February 29, 2024 • 48 mins
In this episode, Tania Kolar interviews Principal Broker and Mortgage Loan Strategist Lorne Andrews. They discuss home ownership and if you should buy or not buy in the current financial market. They also discuss a new deposit assistance program and what it takes to get into the home-buying market and attain your financial goals.
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Episode Transcript
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The views expressed in the following programare those of the participants and do not
necessarily reflect the views of Saga ninesixty am or its management. Hello and
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welcome to the Mindset Mentor. I'mTanya Cola, helping you cultivate a life
you love. As you know,I always talk about how your mindset is
like a muscle that needs to bestrengthened end conditioned. So this is your
mindset workout, and today I thoughtit would be a really great idea to
talk about home buying. There's somany questions out there. The market's been
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a little bit crazy well, andthe questions that consumers have are should I
buy or should I wait? What'sgoing on with the interest rate? And
can I afford it? So Ibrought my good friend on today who is
an expert and he's going to answeryour questions. Lauren Andrews joining me today.
Thank you so much Lauren for beinghere. Lauren is a principal broker
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at Dominion Lending Centers financial experts inCanada. I may have got that wrong,
but he's gonna tell you exactly whathe does and also award winning so
eight time Award winner of Canada mortgages, which is pretty darn fantastic. He's
got all the answers that you're lookingfor. Lauren, it's so great to
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have you here on the mindset mentorto help solve the problems that people have
right now in this crazy market.There's a lot of fear about should I
buy, should I wait? Whatdo I do? What's happening with the
interest rates? And can we affordit? What are your thoughts on that?
Well, thank you, Tania,thank you so much for having me
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on. I'm so I'm excited,always excited to spend some time with you.
And this is obviously something that's dearto my heart because at the end
of you know, for what Ido. You know, my my joy
is brought when I have you know, buyers send me pictures holding the keys
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in front of their their homes andeverything else, and and you said it
exactly. You know, we talkedabout mindset and you know, home ownership
is something that everybody aspires to,right and you know, to own the
home, especially to buy your firsthome, is you know, is such
a huge step where you're going tocreate all your memories and you know,
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your families are going to be raisedand it might not be just that first
home might be a stepping stone toget to the next home. And then
you know, if you find tenyears down the road you're buying your first
investment property and you're using real estateto build wealth and eventual you know,
financial freedom and and it's it's oneof those it's a dream, right,
it's it's our dream. Home ownershipis a dream. And I think what
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you're talking, you know, youmentioned you know, when do you buy?
When is a good time to buy? And I think that I think
we hear a lot of stuff inthe news, right and we hear doom
and gloom with you know, whereinterest rates are and how tough it is
and everything else. And it istougher, for sure, it is tougher.
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But what I then find, especiallywhen I'm when I'm making my connections,
you know, people are are askingme, is now a good time
to buy? Just just as youasked? And the answer to that is
is maybe right, because it's reallyI always say the best time to buy
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is when you're ready to buy.Okay, you can't really time the mark.
You can't say I'm gonna wait tillit hits the absolute bottom I'm going
to wait till interest rates go downagain. I'm going to wait till you
could be waiting forever. And bythat time, by the time you're ready
to do something, now you're almosttoo late. Now you're being priced out
of the market again. Things arestarting to go up, and and whatnot.
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So and the other thing I'm findingtoo when buyers are connecting to us.
Scotia Bank has this whole saying,you know, you're closer than you
think they used to see in theircommercials, And oh my god, it's
amazing when you talk to somebody andall of a sudden they you know,
they're struggling with down payment or there'sother things that's just holding them back,
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and then you can provide different typeof solutions that they realize I don't have
to wait five years. I can. You know, I can do this
in one year. I can doit in six months. Strategies, you
know, how to get into ahome. I think I think it's it's
it is tough out there, andyou do hear, you hear there's a
lot of noise, Tanya like,it's you hear it all the time,
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right, And you know, Iwas at a conference with a bunch of
realtors and it was not so longago where we were they're asking about interest
rates and they said, you know, they're just not coming down, right,
And thevery' is to wait for themto come down, because that's what
you hear in the news. Butrates have come down almost a full percent
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over the last you know, twomonths. All the fixed rates have been
coming down, right, So thankgood. Yeah, it's a scary thought
when the interest rates keep rising becauseyou you know, when you're in that
sort of a fluctuating market, youknow you wonder if there is a cap
to that. So to start tosee the rates come down is a sigh
of relief for so many people.I know a lot of people who have
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suffered greatly financially because of those interestrates. You know, their mortgages were
tripling at some point, and youknow a lot of people, let's face
it, live paycheck to paycheck,so it's hard to find yourself in that
situation and to be able to sustainthat, certainly for a long period of
time, right, can be aproblem. And so I think these conversations
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are so valuable lorn where you're theexpert and can provide the guidance that people
need depending on their financial situation,because everybody is different, right and has
different goals, aspirations and financial abilities. So it's really good to know where
we are and where we want tobe and how to bridge that gap to
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get there. That is the biggestfear for a lot of people when it
comes to home ownership, is thator even investment, right, can I
afford it? And most people haveno idea if it's a first time home
buyer, of what the process isand what it takes. And you know,
I was one of those people yearsago when I purchased my first home.
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I had no idea what it took, and I thought it was impossible.
But I can tell you that feelingof possibility is outstanding. And it
was such a joy for me topurchase my first home because you know,
my my parents didn't own anything,right, they rented forever. So for
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me it was like, wow,I'm like, this is a dream for
my family, right So, andI'm with you on that where there is
nothing like that feeling of being ableto help somebody else get into their first
home and they have the keys intheir hands and they are, you know,
experiencing that proud moment. That isa legacy, and that that is
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you know, that financial freedom Ithink that everybody you know strives to have,
but again, most people feel it'simpossible. So I'd love to start
with a first time home buyer,Lauren and to help them kind of understand,
like what are the costs involved,what do they need? How much
money do they actually need for adown payment, because you know, it
can be really tricky to navigate thatobviously by yourself when you don't have all
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the answers from an expert. Yeah, one hundred percent, and yeah,
you know everything you're when you're tellingme that, you know, you're experience
and your story about you know,always be the first person your generation to
own a home, like that's that'sspectacular, like that type of thing.
When when when I hear that,when somebody says, you know, you
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know, I'll be the first personin my family to ever own a home,
I was like, oh my god, we're going to make this happen,
right Clify My sister did buy ahome before I did, so okay,
okay, all right. So sothose situations they're there's, they're there's
they're very special, right, Soyou know, as so as a first
time home buyer. You know,some people they it's there are some there
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is a lot of information out thereand sometimes you just really need to,
you know, go to the rightsources and make sure that you kind of
it's about navigating right, It's aboutyou know, how they get there,
and and especially you know, whenyou deal with a mortgage broker for examples,
because a lot of people, youknow, they think they just have
to go into a bank and theyyou know, meet the teller. The
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teller sends them to somebody and sideand they say, okay, use is
what you're preapproved for. And theydon't understand what that is. They don't
understand what a pre approval is,they don't understand exactly the down payment,
they don't understand there's too many elements. So I think it's you know,
in the very first you know,when you talk about the first steps of
you know, figuring out, isto connect with the mortgage as your mortgage
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broker that you trust, right,and that can that's there for a for
a lifetime with you, right,because at the end of the day,
when you actually get that mortgage,it's going to be the biggest debt you
ever had it in your life,right, So you know, as a
as a mortgage broker, it's it'smy responsibility to help you manage that debt,
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you know, and hopefully not throughyour life, hopefully to pay it
off sooner, right and take youthere. So if we go back to
you know, first time home buyer, you know, part of it is
you know you have to see isdown payment, okay, is one element
that we look at. Your creditis another element that we look at,
and then obviously income, right,So we pull those, you know,
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three elements together and that will kindof paint a picture in terms of how
much a home buyer would qualify fornow as a down payment, and principle,
we our target is to have atleast five percent, okay, so
we need we need to account wehave five percent, but there's also going
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to be closing costs above and beyondyour down payment, so we'll just separate
that for a second. But anybodycan buy with five percent down up to
a price point of five hundred thousand, okay, and then once it goes
over five hundred thousand, for thatportion up to one million, you need
ten percent of that portion. Right. So so if I'm buying a six
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hundred thousand dollars home, my minimumdown payment would be thirty five thousand,
right, So, and there's athose mortgages are ensured. There's there's basically
the rule in Canada is any mortgagesthat any homes you're purchasing with less than
a twenty percent down payment, theyhave to be insured by CMHC or SAGAN.
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And what is this insurance? Andthere's a home buyer like, I
don't get what interests I have todo? I have to pay for this
insurance? No, No, thisinsurance is really for the benefit of the
banks. So what they do isthey give you an even more discounted interest
rate. They do charge. There'san insurance premium the banks get charged.
They paid on your behalf, butthey just added into your mortgage and so
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you're not out of pocket that amount. It just might be an extra twenty
dollars thirty dollars per month payment,that sort of thing. But it allows
home buyers to buy homes with lessthan twenty percent down. Okay, so
that's the one. You know partof that Now where interest rates are right
now, whatever the interest rate thatyou're getting, every every term has a
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different rate connected to it and whateverthe rate that is. Is also a
rule in Canada that when you qualifyfor a mortgage, you're not qualifying at
that rate, you're qualifying in thatrate plus two percent, which is called
the stress test, okay. Andthe idea is when they implement of the
stress test, they were thinking,well, what if rates change, are
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there our borers still going to beable to afford that mortgage? Okay?
So what happens when rates are goingup rates are higher, we have to
use a higher stress test, whichis lowering what people are qualifying for,
right. So that's definitely playing afactor. Back when rates were super super
low, usually if we didn't haveany of the debt, usually we would
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qualify for about five times of ourincome for a mortgage. Right, So
if you had a combined income ofyou know, one hundred thousand, you'd
qualify for a five hundred thousand dollarsmortgage, Okay, So down payment on
top of that would equal a purchaseprice. Now, where interest rates are
is probably closer to four times.Through income definitely decreased, okay. So
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part of the challenge that I'm seeingwhere a lot of people that do have
the five percent or maybe even tenpercent is We'll tell you how prices in
the in the GTA, in theToronto market. You know, we see
where prices have been going right,and they've been going up. They did
a jost, like they came downfrom where they were in twenty twenty one.
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They did do an adjustment, butif you you know, watch the
news and listen to the stats,they're still going up month to month.
So there's still an increase. Sowhat I do find is that there's some
people that are you know, maymight qualify for a mortgage of a certain
amount, but just not getting himinto the type of home that they would
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need for their family unless they movedmuch farther away from the city or on
the outskirts and whatnot, which nowyou have the cost of commuting to work
and everything else to factor in.So so there's still now they're renting still
right, so that there's still forforce to rent and pay rent and try
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and save a down payment on topof that. Yeah, and oftentimes,
you know, we can look atwhat the cost of renting is and you
know, it's not that far offof what you could be paying for a
mortgage and actually owning your place.Obviously, you know you need to have
that down payment, but you knowit does become more attainable when you start
to look at those numbers in thatperspective. And on that note, we're
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going to continue the conversation with myexpert today joining me Louren Andrews. We
are helping you understand the financial markettoday because it can be a little bit
scary. Things change on a constantin life, and so do the mortgage
rates. You know, we've seenthem skyrocket and they're starting to come down.
But what does that mean for homeownership and for your financial goals?
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Well, we'll continue that after thisbreak here on Soga nine point sixty,
No Radio, No Problem stream islive on Saga ninety sixty AM dot C.
A welcome back to the mindset mentorhere on Saga nine sixty. Have
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you dreamed of owning your first homeor have you dreamed of being an investor,
you know, having properties to havethe financial freedom that you want.
Would you love to have the financialfreedom to take care of your family and
your family's needs and just to havethat security of owning a home. There's
a lot of questions that consumers haveregarding you know, can I afford it,
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or how to do it, howto achieve those goals. Well,
it brought my good friend an experttoday, Lauren Andrews. He is an
expert in the financial world. He'sa principal broker at Let me see if
I can get this right Dominion LendingCenters, expert financial I got it.
It's great to have you here,Lauren. And there's a lot of uncertainty
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when it comes to the market.And of course we were talking earlier about
you know, mortgages and sort ofhow how we can attain home ownership and
what's involved. So let's talk alittle bit about the solutions and you know
what those down payments look like tohelp people get into homes or even to
be able to sustain their home becausethe prices got a little bit you know
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crazy there for a while, andthere was a lot of fear and stress
in the market and our financial security. Yeah, for sure, I think
that's you know, I think partof where we were coming from. Okay,
back in the COVID days when interestrates were you know, two and
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a half for three percent, wegot into this. We were exposed to
those type of that type of environmentfor a prolonged period of time. So
I think what ended up happening peoplewere thinking, this is like the new
normal, right, and the problemwith that, you know, when we
were down at about you know,three percent or whatnot. I remember going
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down to a conference in the USand I said, you know, what
are your interest rates saying? Andthey said, oh my god, this
is crazy. They're all time low, you know, and they're talking about
five and a half percent, right, And that was unblouve. That's why
they were so busy, right becausethey were used to six and a half
or seven percent, so they camedown to five percent. And now when
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we went up to five percent,everybody's going, oh my god, this
is you know, the world's comingto an end. But we actually started
getting back to normal. And Ithink at the end of the day,
we have to understand the government hasrecognize their mistake, which they don't do
that often, if ever, butthey realized that they did put interest rates
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down too low, and they keptthem down too long. And so if
anybody is out there thinking, youknow, I'm going to buy, but
I'm going to wait till these ratescome back down to where they were before.
They will never ever ever come downto where they were before. So
we have to realize that's the newreality. Now. I would expect they're
going to start coming down, butI would say the new norm is probably
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going to be between for a fiveyear rate, maybe between four four and
a half percent, you know asa norm, but probably not likely down
to the three percent or two ninetynine or whatever, you know, the
rates that they were before during theCOVID times. Right, So so that
we have economic impact right when thoserates are that low as well, so
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people don't understand sort of the correlationthere. Yeah, absolutely, and then
and so so that then the governmentsaid, okay, we have to Obviously
then there's inflationary issues, right,so we all hear about inflation, and
you know, then the issue is, now, okay, how do you
control inflation? So they start,you know, throwing the you know,
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the overnight rate up, and thenyou know, all your variable rates are
affected because it's connected to prime.Anybody that was on a fixed rate is
not affected until the renewals. Probablyover sixty percent of mortgages are coming to
due over the next you know,twenty four months, I would say,
and there's going to be like asticker shock there, because if you know,
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if I did have a mortgage atone point ninety nine and now it's
renewing at you know, four pointninety nine, it's going to have an
impact in terms of what your monthto month payments are, right So,
so so we have to and that'swhy, like right now I'm doing meetings
and meetings, I'm planning. Ifpeople are six months out or even up
to a year out, we're talkingtoday about what's that going to look like
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for them and how to manage that. Right and if it's an issue in
terms of managing payments, then wecan restructure mortgage, we can reamortize,
there's other things that we can dothat can help buffer you know, the
effect of where those interest rates are. So so that said is you know
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what happened now is interest rates startto go up. Okay, it's slowed
down the market. Okay, therestill wasn't a huge amount of inventory going
into the market, you know,relative to what's out there, but the
buyers slowed. The buyers like startedto say, Okay, maybe I'm going
to wait, Maybe I'm going towait. So prices started to come down,
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right, So, so that wasthe other thing, like it's all
supply and demand. If and ifpeople aren't buying, those prices are going
to come down. So when westarted to look at higher interest rate lower
prices, we're verse back when itwas lower interest rates and the prices were
like twenty percent higher, you knowwhat the monthly interest rate, the monthly
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payments on those markets weren't that muchdifference because I was paying twenty percent more
for that home and it had toincrease my borrowing level and it definitely increased
my what my monthly payments were.So when you talk about mindset, it's
it's about it's about if you're justfocusing on the interest rate, but you
also have to focus on, youknow, where your pricing is because at
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the end of the day, you'reonly going to date the rate, but
you're going to marry the property.Right. Yeah, that's a good one.
And I think that really kind ofyou know, hits home for a
lot of people because they don't understandthat they get fixed, like a fixed
mindset, locked into a one beliefsystem, like it just has to be
this way, But you really dohave to look at the bigger picture.
Right, It's like goal setting it'sit's you know, you have to have
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your immediate goals, long term goals, you know, and then really see
what's going to work and how toget there. So I think that's a
really an important factor. Yeah,I think so. And and when you
know, I've seen people regretful becausethey didn't get the they were making.
Maybe the it was the home thatthey wanted, and maybe they lost out,
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you know in an offer by saytwo thousand dollars because they said,
I just don't want to pay thatmuch. But you know that was you
know, five dollars more bi weeklypayment, right and for five bucks you
could have got that home, likethat would have been the one home.
And you got to make the likeyou got to be happy with like your
decisions. You can't. We can'tgo back and change our decisions, right,
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So, which is fine, butwe can learn as we go through
it because we live, we livein the payment, not in the price,
and it's about how do I managewithin you know, within my budget
and within the payment, and wefocus that's what really really need to focus
on, right because if I canbuy a home with the market you know
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has come down, I can buyit today, Okay, with the market
maybe start to start to come upagain right now, I'd rather buy it
when that's low. So let's figureout a way we can do it now,
because I'm going to now you know, gain wealth through the increased value
of that particular home and by gettingin today, as opposed to you know,
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if I'm going to buy a milliondollar home today and I wait five
years to save and the market increasesseven percent per year, and okay,
I finally got my money to save. That million dollar home is now one
point four million five years from now, I've just lost four hundred thousand dollars
of potential equity I could have gainedif there was a way I could get
into that home today. Well,let's talk about then some some of the
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ways that someone can get into thathome today, some you know assistance,
because you know, that's that's thebiggest tarrent right for somebody purchasing a home,
is coming up with a down payment. So first, maybe do you
have any advice on you know,how to save to get you know,
to that point, but also whatkind of assistance is available for somebody who
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would like to sort of augment totheir you know, down payment. Yeah,
for sure, so I mean there'sa lot of different strategies when you
come to Okay, my goal isto buy a home, Okay, So
are you contributing to an art especiallyfor the first time home buyer? Are
you contributing to an RSP or ahome Buyer's savings plan? Right? So
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with the RSP, basically I cancontribute to an RSP, I get a
you know, hopefully I get arefund back because now I've contributed money,
and then I get you know,sort of overpaid my tax, so I
can actually use that to help accumulatetowards a down payment. But I can
take up to thirty five thousand ofmy RSP as a as a home buyer's
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withdrawal okay, and use it towardsmy down payment, and I can pay
that back over fifteen years. Okay. Then there's now the home Buyer's Plan,
which is basically a bank account thatgets opened when I can contribute up
to eight thousand dollars per year okay, and that gets deducted from my income.
But the difference with that is Idon't have to pay that one back
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when I buy a home, okay. So and I can accumulate that over
fifteen years. So there's vehicles thatyou can use in savings along the way
to kind of help augment and saveit if you're first time home buyer,
right, so and those and whenI say first time home buyers, if
you owned a home, could youbefore in the past, could you use
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one of those programs as long asyou haven't owned a home in five years,
Yeah, you can do your RSPagain and everything else. So that's
kind of the criteria. Yeah.See, that's very valuable because a lot
of people don't realize that. Youthink, okay, first time home buyer,
but maybe it's been you know,ten twenty years and they you know,
you have to sell your home andthen now you're in that situation again.
So that resource is available to you. You know, tap into your
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RSP, tap into the home BuyerProgram and just you know, kind of
have a conversation. So I'd loveto just clarify for people exactly what it
is that you do as a mortgagebroker, because you've got your bank,
you have mortgage brokers, and youknow, where do you go what is
a mortgage broker? La? Youknow, that's excellent question because you know,
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and we start of touched upon thatabout people just walking into a bank
and the bank saying here, here, here's what you do. So understand,
mortgage brokers, we basically have accessto almost all the lenders out there,
okay, whether it's a demo,whether it's a Scotia bank, whether
it's a credit union, whether it'sthere's there's lenders which are called monol line
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lenders. They just do lending.They just do mortgages. They don't have
you know, mutual funds and sellingeverything else like. And then there's a
lot of the banks that actually getthese model lines that do all their mortgages
for them, right, So there'sa lot of options out there. Now,
what happens is people come to usthat are just different shapes, right
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in terms of where are their moneyis coming from? Are they self employed?
Are they getting paid cash? Arethey are they commissioned, are they
salaried? Are they on contract?And you could walk into the bank and
they would say, okay, youknow what, sorry, you know what,
we can't help you because of thisreason. Okay, and then you'd
say, oh, cheez, Ican't get a mortgage. But every lender
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has different policies. Every lender,is it will take different shapes. So
when you go to a mortgage broker, our role is to you know,
figure out you know where your bestsuit of where we can actually help you
get the financing and get the financingthrough there. Now people ask, it's
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funny because because Bank of Montreal justcame back into the broker channel and they
were in the broker channel a decadeago, right, And I said,
you left the brokera chain. Soand when I say the broker channel means
means now they've opened it so brokerscan use because can use Bank of Montreal
to submit their deals too. Butbefore they were just doing it internally,
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right, So that's what I meanby opening it to the broker channel.
So I asked them so again theysaid yeah. I said, you know
you left over a decade ago.What made you come back? I said,
when we left a decade ago,probably twenty percent of people were using
mortgage brokers. Now in Canada it'sclose to sixty percent of people and it's
growing are using mortgage brokers. Sowhy are people using mortgage brokers? And
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the reason is is because it doesn'tcost you anything to use a mortgage broker.
Right, A mortgage broker when theyget paid. They get paid when
they take when they get your mortgagedone with the lender, and the lender
pays them their commission. Right.And the cool thing about it is our
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commission is never based on rate.Okay, So people say, oh,
you know, I'm I'll get abetter rate or if I lock in now.
Like for example, I just saidsomebody they're closing their their their mortgage
on Monday. They came to meninety days ago, and I keep calling
them saying, I just decreased yourrating. Again, I just decreased your
rating and I just decreased and they'relike, this is amazing, this is
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amazing, this is amazing because Iwant to get you the best rate I
can possibly get. I want tosave you the most money, because again
it's about the relationship. Last yearI had probably maybe or the least or
the last sixteen months I had overa dozen Scholtia Bank employees come to me
to get their Scholture Bank mortgages becauseI've got better rates in terms than they
do as employees a Scotia Bank rightTD the same thing, but if TD
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employees do it, it's a taxablebenefit if they do so they'll come to
us, right, So so yougot to use a martgine broker, like
use a mortgage broker, because youhave everything to gain. They're representing you.
And and again it's it's you know, if you don't fit somewhere,
they know where to fit you,and they know how to qualify you.
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If if I'm you know, selfemployed whatever. There's so many different things
that there's reasons why you would usea merch broker. Well, you know,
I love that. I think that'sreally important. I remember, you
know, when I look back at, you know, when I purchased my
place that I was given a rate, you know, which was it was
okay, and then I checked aroundand then I got a fantastic rate and
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I thought, wow, you know, and in fact, when I went
back to the first person, theywere like, how did you get this
rate? And they were a littlebit annoyed, right because they couldn't give
me that rate, and then Ididn't go with them. So, you
know, I think that's interesting though, and I think it's really important though,
to make sure that you understand themarket, have conversations. You know,
mortgage brokers can give you access tothe options that are available it's not
(30:41):
just one one company, one rate, right, you have access to a
wider pool. It's an umbrella whereyou now have some options. And to
that point, it's always important tohave a good relationship with your mortgage broker.
You have to gel, you haveto connect because are there for you,
right. I know that that's arelationship in your business, Laura,
(31:04):
that you love to covets over alifetime, and I think you have to
look at it that way. Whenyou're building a relationship with a mortgage broker
who's going to help you with thebiggest financial decisions, certainly one of them
that you're going to make in yourlifetime. It's so important to have that
confidence and trust in someone. It'slike any relationship right when you're looking for,
(31:25):
you know, a partner, youhave to have trust. You have
to have that commitment and trust toeach other. And that is a fundamental,
you know, core truth. Soit's important to know that and to
have conversations so you know, Ithink these conversations are beyond valuable. To
look at long term goals. Wheredo you want to be in your financial
(31:47):
life? You know what is itgoing to take to get there? And
oftentimes people leave that question unanswered andthey feel like it's unobtainable, and that
creates that sort of hopelessness that peoplefeel, which is one of the worst
feelings ever, you know, whenyou feel hopeless, you know, because
there is always potential and possibility inevery moment. And so I want to
(32:10):
encourage everybody listening, you know,never give up on your dreams and your
aspirations. And it might feel alittle bit overwhelming and daunting, and certainly
given the climate that you know we'veall gone through globally, you know,
through a pandemic and the financial andeconomic repercussions from that, but there's always
ways to move forward, So younever give up hope. Right, It's
(32:31):
it's so important to have that,you know, malleable mindset. Right.
We can get locked and fixed intoa mindset that keeps us, you know,
thinking that we can never achieve ourdreams, our hopes and our possibilities
or our financial future. But youabsolutely can. Right. It's a mindset,
(32:52):
you know, Visualization and affirmations arekey. And remember that your mind
is is you know, it's likeplastic, right, It's like neural plasticity.
Our mind can be you know,malleable and change it grows. We
can create those new neural networks,those new neural pathways to learn new things,
(33:13):
to attain new things. So alwaysknow that the hope is there.
Life is about limitless potential and possibilities. We're going to talk more about those
when we come back here after thisshort break. Stay with us for more
ways to know that you can attainyour dreams and financial freedom. Maybe it's
(33:35):
owning your first home or becoming aninvestor. I certainly aspire to being,
you know, an investor, Solet's talk about that after this break.
Stay too, stream us life atSAGA nine am dot CA. Well,
(34:12):
hello, and welcome back to theMindset Mentor. I'm Tanya Kohler, helping
you live your best life. AndI hope that you woke up today feeling
absolutely extraordinary. And you know,if you kind of were not feeling so
fantastic, well, let's pay attention. Stay tuned. Conversations like this are
here to inspire you to live yourbest life. We've all had those days
(34:35):
where things just don't seem to begoing you know the way that we intend.
But we can always get through thosetough times. Remember that life is
a cycle, right, there's theups and the downs, and when you're
experiencing those low points in life,I promise you you will come right back
up to those highs. Okay,So never give up, no, and
do know that you are not alonewhen you're experiencing challenges. You know,
(34:58):
there's eight billion people on the planand you know we all have a range
of human emotions, so we're goingto experience those those levels. So again,
just know that you know you willget through those tough times no matter
what you are going through. Sotoday we're going to continue the conversation with
my guest expert mortgage you know,uh, let's say, uh lender broke
(35:22):
principal broker actually, which is amazingeight time award winner, Lord Andrews.
It's such a pleasure to have youhere. Thank you for joining us to
help educate us on the market.You know, how to get into home
buying, how to invest, andhow to just have that financial security and
freedom that you know we all Ithink strive to because financial stress is you
(35:45):
know, one of the toughest challengesthat you know, people experience in life,
and certainly couples. That's one ofthe biggest reasons that couples fight.
Our relationships break up is through throughthe pressures, and you know, it's
hard to understand sometimes you know whatyou can afford if you haven't been able
to afford something, or how tomaintain your payments and and the goals that
(36:08):
you have. So you know,again, I want to thank you and
acknowledge you for being here today andhelping us to kind of navigate these interesting
times in the financial world. Thankket Sanya. I'm so glad to be
here. And I know you mentionedhe's an eight time award winner. I
was nominated eight times. I didn'twin every year, Okay, I was
nominated, So I just don't anybodycalling me on the seven see all these
(36:30):
awards, So oh what's okay?I nominate you again for another one.
I don't know what I'm all forit because you know, I love your
attention to detail and the care thelevel of commitment that you have and in
serving your clients. And you know, one of your taglines which I just
love is you know, I appreciateyou. And it's like, oh,
(36:51):
my gosh, doesn't everybody want tobe appreciated. I mean, that's so
big. And when it comes tothe world of service, sometimes it's completely
forgotten. So when we can comeback to those core basics and feel connected
and valued and significant and appreciated,I mean, these are fundamentals in what
(37:12):
we need, you know, inlife. So I think that's like,
you know, invaluable. Yeah,you know, it's it's because a lot
of sciences I don't have a longtime, I haven't known a lot of
people that come into my world andto be able to establish a relationship and
the trust and the trust they haveit and me and we trust they having
(37:34):
each other to make sure we're goingto get across the finish line and not
just that we're going to take it, you know, to the next level
and help them with their financial freedom. You know. I think the stories
about the tears sometimes you get onthe other line when you have rescued people
that you know, I just said, somebody that's that got into their home.
They and they went to twelve othermortgage brokers and they all said no
(37:54):
to her, And I was like, I don't understand, right, So,
you know, connecting with somebody thatyou can actually you know, let's
know, they're going to like Ido appreciate. I'm grateful for the opportunity
to be able to help people forsuch an important part of their of their
lives right in this in transitioning intohome ownership. You know, I do
(38:19):
appreciate it. I appreciate everybody.I appreciate you. Tanya Ah, thank
you. Well, we certainly appreciateyou and having this conversation. You know,
we talked a little bit or quitea bit about you know, home
ownership and down payment, and Iknow that you have a program that can
help people to get into homes atfive percent down payment, but also be
(38:43):
able to qualify for a home thatwould be maybe a little bit more than
they anticipated. So let's talk aboutthat, because not only do people struggle
to get the down payment, butthey have really luxurious tastes sometimes and what
they can afford and what they wantto have are not quite the same.
(39:04):
Yeah, one hundred percent. Youknow, I think this has been one
of those game changing I think programsthat have is you know Keeme. So
obviously this office is superintendent of allthe financial institutions. They regulate everything,
and over a year ago they cameup with some new allowances in terms of
(39:24):
how home buyers can buy homes andit opened the door what some people will
call it co ownership financing or sharedequity financing, but it's basically what it
is. It's more of a downpayment assistance, okay, because when you
have a a combined income and youhave less than a twenty percent down payment,
(39:52):
you're going to qualify for maybe fourtimes your income. But as soon
as you have a twenty percent downpayment, things change, okay, because
it eliminates that insurance fees that wetalked about. We can use thirty year
amortzy and we had a whole twentypercent down payment. And if somebody you
know previously qualified for say five hundredthousand, if they have a full twenty
(40:14):
percent down payment, they would qualifyfor somewhere close to seven hundred thousand.
So the program itself, by beingable to give you a full twenty percent
down payment, is increasing your purchasingpower by you know, someone sometimes more
than two than two hundred thousand abovewhat you would normally qualify for. And
(40:36):
basically you can actually now with thisprogram, you can buy up to one
point six million dollars with as littleas five percent down okay, which is
amazing because I have a lot ofpeople that can afford a mortgage that's for
a home that's over a million dollars. But they're weight because sorry, we
never talked about what happens over amillion dollars. You need a twenty percent
(40:57):
down payment. That's the rule.So you have to have a twenty percent
down payment. So it's preventing thosefamilies from getting the homes because they're trying
to save this twenty percent down payment. They don't have access to you know,
bank of mom and dad or otherplate you know, you know,
other ways they can get money tocome in from family. And if you
looked at like, you know,ten years ago, different home prices.
So now it's not uncommon that homeprices are over a million for what people
(41:22):
need. Yeah, one hundred percent. I'll give you ex So, I
had one family that they were rentingOkay, they were they had three kids,
and they were in a certain area. I think it was in Richmond
Hill area, and they were payingsomewhere about thirty five or thirty seven hundred
dollars a month in rent for thehome that they were renting in. They
wanted to buy a home. Theyhad had great income. They had one
(41:44):
hundred thousand dollars saved, which isa great savings. Okay, Now they
could not so they because they hadthree kids. They had to find a
four bedroom home, and they hadto stay in that area, and they
didn't have access to any other anyother moneys that they can get anywhere else.
So they ended up. You know, if they tried to save the
(42:04):
extra even if they're buying a milliondollar property, if they tried to save
another one hundred thousand, if theydoubled their savings every month, they're thirty
five hundred to seven thousand. It'sstill what it's took them over five years
to do that. So now thatone million dollar home is one point four
million. Now that's what they're buying, right. They are to use this
program and qualify for one million.They bought a you know, the home
(42:27):
that they're looking at now is likeone million, one hundred and seventy thousand
because they can buy now with aslittle as five percent down payment using this
particular program. Okay, and youcan actually buy up to two point five
million with this with this you knowprice point. With this program, you
need more of a down payment onceyou get past the one point six million.
(42:50):
But what is done is it's nowchange, It's given opportunity to get
into a home today, right byusing this down payment assistance program and having
a full twenty percent down payment.Now, so what what does it mean?
So is it because there is okay, sounds so good. What's the
catches or a catch? What's goingon? Is there a loan that I
(43:13):
have to pay? So the wayit works, it's called a shared equity
financing program, right, And it'san amazing company called Arborough that does this.
And basically what they do is they'lltake an equity position in the home,
so when you sell it down theroad, you'll pay them that portion
of that equity portion back. Okay, So what it does for you as
(43:36):
a homeowner, and the idea forhere is if I can get into a
home today, right, So,Tonny, Let's say I have fifty thousand
dollars for my down payment, right, And let's put it this way.
If I took fifty thousand dollars andI put it into like a GIC or
an investment fund that earned ten percent, I would have five thousand in one
year from that fifty thousand, right. But if I took fifty thousand and
(44:00):
bought a million dollar property, andmy equity split was twenty five percent,
I would make twenty five thousand onmy fifty thousand in one year because I'm
making from my investment. I'm earningon the entire value of that home.
And that's why people, that's why, you know, we try and help.
You know, people are trying toget into real estate because they build
(44:22):
wealth through the values of the homesincreasing. So the idea for a family
that can use this program is say, Okay, if I can get into
a home right now using this program, maybe stay in that home for four
or five or six years, thensell the home, pay the equity split
that we were paying the other individualor our borough that contribute. But now
(44:44):
I have a whole chunk of moneyI can now go towards my down payment
of my next home. So whathas done is now and also it's eliminated
those rent payments because me, asa homeowner, any of my principal payments
are all my principal I can startaccumulating net worth by owning real estate today,
(45:06):
right So it's giving an opportunity forpeople to get into a home today.
People that might have been priced outof the market are sitting on the
sidelines, Like we're getting calls everyday now saying I heard you talk about
this program. How does it work? How would I qualify? And what
would it mean when I exit?Right, So we have the whole map
and say, okay, is thisthe right program for you? Yeah,
(45:29):
and it's not the right program foreveryone, but there's certainly you know,
a ton of people who fit intothe program and it can be sort of
tweaked it away that makes sense fortheir situation. So if anyone Lauren is
interested in learning more about this downpayment assistance program, how can they get
in touch with you to learn more? Yeah, so they can, but
(45:52):
they can either email me, callme, or my website is Optimalfinance dot
ca. Okay, so that's probablyone place they can go to. And
I don't know if in the bioor anything else, we can put the
phone other contact numbers, but youlet me know how they how they can
reach out. Yeah, Like ifwe can help more people get into homes,
(46:14):
and especially like programs like this isyou know, I'll get about ten
applications that will come in for thisparticular program, and we might find four
different solutions that you know, andthen we'll use three with this particular program.
So that's again why you go toa mortgage broker, because they can
get you the best solution right forwhat your needs are. Yeah, exactly,
(46:38):
because it's not just as simple asokay, like you know, here's
a rate or here's the down paymentamount. I mean, there's there's a
lot of variables, right, Soit's really important to have you know,
a good look at, you know, the whole scope of someone's situation.
So I love that, and unfortunatelywe are out of time. Lord,
it's been a pleasure having you hereon the mindset menat or helping us to
(46:58):
alleviate I think, take some thepressure off that heaviness of financial stress or
even just financial doubt, which createsa lot of fear and uncertainty, and
that's never a great place to sit. So I want to acknowledge you for
doing the work that you do andhelping to make people's dreams come true and
to you know, give them thatyou know, the hope and the future
(47:22):
that they deserve. Thank you,Sania, I really I appreciate you,
and and it's really nice to spendthis time with you and then and sharing
these stories. You know, it'sit's something that's special that we can do
and you know it's it's it's ablessing, it really is. Oh.
I love that. And everyone listening, we certainly appreciate you and we thank
(47:46):
you for tuning in and make surethat you continue to work out your minds.
That your your mindset is like amuscle, right, it needs to
be strengthened and condition. We goto the gym and we know that we
see the results when we strength andtone our muscles. Well, that is
what we're doing with your mindset.So continue having an outstanding day and I
(48:07):
look forward to you know, chattingwith you guys next Thursdays here on Saga
nine sixty at three pm. NoRadio, No Problem. Stream is live
on Saga nine sixty AM dot ca
The views expressed in the following programare those of the participants and do not
necessarily reflect the views of Saga ninesixty am or its management. Hello and
(00:21):
welcome to the Mindset Mentor. I'mTanya Cola, helping you cultivate a life
you love. As you know,I always talk about how your mindset is
like a muscle that needs to bestrengthened end conditioned. So this is your
mindset workout, and today I thoughtit would be a really great idea to
talk about home buying. There's somany questions out there. The market's been
(00:44):
a little bit crazy well, andthe questions that consumers have are should I
buy or should I wait? What'sgoing on with the interest rate? And
can I afford it? So Ibrought my good friend on today who is
an expert and he's going to answeryour questions. Lauren Andrews joining me today.
Thank you so much Lauren for beinghere. Lauren is a principal broker
(01:07):
at Dominion Lending Centers financial experts inCanada. I may have got that wrong,
but he's gonna tell you exactly whathe does and also award winning so
eight time Award winner of Canada mortgages, which is pretty darn fantastic. He's
got all the answers that you're lookingfor. Lauren, it's so great to
(01:30):
have you here on the mindset mentorto help solve the problems that people have
right now in this crazy market.There's a lot of fear about should I
buy, should I wait? Whatdo I do? What's happening with the
interest rates? And can we affordit? What are your thoughts on that?
Well, thank you, Tania,thank you so much for having me
(01:52):
on. I'm so I'm excited,always excited to spend some time with you.
And this is obviously something that's dearto my heart because at the end
of you know, for what Ido. You know, my my joy
is brought when I have you know, buyers send me pictures holding the keys
(02:12):
in front of their their homes andeverything else, and and you said it
exactly. You know, we talkedabout mindset and you know, home ownership
is something that everybody aspires to,right and you know, to own the
home, especially to buy your firsthome, is you know, is such
a huge step where you're going tocreate all your memories and you know,
(02:36):
your families are going to be raisedand it might not be just that first
home might be a stepping stone toget to the next home. And then
you know, if you find tenyears down the road you're buying your first
investment property and you're using real estateto build wealth and eventual you know,
financial freedom and and it's it's oneof those it's a dream, right,
it's it's our dream. Home ownershipis a dream. And I think what
(02:59):
you're talking, you know, youmentioned you know, when do you buy?
When is a good time to buy? And I think that I think
we hear a lot of stuff inthe news, right and we hear doom
and gloom with you know, whereinterest rates are and how tough it is
and everything else. And it istougher, for sure, it is tougher.
(03:22):
But what I then find, especiallywhen I'm when I'm making my connections,
you know, people are are askingme, is now a good time
to buy? Just just as youasked? And the answer to that is
is maybe right, because it's reallyI always say the best time to buy
(03:42):
is when you're ready to buy.Okay, you can't really time the mark.
You can't say I'm gonna wait tillit hits the absolute bottom I'm going
to wait till interest rates go downagain. I'm going to wait till you
could be waiting forever. And bythat time, by the time you're ready
to do something, now you're almosttoo late. Now you're being priced out
of the market again. Things arestarting to go up, and and whatnot.
(04:06):
So and the other thing I'm findingtoo when buyers are connecting to us.
Scotia Bank has this whole saying,you know, you're closer than you
think they used to see in theircommercials, And oh my god, it's
amazing when you talk to somebody andall of a sudden they you know,
they're struggling with down payment or there'sother things that's just holding them back,
(04:30):
and then you can provide different typeof solutions that they realize I don't have
to wait five years. I can. You know, I can do this
in one year. I can doit in six months. Strategies, you
know, how to get into ahome. I think I think it's it's
it is tough out there, andyou do hear, you hear there's a
lot of noise, Tanya like,it's you hear it all the time,
(04:51):
right, And you know, Iwas at a conference with a bunch of
realtors and it was not so longago where we were they're asking about interest
rates and they said, you know, they're just not coming down, right,
And thevery' is to wait for themto come down, because that's what
you hear in the news. Butrates have come down almost a full percent
(05:15):
over the last you know, twomonths. All the fixed rates have been
coming down, right, So thankgood. Yeah, it's a scary thought
when the interest rates keep rising becauseyou you know, when you're in that
sort of a fluctuating market, youknow you wonder if there is a cap
to that. So to start tosee the rates come down is a sigh
of relief for so many people.I know a lot of people who have
(05:40):
suffered greatly financially because of those interestrates. You know, their mortgages were
tripling at some point, and youknow a lot of people, let's face
it, live paycheck to paycheck,so it's hard to find yourself in that
situation and to be able to sustainthat, certainly for a long period of
time, right, can be aproblem. And so I think these conversations
(06:00):
are so valuable lorn where you're theexpert and can provide the guidance that people
need depending on their financial situation,because everybody is different, right and has
different goals, aspirations and financial abilities. So it's really good to know where
we are and where we want tobe and how to bridge that gap to
(06:21):
get there. That is the biggestfear for a lot of people when it
comes to home ownership, is thator even investment, right, can I
afford it? And most people haveno idea if it's a first time home
buyer, of what the process isand what it takes. And you know,
I was one of those people yearsago when I purchased my first home.
(06:44):
I had no idea what it took, and I thought it was impossible.
But I can tell you that feelingof possibility is outstanding. And it
was such a joy for me topurchase my first home because you know,
my my parents didn't own anything,right, they rented forever. So for
(07:05):
me it was like, wow,I'm like, this is a dream for
my family, right So, andI'm with you on that where there is
nothing like that feeling of being ableto help somebody else get into their first
home and they have the keys intheir hands and they are, you know,
experiencing that proud moment. That isa legacy, and that that is
(07:26):
you know, that financial freedom Ithink that everybody you know strives to have,
but again, most people feel it'simpossible. So I'd love to start
with a first time home buyer,Lauren and to help them kind of understand,
like what are the costs involved,what do they need? How much
money do they actually need for adown payment, because you know, it
can be really tricky to navigate thatobviously by yourself when you don't have all
(07:49):
the answers from an expert. Yeah, one hundred percent, and yeah,
you know everything you're when you're tellingme that, you know, you're experience
and your story about you know,always be the first person your generation to
own a home, like that's that'sspectacular, like that type of thing.
When when when I hear that,when somebody says, you know, you
(08:11):
know, I'll be the first personin my family to ever own a home,
I was like, oh my god, we're going to make this happen,
right Clify My sister did buy ahome before I did, so okay,
okay, all right. So sothose situations they're there's, they're there's
they're very special, right, Soyou know, as so as a first
time home buyer. You know,some people they it's there are some there
(08:35):
is a lot of information out thereand sometimes you just really need to,
you know, go to the rightsources and make sure that you kind of
it's about navigating right, It's aboutyou know, how they get there,
and and especially you know, whenyou deal with a mortgage broker for examples,
because a lot of people, youknow, they think they just have
to go into a bank and theyyou know, meet the teller. The
(08:58):
teller sends them to somebody and sideand they say, okay, use is
what you're preapproved for. And theydon't understand what that is. They don't
understand what a pre approval is,they don't understand exactly the down payment,
they don't understand there's too many elements. So I think it's you know,
in the very first you know,when you talk about the first steps of
you know, figuring out, isto connect with the mortgage as your mortgage
(09:20):
broker that you trust, right,and that can that's there for a for
a lifetime with you, right,because at the end of the day,
when you actually get that mortgage,it's going to be the biggest debt you
ever had it in your life,right, So you know, as a
as a mortgage broker, it's it'smy responsibility to help you manage that debt,
(09:41):
you know, and hopefully not throughyour life, hopefully to pay it
off sooner, right and take youthere. So if we go back to
you know, first time home buyer, you know, part of it is
you know you have to see isdown payment, okay, is one element
that we look at. Your creditis another element that we look at,
and then obviously income, right,So we pull those, you know,
(10:03):
three elements together and that will kindof paint a picture in terms of how
much a home buyer would qualify fornow as a down payment, and principle,
we our target is to have atleast five percent, okay, so
we need we need to account wehave five percent, but there's also going
(10:24):
to be closing costs above and beyondyour down payment, so we'll just separate
that for a second. But anybodycan buy with five percent down up to
a price point of five hundred thousand, okay, and then once it goes
over five hundred thousand, for thatportion up to one million, you need
ten percent of that portion. Right. So so if I'm buying a six
(10:46):
hundred thousand dollars home, my minimumdown payment would be thirty five thousand,
right, So, and there's athose mortgages are ensured. There's there's basically
the rule in Canada is any mortgagesthat any homes you're purchasing with less than
a twenty percent down payment, theyhave to be insured by CMHC or SAGAN.
(11:09):
And what is this insurance? Andthere's a home buyer like, I
don't get what interests I have todo? I have to pay for this
insurance? No, No, thisinsurance is really for the benefit of the
banks. So what they do isthey give you an even more discounted interest
rate. They do charge. There'san insurance premium the banks get charged.
They paid on your behalf, butthey just added into your mortgage and so
(11:31):
you're not out of pocket that amount. It just might be an extra twenty
dollars thirty dollars per month payment,that sort of thing. But it allows
home buyers to buy homes with lessthan twenty percent down. Okay, so
that's the one. You know partof that Now where interest rates are right
now, whatever the interest rate thatyou're getting, every every term has a
(11:56):
different rate connected to it and whateverthe rate that is. Is also a
rule in Canada that when you qualifyfor a mortgage, you're not qualifying at
that rate, you're qualifying in thatrate plus two percent, which is called
the stress test, okay. Andthe idea is when they implement of the
stress test, they were thinking,well, what if rates change, are
(12:18):
there our borers still going to beable to afford that mortgage? Okay?
So what happens when rates are goingup rates are higher, we have to
use a higher stress test, whichis lowering what people are qualifying for,
right. So that's definitely playing afactor. Back when rates were super super
low, usually if we didn't haveany of the debt, usually we would
(12:41):
qualify for about five times of ourincome for a mortgage. Right, So
if you had a combined income ofyou know, one hundred thousand, you'd
qualify for a five hundred thousand dollarsmortgage, Okay, So down payment on
top of that would equal a purchaseprice. Now, where interest rates are
is probably closer to four times.Through income definitely decreased, okay. So
(13:03):
part of the challenge that I'm seeingwhere a lot of people that do have
the five percent or maybe even tenpercent is We'll tell you how prices in
the in the GTA, in theToronto market. You know, we see
where prices have been going right,and they've been going up. They did
a jost, like they came downfrom where they were in twenty twenty one.
(13:24):
They did do an adjustment, butif you you know, watch the
news and listen to the stats,they're still going up month to month.
So there's still an increase. Sowhat I do find is that there's some
people that are you know, maymight qualify for a mortgage of a certain
amount, but just not getting himinto the type of home that they would
(13:46):
need for their family unless they movedmuch farther away from the city or on
the outskirts and whatnot, which nowyou have the cost of commuting to work
and everything else to factor in.So so there's still now they're renting still
right, so that there's still forforce to rent and pay rent and try
(14:07):
and save a down payment on topof that. Yeah, and oftentimes,
you know, we can look atwhat the cost of renting is and you
know, it's not that far offof what you could be paying for a
mortgage and actually owning your place.Obviously, you know you need to have
that down payment, but you knowit does become more attainable when you start
to look at those numbers in thatperspective. And on that note, we're
(14:28):
going to continue the conversation with myexpert today joining me Louren Andrews. We
are helping you understand the financial markettoday because it can be a little bit
scary. Things change on a constantin life, and so do the mortgage
rates. You know, we've seenthem skyrocket and they're starting to come down.
But what does that mean for homeownership and for your financial goals?
(14:52):
Well, we'll continue that after thisbreak here on Soga nine point sixty,
No Radio, No Problem stream islive on Saga ninety sixty AM dot C.
A welcome back to the mindset mentorhere on Saga nine sixty. Have
(15:31):
you dreamed of owning your first homeor have you dreamed of being an investor,
you know, having properties to havethe financial freedom that you want.
Would you love to have the financialfreedom to take care of your family and
your family's needs and just to havethat security of owning a home. There's
a lot of questions that consumers haveregarding you know, can I afford it,
(15:54):
or how to do it, howto achieve those goals. Well,
it brought my good friend an experttoday, Lauren Andrews. He is an
expert in the financial world. He'sa principal broker at Let me see if
I can get this right Dominion LendingCenters, expert financial I got it.
It's great to have you here,Lauren. And there's a lot of uncertainty
(16:17):
when it comes to the market.And of course we were talking earlier about
you know, mortgages and sort ofhow how we can attain home ownership and
what's involved. So let's talk alittle bit about the solutions and you know
what those down payments look like tohelp people get into homes or even to
be able to sustain their home becausethe prices got a little bit you know
(16:38):
crazy there for a while, andthere was a lot of fear and stress
in the market and our financial security. Yeah, for sure, I think
that's you know, I think partof where we were coming from. Okay,
back in the COVID days when interestrates were you know, two and
(16:59):
a half for three percent, wegot into this. We were exposed to
those type of that type of environmentfor a prolonged period of time. So
I think what ended up happening peoplewere thinking, this is like the new
normal, right, and the problemwith that, you know, when we
were down at about you know,three percent or whatnot. I remember going
(17:23):
down to a conference in the USand I said, you know, what
are your interest rates saying? Andthey said, oh my god, this
is crazy. They're all time low, you know, and they're talking about
five and a half percent, right, And that was unblouve. That's why
they were so busy, right becausethey were used to six and a half
or seven percent, so they camedown to five percent. And now when
(17:47):
we went up to five percent,everybody's going, oh my god, this
is you know, the world's comingto an end. But we actually started
getting back to normal. And Ithink at the end of the day,
we have to understand the government hasrecognize their mistake, which they don't do
that often, if ever, butthey realized that they did put interest rates
(18:07):
down too low, and they keptthem down too long. And so if
anybody is out there thinking, youknow, I'm going to buy, but
I'm going to wait till these ratescome back down to where they were before.
They will never ever ever come downto where they were before. So
we have to realize that's the newreality. Now. I would expect they're
going to start coming down, butI would say the new norm is probably
(18:29):
going to be between for a fiveyear rate, maybe between four four and
a half percent, you know asa norm, but probably not likely down
to the three percent or two ninetynine or whatever, you know, the
rates that they were before during theCOVID times. Right, So so that
we have economic impact right when thoserates are that low as well, so
(18:49):
people don't understand sort of the correlationthere. Yeah, absolutely, and then
and so so that then the governmentsaid, okay, we have to Obviously
then there's inflationary issues, right,so we all hear about inflation, and
you know, then the issue is, now, okay, how do you
control inflation? So they start,you know, throwing the you know,
(19:11):
the overnight rate up, and thenyou know, all your variable rates are
affected because it's connected to prime.Anybody that was on a fixed rate is
not affected until the renewals. Probablyover sixty percent of mortgages are coming to
due over the next you know,twenty four months, I would say,
and there's going to be like asticker shock there, because if you know,
(19:33):
if I did have a mortgage atone point ninety nine and now it's
renewing at you know, four pointninety nine, it's going to have an
impact in terms of what your monthto month payments are, right So,
so so we have to and that'swhy, like right now I'm doing meetings
and meetings, I'm planning. Ifpeople are six months out or even up
to a year out, we're talkingtoday about what's that going to look like
(19:56):
for them and how to manage that. Right and if it's an issue in
terms of managing payments, then wecan restructure mortgage, we can reamortize,
there's other things that we can dothat can help buffer you know, the
effect of where those interest rates are. So so that said is you know
(20:18):
what happened now is interest rates startto go up. Okay, it's slowed
down the market. Okay, therestill wasn't a huge amount of inventory going
into the market, you know,relative to what's out there, but the
buyers slowed. The buyers like startedto say, Okay, maybe I'm going
to wait, Maybe I'm going towait. So prices started to come down,
(20:38):
right, So, so that wasthe other thing, like it's all
supply and demand. If and ifpeople aren't buying, those prices are going
to come down. So when westarted to look at higher interest rate lower
prices, we're verse back when itwas lower interest rates and the prices were
like twenty percent higher, you knowwhat the monthly interest rate, the monthly
(21:03):
payments on those markets weren't that muchdifference because I was paying twenty percent more
for that home and it had toincrease my borrowing level and it definitely increased
my what my monthly payments were.So when you talk about mindset, it's
it's about it's about if you're justfocusing on the interest rate, but you
also have to focus on, youknow, where your pricing is because at
(21:26):
the end of the day, you'reonly going to date the rate, but
you're going to marry the property.Right. Yeah, that's a good one.
And I think that really kind ofyou know, hits home for a
lot of people because they don't understandthat they get fixed, like a fixed
mindset, locked into a one beliefsystem, like it just has to be
this way, But you really dohave to look at the bigger picture.
Right, It's like goal setting it'sit's you know, you have to have
(21:48):
your immediate goals, long term goals, you know, and then really see
what's going to work and how toget there. So I think that's a
really an important factor. Yeah,I think so. And and when you
know, I've seen people regretful becausethey didn't get the they were making.
Maybe the it was the home thatthey wanted, and maybe they lost out,
(22:11):
you know in an offer by saytwo thousand dollars because they said,
I just don't want to pay thatmuch. But you know that was you
know, five dollars more bi weeklypayment, right and for five bucks you
could have got that home, likethat would have been the one home.
And you got to make the likeyou got to be happy with like your
decisions. You can't. We can'tgo back and change our decisions, right,
(22:32):
So, which is fine, butwe can learn as we go through
it because we live, we livein the payment, not in the price,
and it's about how do I managewithin you know, within my budget
and within the payment, and wefocus that's what really really need to focus
on, right because if I canbuy a home with the market you know
(22:55):
has come down, I can buyit today, Okay, with the market
maybe start to start to come upagain right now, I'd rather buy it
when that's low. So let's figureout a way we can do it now,
because I'm going to now you know, gain wealth through the increased value
of that particular home and by gettingin today, as opposed to you know,
(23:17):
if I'm going to buy a milliondollar home today and I wait five
years to save and the market increasesseven percent per year, and okay,
I finally got my money to save. That million dollar home is now one
point four million five years from now, I've just lost four hundred thousand dollars
of potential equity I could have gainedif there was a way I could get
into that home today. Well,let's talk about then some some of the
(23:41):
ways that someone can get into thathome today, some you know assistance,
because you know, that's that's thebiggest tarrent right for somebody purchasing a home,
is coming up with a down payment. So first, maybe do you
have any advice on you know,how to save to get you know,
to that point, but also whatkind of assistance is available for somebody who
(24:03):
would like to sort of augment totheir you know, down payment. Yeah,
for sure, so I mean there'sa lot of different strategies when you
come to Okay, my goal isto buy a home, Okay, So
are you contributing to an art especiallyfor the first time home buyer? Are
you contributing to an RSP or ahome Buyer's savings plan? Right? So
(24:23):
with the RSP, basically I cancontribute to an RSP, I get a
you know, hopefully I get arefund back because now I've contributed money,
and then I get you know,sort of overpaid my tax, so I
can actually use that to help accumulatetowards a down payment. But I can
take up to thirty five thousand ofmy RSP as a as a home buyer's
(24:44):
withdrawal okay, and use it towardsmy down payment, and I can pay
that back over fifteen years. Okay. Then there's now the home Buyer's Plan,
which is basically a bank account thatgets opened when I can contribute up
to eight thousand dollars per year okay, and that gets deducted from my income.
But the difference with that is Idon't have to pay that one back
(25:07):
when I buy a home, okay. So and I can accumulate that over
fifteen years. So there's vehicles thatyou can use in savings along the way
to kind of help augment and saveit if you're first time home buyer,
right, so and those and whenI say first time home buyers, if
you owned a home, could youbefore in the past, could you use
(25:29):
one of those programs as long asyou haven't owned a home in five years,
Yeah, you can do your RSPagain and everything else. So that's
kind of the criteria. Yeah.See, that's very valuable because a lot
of people don't realize that. Youthink, okay, first time home buyer,
but maybe it's been you know,ten twenty years and they you know,
you have to sell your home andthen now you're in that situation again.
So that resource is available to you. You know, tap into your
(25:51):
RSP, tap into the home BuyerProgram and just you know, kind of
have a conversation. So I'd loveto just clarify for people exactly what it
is that you do as a mortgagebroker, because you've got your bank,
you have mortgage brokers, and youknow, where do you go what is
a mortgage broker? La? Youknow, that's excellent question because you know,
(26:11):
and we start of touched upon thatabout people just walking into a bank
and the bank saying here, here, here's what you do. So understand,
mortgage brokers, we basically have accessto almost all the lenders out there,
okay, whether it's a demo,whether it's a Scotia bank, whether
it's a credit union, whether it'sthere's there's lenders which are called monol line
(26:36):
lenders. They just do lending.They just do mortgages. They don't have
you know, mutual funds and sellingeverything else like. And then there's a
lot of the banks that actually getthese model lines that do all their mortgages
for them, right, So there'sa lot of options out there. Now,
what happens is people come to usthat are just different shapes, right
(26:59):
in terms of where are their moneyis coming from? Are they self employed?
Are they getting paid cash? Arethey are they commissioned, are they
salaried? Are they on contract?And you could walk into the bank and
they would say, okay, youknow what, sorry, you know what,
we can't help you because of thisreason. Okay, and then you'd
say, oh, cheez, Ican't get a mortgage. But every lender
(27:19):
has different policies. Every lender,is it will take different shapes. So
when you go to a mortgage broker, our role is to you know,
figure out you know where your bestsuit of where we can actually help you
get the financing and get the financingthrough there. Now people ask, it's
(27:40):
funny because because Bank of Montreal justcame back into the broker channel and they
were in the broker channel a decadeago, right, And I said,
you left the brokera chain. Soand when I say the broker channel means
means now they've opened it so brokerscan use because can use Bank of Montreal
to submit their deals too. Butbefore they were just doing it internally,
(28:03):
right, So that's what I meanby opening it to the broker channel.
So I asked them so again theysaid yeah. I said, you know
you left over a decade ago.What made you come back? I said,
when we left a decade ago,probably twenty percent of people were using
mortgage brokers. Now in Canada it'sclose to sixty percent of people and it's
growing are using mortgage brokers. Sowhy are people using mortgage brokers? And
(28:27):
the reason is is because it doesn'tcost you anything to use a mortgage broker.
Right, A mortgage broker when theyget paid. They get paid when
they take when they get your mortgagedone with the lender, and the lender
pays them their commission. Right.And the cool thing about it is our
(28:47):
commission is never based on rate.Okay, So people say, oh,
you know, I'm I'll get abetter rate or if I lock in now.
Like for example, I just saidsomebody they're closing their their their mortgage
on Monday. They came to meninety days ago, and I keep calling
them saying, I just decreased yourrating. Again, I just decreased your
rating and I just decreased and they'relike, this is amazing, this is
(29:10):
amazing, this is amazing because Iwant to get you the best rate I
can possibly get. I want tosave you the most money, because again
it's about the relationship. Last yearI had probably maybe or the least or
the last sixteen months I had overa dozen Scholtia Bank employees come to me
to get their Scholture Bank mortgages becauseI've got better rates in terms than they
do as employees a Scotia Bank rightTD the same thing, but if TD
(29:34):
employees do it, it's a taxablebenefit if they do so they'll come to
us, right, So so yougot to use a martgine broker, like
use a mortgage broker, because youhave everything to gain. They're representing you.
And and again it's it's you know, if you don't fit somewhere,
they know where to fit you,and they know how to qualify you.
(29:56):
If if I'm you know, selfemployed whatever. There's so many different things
that there's reasons why you would usea merch broker. Well, you know,
I love that. I think that'sreally important. I remember, you
know, when I look back at, you know, when I purchased my
place that I was given a rate, you know, which was it was
okay, and then I checked aroundand then I got a fantastic rate and
(30:19):
I thought, wow, you know, and in fact, when I went
back to the first person, theywere like, how did you get this
rate? And they were a littlebit annoyed, right because they couldn't give
me that rate, and then Ididn't go with them. So, you
know, I think that's interesting though, and I think it's really important though,
to make sure that you understand themarket, have conversations. You know,
mortgage brokers can give you access tothe options that are available it's not
(30:41):
just one one company, one rate, right, you have access to a
wider pool. It's an umbrella whereyou now have some options. And to
that point, it's always important tohave a good relationship with your mortgage broker.
You have to gel, you haveto connect because are there for you,
right. I know that that's arelationship in your business, Laura,
(31:04):
that you love to covets over alifetime, and I think you have to
look at it that way. Whenyou're building a relationship with a mortgage broker
who's going to help you with thebiggest financial decisions, certainly one of them
that you're going to make in yourlifetime. It's so important to have that
confidence and trust in someone. It'slike any relationship right when you're looking for,
(31:25):
you know, a partner, youhave to have trust. You have
to have that commitment and trust toeach other. And that is a fundamental,
you know, core truth. Soit's important to know that and to
have conversations so you know, Ithink these conversations are beyond valuable. To
look at long term goals. Wheredo you want to be in your financial
(31:47):
life? You know what is itgoing to take to get there? And
oftentimes people leave that question unanswered andthey feel like it's unobtainable, and that
creates that sort of hopelessness that peoplefeel, which is one of the worst
feelings ever, you know, whenyou feel hopeless, you know, because
there is always potential and possibility inevery moment. And so I want to
(32:10):
encourage everybody listening, you know,never give up on your dreams and your
aspirations. And it might feel alittle bit overwhelming and daunting, and certainly
given the climate that you know we'veall gone through globally, you know,
through a pandemic and the financial andeconomic repercussions from that, but there's always
ways to move forward, So younever give up hope. Right, It's
(32:31):
it's so important to have that,you know, malleable mindset. Right.
We can get locked and fixed intoa mindset that keeps us, you know,
thinking that we can never achieve ourdreams, our hopes and our possibilities
or our financial future. But youabsolutely can. Right. It's a mindset,
(32:52):
you know, Visualization and affirmations arekey. And remember that your mind
is is you know, it's likeplastic, right, It's like neural plasticity.
Our mind can be you know,malleable and change it grows. We
can create those new neural networks,those new neural pathways to learn new things,
(33:13):
to attain new things. So alwaysknow that the hope is there.
Life is about limitless potential and possibilities. We're going to talk more about those
when we come back here after thisshort break. Stay with us for more
ways to know that you can attainyour dreams and financial freedom. Maybe it's
(33:35):
owning your first home or becoming aninvestor. I certainly aspire to being,
you know, an investor, Solet's talk about that after this break.
Stay too, stream us life atSAGA nine am dot CA. Well,
(34:12):
hello, and welcome back to theMindset Mentor. I'm Tanya Kohler, helping
you live your best life. AndI hope that you woke up today feeling
absolutely extraordinary. And you know,if you kind of were not feeling so
fantastic, well, let's pay attention. Stay tuned. Conversations like this are
here to inspire you to live yourbest life. We've all had those days
(34:35):
where things just don't seem to begoing you know the way that we intend.
But we can always get through thosetough times. Remember that life is
a cycle, right, there's theups and the downs, and when you're
experiencing those low points in life,I promise you you will come right back
up to those highs. Okay,So never give up, no, and
do know that you are not alonewhen you're experiencing challenges. You know,
(34:58):
there's eight billion people on the planand you know we all have a range
of human emotions, so we're goingto experience those those levels. So again,
just know that you know you willget through those tough times no matter
what you are going through. Sotoday we're going to continue the conversation with
my guest expert mortgage you know,uh, let's say, uh lender broke
(35:22):
principal broker actually, which is amazingeight time award winner, Lord Andrews.
It's such a pleasure to have youhere. Thank you for joining us to
help educate us on the market.You know, how to get into home
buying, how to invest, andhow to just have that financial security and
freedom that you know we all Ithink strive to because financial stress is you
(35:45):
know, one of the toughest challengesthat you know, people experience in life,
and certainly couples. That's one ofthe biggest reasons that couples fight.
Our relationships break up is through throughthe pressures, and you know, it's
hard to understand sometimes you know whatyou can afford if you haven't been able
to afford something, or how tomaintain your payments and and the goals that
(36:08):
you have. So you know,again, I want to thank you and
acknowledge you for being here today andhelping us to kind of navigate these interesting
times in the financial world. Thankket Sanya. I'm so glad to be
here. And I know you mentionedhe's an eight time award winner. I
was nominated eight times. I didn'twin every year, Okay, I was
nominated, So I just don't anybodycalling me on the seven see all these
(36:30):
awards, So oh what's okay?I nominate you again for another one.
I don't know what I'm all forit because you know, I love your
attention to detail and the care thelevel of commitment that you have and in
serving your clients. And you know, one of your taglines which I just
love is you know, I appreciateyou. And it's like, oh,
(36:51):
my gosh, doesn't everybody want tobe appreciated. I mean, that's so
big. And when it comes tothe world of service, sometimes it's completely
forgotten. So when we can comeback to those core basics and feel connected
and valued and significant and appreciated,I mean, these are fundamentals in what
(37:12):
we need, you know, inlife. So I think that's like,
you know, invaluable. Yeah,you know, it's it's because a lot
of sciences I don't have a longtime, I haven't known a lot of
people that come into my world andto be able to establish a relationship and
the trust and the trust they haveit and me and we trust they having
(37:34):
each other to make sure we're goingto get across the finish line and not
just that we're going to take it, you know, to the next level
and help them with their financial freedom. You know. I think the stories
about the tears sometimes you get onthe other line when you have rescued people
that you know, I just said, somebody that's that got into their home.
They and they went to twelve othermortgage brokers and they all said no
(37:54):
to her, And I was like, I don't understand, right, So,
you know, connecting with somebody thatyou can actually you know, let's
know, they're going to like Ido appreciate. I'm grateful for the opportunity
to be able to help people forsuch an important part of their of their
lives right in this in transitioning intohome ownership. You know, I do
(38:19):
appreciate it. I appreciate everybody.I appreciate you. Tanya Ah, thank
you. Well, we certainly appreciateyou and having this conversation. You know,
we talked a little bit or quitea bit about you know, home
ownership and down payment, and Iknow that you have a program that can
help people to get into homes atfive percent down payment, but also be
(38:43):
able to qualify for a home thatwould be maybe a little bit more than
they anticipated. So let's talk aboutthat, because not only do people struggle
to get the down payment, butthey have really luxurious tastes sometimes and what
they can afford and what they wantto have are not quite the same.
(39:04):
Yeah, one hundred percent. Youknow, I think this has been one
of those game changing I think programsthat have is you know Keeme. So
obviously this office is superintendent of allthe financial institutions. They regulate everything,
and over a year ago they cameup with some new allowances in terms of
(39:24):
how home buyers can buy homes andit opened the door what some people will
call it co ownership financing or sharedequity financing, but it's basically what it
is. It's more of a downpayment assistance, okay, because when you
have a a combined income and youhave less than a twenty percent down payment,
(39:52):
you're going to qualify for maybe fourtimes your income. But as soon
as you have a twenty percent downpayment, things change, okay, because
it eliminates that insurance fees that wetalked about. We can use thirty year
amortzy and we had a whole twentypercent down payment. And if somebody you
know previously qualified for say five hundredthousand, if they have a full twenty
(40:14):
percent down payment, they would qualifyfor somewhere close to seven hundred thousand.
So the program itself, by beingable to give you a full twenty percent
down payment, is increasing your purchasingpower by you know, someone sometimes more
than two than two hundred thousand abovewhat you would normally qualify for. And
(40:36):
basically you can actually now with thisprogram, you can buy up to one
point six million dollars with as littleas five percent down okay, which is
amazing because I have a lot ofpeople that can afford a mortgage that's for
a home that's over a million dollars. But they're weight because sorry, we
never talked about what happens over amillion dollars. You need a twenty percent
(40:57):
down payment. That's the rule.So you have to have a twenty percent
down payment. So it's preventing thosefamilies from getting the homes because they're trying
to save this twenty percent down payment. They don't have access to you know,
bank of mom and dad or otherplate you know, you know,
other ways they can get money tocome in from family. And if you
looked at like, you know,ten years ago, different home prices.
So now it's not uncommon that homeprices are over a million for what people
(41:22):
need. Yeah, one hundred percent. I'll give you ex So, I
had one family that they were rentingOkay, they were they had three kids,
and they were in a certain area. I think it was in Richmond
Hill area, and they were payingsomewhere about thirty five or thirty seven hundred
dollars a month in rent for thehome that they were renting in. They
wanted to buy a home. Theyhad had great income. They had one
(41:44):
hundred thousand dollars saved, which isa great savings. Okay, Now they
could not so they because they hadthree kids. They had to find a
four bedroom home, and they hadto stay in that area, and they
didn't have access to any other anyother moneys that they can get anywhere else.
So they ended up. You know, if they tried to save the
(42:04):
extra even if they're buying a milliondollar property, if they tried to save
another one hundred thousand, if theydoubled their savings every month, they're thirty
five hundred to seven thousand. It'sstill what it's took them over five years
to do that. So now thatone million dollar home is one point four
million. Now that's what they're buying, right. They are to use this
program and qualify for one million.They bought a you know, the home
(42:27):
that they're looking at now is likeone million, one hundred and seventy thousand
because they can buy now with aslittle as five percent down payment using this
particular program. Okay, and youcan actually buy up to two point five
million with this with this you knowprice point. With this program, you
need more of a down payment onceyou get past the one point six million.
(42:50):
But what is done is it's nowchange, It's given opportunity to get
into a home today, right byusing this down payment assistance program and having
a full twenty percent down payment.Now, so what what does it mean?
So is it because there is okay, sounds so good. What's the
catches or a catch? What's goingon? Is there a loan that I
(43:13):
have to pay? So the wayit works, it's called a shared equity
financing program, right, And it'san amazing company called Arborough that does this.
And basically what they do is they'lltake an equity position in the home,
so when you sell it down theroad, you'll pay them that portion
of that equity portion back. Okay, So what it does for you as
(43:36):
a homeowner, and the idea forhere is if I can get into a
home today, right, So,Tonny, Let's say I have fifty thousand
dollars for my down payment, right, And let's put it this way.
If I took fifty thousand dollars andI put it into like a GIC or
an investment fund that earned ten percent, I would have five thousand in one
year from that fifty thousand, right. But if I took fifty thousand and
(44:00):
bought a million dollar property, andmy equity split was twenty five percent,
I would make twenty five thousand onmy fifty thousand in one year because I'm
making from my investment. I'm earningon the entire value of that home.
And that's why people, that's why, you know, we try and help.
You know, people are trying toget into real estate because they build
(44:22):
wealth through the values of the homesincreasing. So the idea for a family
that can use this program is say, Okay, if I can get into
a home right now using this program, maybe stay in that home for four
or five or six years, thensell the home, pay the equity split
that we were paying the other individualor our borough that contribute. But now
(44:44):
I have a whole chunk of moneyI can now go towards my down payment
of my next home. So whathas done is now and also it's eliminated
those rent payments because me, asa homeowner, any of my principal payments
are all my principal I can startaccumulating net worth by owning real estate today,
(45:06):
right So it's giving an opportunity forpeople to get into a home today.
People that might have been priced outof the market are sitting on the
sidelines, Like we're getting calls everyday now saying I heard you talk about
this program. How does it work? How would I qualify? And what
would it mean when I exit?Right, So we have the whole map
and say, okay, is thisthe right program for you? Yeah,
(45:29):
and it's not the right program foreveryone, but there's certainly you know,
a ton of people who fit intothe program and it can be sort of
tweaked it away that makes sense fortheir situation. So if anyone Lauren is
interested in learning more about this downpayment assistance program, how can they get
in touch with you to learn more? Yeah, so they can, but
(45:52):
they can either email me, callme, or my website is Optimalfinance dot
ca. Okay, so that's probablyone place they can go to. And
I don't know if in the bioor anything else, we can put the
phone other contact numbers, but youlet me know how they how they can
reach out. Yeah, Like ifwe can help more people get into homes,
(46:14):
and especially like programs like this isyou know, I'll get about ten
applications that will come in for thisparticular program, and we might find four
different solutions that you know, andthen we'll use three with this particular program.
So that's again why you go toa mortgage broker, because they can
get you the best solution right forwhat your needs are. Yeah, exactly,
(46:38):
because it's not just as simple asokay, like you know, here's
a rate or here's the down paymentamount. I mean, there's there's a
lot of variables, right, Soit's really important to have you know,
a good look at, you know, the whole scope of someone's situation.
So I love that, and unfortunatelywe are out of time. Lord,
it's been a pleasure having you hereon the mindset menat or helping us to
(46:58):
alleviate I think, take some thepressure off that heaviness of financial stress or
even just financial doubt, which createsa lot of fear and uncertainty, and
that's never a great place to sit. So I want to acknowledge you for
doing the work that you do andhelping to make people's dreams come true and
to you know, give them thatyou know, the hope and the future
(47:22):
that they deserve. Thank you,Sania, I really I appreciate you,
and and it's really nice to spendthis time with you and then and sharing
these stories. You know, it'sit's something that's special that we can do
and you know it's it's it's ablessing, it really is. Oh.
I love that. And everyone listening, we certainly appreciate you and we thank
(47:46):
you for tuning in and make surethat you continue to work out your minds.
That your your mindset is like amuscle, right, it needs to
be strengthened and condition. We goto the gym and we know that we
see the results when we strength andtone our muscles. Well, that is
what we're doing with your mindset.So continue having an outstanding day and I
(48:07):
look forward to you know, chattingwith you guys next Thursdays here on Saga
nine sixty at three pm. NoRadio, No Problem. Stream is live
on Saga nine sixty AM dot ca
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