspect is see Jackie for your
insurance and lately we've hadto pay off some insurance
clients.
People have passed in the lasttwo years.
Suddenly, you know, we had aperson who was struggling
financially and they were in apretty tight position and on top
of that the husband passed away.
(25:33):
Suddenly he was found out withstage 3 cancer and he passed out
.
We had to pay out and close him.
But insurance is an importantaspect people sometimes forget
Very much it is.
He was found out with stagethree cancer and he passed out.
We had to pay out and close him.
But insurance is an importantaspect.
Speaker 1 (25:42):
People sometimes forget Very much.
It is, I call it the love, thelove that we give back to the
people that are left behind.
So I want to thank you forcoming on the show, and we
definitely need to do this moreoften.
So stay tuned for more to come,and thank you for watching.
Goodbye.
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