Craigburn Capital http://www.craigburn.com Canadian mortgage broker and debt elimination specialist Tue, 23 Feb 2010 00:24:57 +0000 http://wordpress.org/?v=2.5.1 en Committed? http://www.craigburn.com/committed/ http://www.craigburn.com/committed/#comments Tue, 23 Feb 2010 00:20:53 +0000 Pat http://www.craigburn.com/?p=176

Are you or should you be? To your goals that is. This hit me when one of my friends from the gym saw me today and commented that I must not be committed as I did not make it in for my regular workout time of 05h30 yesterday. My excuse was that one of our kids was up a few times over night. However excuses be gone, come hell or high water I will certainly be there for tomorrow.

When you think about it, are you committed to the successful attainment of your goals? If you are not, or worse if you don’t have your goals written down ( shame on you if that is the  case) then you are just breathing and not really living.

If getting out of debt is your goal. Then you should write your goal like this, ” I am making X per month or year” rather than ” I am paying off my debt”. When you include what you do not want in your goals, you end of thinking of what you do not want. See your self as already having acheived your goal, feel it and live it.

Want help in creating your plan? Then feel free to give me a call, I would be glad to help you.

Cheers,

Pat

p.s- You can find me on Twitter,Linkedin, Facebookand friendfeed.

]]> http://www.craigburn.com/committed/feed/ What makes us different? http://www.craigburn.com/what-makes-us-different/ http://www.craigburn.com/what-makes-us-different/#comments Sat, 20 Feb 2010 00:53:14 +0000 Pat http://www.craigburn.com/?p=174

And what makes us better. After 7 years of sitting on the broker side of the table, now I am lucky enough to be working with BMO one of Canada’s chartered banks. Now don’t get me wrong, there are lots of reasons to have an independent broker help you out with your mortgage needs. However there are also plenty of reason’s of why you should also consider a chartered bank, and now specifically BMO.

At one time it was believed that a broker could be the only person who could get you better rates and terms than the big banks. This was when people believed that if they went with the bank they would have to accept bank posted lending rates. This is not the case anymore. Sure you can still get the posted rate if you want, but 9 times out of 10 you will qualify for a much larger discount, making the rates offered by brokers look higher in comparison. This is not all, in addition to your mortgage needs the bank can help you out with a line of credit, bridge loan, investment loan, and many other products not available to brokers.

So your one stop shop for all your financial needs may not be your local broker anymore, you may want to consider what your relationship manager at your chartered bank can do for you. Cast aside all those old notions of accepting what you are offered, as you will be plesently surprised to find that you have more negoiating power than you thought you had.

Feel free to contact me if you have any questions, and I look forward to hearing from you.

Pat

p.s- You can find me on Twitter,Linkedin, Facebookand friendfeed.

]]> http://www.craigburn.com/what-makes-us-different/feed/ I owe, I owe http://www.craigburn.com/i-owe-i-owe/ http://www.craigburn.com/i-owe-i-owe/#comments Wed, 17 Feb 2010 12:21:32 +0000 Pat http://www.craigburn.com/?p=177 So as the dwarf’s in Snow White say “It’s off to work I go”. Below is a great article from The Vancouver Sun, talking about our ever increasing debt load. In-fact that is the number one reason that the finance department reacted with changes to mortgage financing yesterday. As always feel free to contact me if you have any questions..

Cheers,

Pat

Our debt-to-income ratio hits an all-time high

BY JULIE FORTIER, CANWEST NEWS SERVICEFEBRUARY 17, 2010 1:14 AM

Although the recession may technically be over in Canada, many households sank even further into debt in 2009, creating the highest debt-to-income ratio ever in Canada, according to the Vanier Institute’s annual assessment report, released Tuesday.

The study showed the average household debt climbed to $96,100, creating a debt-to-income ratio of 145 per cent in 2009, the highest ever.

“Under this scenario, about 1.3 million households could have a vulnerable or dangerously high debt service load by 2011,” the report stated.

“The effects of this recession will test the resilience of many families. While the stock market may be up, the improvement for families will lag behind in employment, increases in income, and a return of net worth,” Clarence Lochhead, the Institute’s executive director said in a statement.

The report also indicated 59 per cent of respondents said they would be in trouble if their paycheque was delayed by even a week, even though 70 per cent of women with young children and a working spouse said they were working outside the home.

Personal debt is an increasing problem, according to the study, with a 50-per-cent increase in mortgages running 90 days or more in arrears in 2009 compared with a year before.

The number of credit-card holders who were behind at least three months in their payments was up 40 per cent during the same period.

The report also indicated there was likely a housing bubble, as housing prices in October and November 2009 increased to about $340,000, or five times the average after-tax incomes of Canadian households. The long-term average is 3.7 times.

The report warned “higher interest rates, changes in mortgage terms and the realization that current prices are unsustainable may cause the bubble to burst.”

It seems Ottawa is also concerned about the level of debt Canadian households are carrying on their mortgages.

Finance Minister Jim Flaherty said at a news conference Tuesday that Ottawa would require all borrowers to meet standards for a five-year fixed-rate mortgage, even if the buyer wants a variable rate mortgage.

Other rule changes unveiled could affect people looking to refinance their mortgages, including lowering the maximum amount that can be withdrawn to 90 per cent from 95 per cent and place a 20 per cent minimum down payment for government-backed mortgage insurance on nonowner-occupied properties.

© Copyright (c) The Vancouver Sun
]]> http://www.craigburn.com/i-owe-i-owe/feed/ Rules, Rules, Rules http://www.craigburn.com/rules-rules-rules/ http://www.craigburn.com/rules-rules-rules/#comments Wed, 17 Feb 2010 00:11:08 +0000 Pat http://www.craigburn.com/?p=175 Here is the information regarding the new mortgage rules that will come into effect on April 19th of this year. The changes are not as bad as some were predicting. This is the summary, and the text is below.
Starting April 19th
1. Borrowers need to qualify using the 5 year fixed rate
2. Refinances maxed out at 90% LTV
3. 20% downpayment for mortgages tied to non-owner occupied properties bought for speculation.
Canada will bring in new mortgage rules to cool the country’s red-hot housing sector, but does not think the market has entered into bubble territory, Finance Minister Jim Flaherty said on Tuesday.Concerned that new homebuyers may overextend themselves, the government said it is implementing three changes to mortgage rules that will help prevent the problems seen in other countries that helped trigger the global financial crisis.

“Today’s measures are part of a larger picture. We will continue to closely monitor developments in the housing sector in Canada,” said Flaherty at a news conference in Ottawa.

“There is no compelling evidence of a housing bubble, but we’re taking proactive, prudent, measured and cautious steps today to help prevent a housing bubble.”

Changes to Canada’s mortgage insurance guarantee framework that come into effect on April 19 include the requirement that borrowers will need to qualify for a five-year fixed-rate mortgage even if they go with a lower variable rate.

The government will also lower maximum amounts that can be withdrawn when borrowers refinancing mortgages. And it will require a minimum downpayment of 20 percent for insured mortgages tied to non-owner occupied properties bought for speculation.

Flaherty described the housing market as “healthy and stable” and said that the government’s early action can help prevent negative trends from happening.

The government has been concerned that some borrowers who are taking out variable-rate mortgages will struggle with their monthly payments when interest rates rise.

Bank of Montreal, while noting it did not believe the country faced a housing bubble, said it supported the government’s actions.

Feel free to contact me if you have any questions, and I look forward to hearing from you.
Cheers,

Pat

p.s- You can find me on Twitter,Linkedin, Facebookand friendfeed.

]]> http://www.craigburn.com/rules-rules-rules/feed/ If you want to play with the big dogs! http://www.craigburn.com/if-you-want-to-play-with-the-big-dogs/ http://www.craigburn.com/if-you-want-to-play-with-the-big-dogs/#comments Wed, 10 Feb 2010 00:46:49 +0000 Pat http://www.craigburn.com/?p=173

Then you have to get off the porch! That is the best way to describe what has happened for me recently. After 7 years of working as an independant mortgage broker, I have just accepted a position as a mortgage specialist with the Bank Of Montreal. If you are thinking that this is a step back, it is not. It’s the chance the be the part of a winning team. As for my role, it is basically the same, find people who I can help and repeat. It is a win win situation for all involved. Instead of having 40 or so lenders, I have one with competitive rates and terms that will make even the most savey shopper satisfied. Plus I now have the ability to offer products that I would otherwise not have access.

I look forward to working with everyone for years to come. Please feel free to contact me if you have any questions.

Cheers,

Pat

p.s- You can find me on Twitter,Linkedin, Facebookand friendfeed.

]]> http://www.craigburn.com/if-you-want-to-play-with-the-big-dogs/feed/ October 2009 http://www.craigburn.com/october-2009/ http://www.craigburn.com/october-2009/#comments Tue, 06 Oct 2009 16:15:01 +0000 Pat http://www.craigburn.com/?p=172 Here is October 2009’s monthly update on key economic data. Please contact me if you have any questions.
Cheers,
Pat

p.s- You can find me on Twitter,Linkedin, Facebookand friendfeed.


]]> http://www.craigburn.com/october-2009/feed/ Flexible Juggler http://www.craigburn.com/flexible-juggler/ http://www.craigburn.com/flexible-juggler/#comments Wed, 30 Sep 2009 17:22:06 +0000 Pat http://www.craigburn.com/?p=171 Yes as strange as that may sound, but in order to succeed in this day and age you need to be a “Flexible Juggler”. To put this another way, you need to be able to balance several tasks at the same time while maintaining flexibility in your approach to completing each task. Do you want to know who are good at this? Mom’s! Yes Mom’s, my wife is fantastic at this, I get the kids up, she makes them breakfast, referee’s any disputes that may be happening at the same time, motivates them to finish their breakfast, assembles outfits to get them dressed, gets them ready to get out the door, drop’s two off at school and one at day care and then tends to her 85 year old father, picks up the kids for their lunch then back to school, cleans up the house, plans supper, pick’s up the kids, more referee time, makes supper, tubby time for the kids, story time, then bed, plans her day for tomorrow, then starts it all over again. I am tired just thinking about it.

If you want something done, then give it to someone with a well managed busy schedule. This can also be said of the person who is in control of their finances. They know exactly what is coming in each month, what their expenses are, how much they can put away for a rainy day or retirement and how much fun money they have. Are you one of these people?  Or does your money run out before your month does? If you fall into the latter rather than the former, it may be time to re-evaluate your situation. What you are doing may be working now, but it is not a long term solution. Sort of like relying on shoe boxes for your filing systems.

If you would like a fresh perspective on how you can achieve your financial goals, then please feel free to give my office a call.I look forward to hearing from you.
Cheers,

Pat

p.s- You can find me on Twitter,Linkedin, Facebookand friendfeed.

]]> http://www.craigburn.com/flexible-juggler/feed/ Fired or fired up! http://www.craigburn.com/fired-or-fired-up/ http://www.craigburn.com/fired-or-fired-up/#comments Tue, 29 Sep 2009 10:10:47 +0000 Pat http://www.craigburn.com/?p=170 This is not a pep talk, it’s a reality check. Look at your track record, are your results what you want them to be? If not you should either get fired or fired up. By this I mean act as if your were your own boss cause in reality no matter what you do or where you work you are! Think about this for a moment, you did not just wake up today and discover that you were 50 lbs over weight, 150K in debt and in a job that you hated. This was a long time coming and possibly you just realized that today is the day that you are going to do something about it. You have to realize that what you have been doing in the past was not working and should be “fired” and that you need to get “fired up” about a brand new approach. One that will produce for you the results that you want.

You are actually well on your way to your goal, you know what does not work and you are determined to do something about it. Congratulations on coming to this realization. Next make your plan, and work your plan and be flexible in your approach.

If you have read more than one article on this blog, you may be asking yourself why is a mortgage broker writing about personal development? Well it’s because if you stand still too long you end up getting run over. As well people who are high achievers are driven goal originated people who are believe in constant never ending improvement. I also believe that you are one of them or at the very least want to be one of them. I also commit to help you any way that I can to achieve your financial goals. I look forward to hearing from you.

Cheers,

Pat

p.s- You can find me on Twitter,Linkedin, Facebookand friendfeed.

]]> http://www.craigburn.com/fired-or-fired-up/feed/ Star or supporting part? http://www.craigburn.com/star-or-supporting-part/ http://www.craigburn.com/star-or-supporting-part/#comments Wed, 23 Sep 2009 15:34:32 +0000 Pat http://www.craigburn.com/?p=169 Put it this way, if there was a movie made of your life, would you be playing a leading role or a supporting part? By this I mean are you making the decisions that determine the overall direction of your life, or it is some other party like a spouse or boss? Don’t get me wrong, this is not a recommendation to act like a dictator. I simply mean that if you do not have clearly defined goals and plans to achieve them, then you are working to help someone else achieve theirs.

Believe it or not, it is not that hard to do. You can start small and work up. What do you want to achieve tomorrow, next week, next month and next year. Then describe in vivid detail what your long term goal looks like once it has been obtained. Have your big goal firmly in mind even while working on your short term goals.

If your goal is to be in fitness cover model shape then missing your workouts and eating double cheese burgers may not be in your best interest.  If you are in sales and your goal is to qualify for the company trip then you must make the calls. As well if you want to get out of debt then you must be keenly aware of how much money you have coming in and how much you have going out and to where. Then sit down and see if there are opportunities where you can increase your income, and cut expenses if possible. If you would like help developing a plan to help you eliminate your debt as quickly as possible, please feel free to contact my office. I look forward to hearing from you.

Cheers,

Pat

p.s- You can find me on Twitter,Linkedin, Facebookand friendfeed.

]]> http://www.craigburn.com/star-or-supporting-part/feed/ The importance of Timing http://www.craigburn.com/the-importance-of-timing/ http://www.craigburn.com/the-importance-of-timing/#comments Mon, 21 Sep 2009 20:53:25 +0000 Pat http://www.craigburn.com/?p=168 You may, like others think that timing has nothing to do with your overall success, however I believe this is not the case. If you think back to some significant events in your life, either positive or negative, timing played a part . Don’t get me wrong I don’t think that it has everything to do with your outcome, but it definitely plays a part. The harder you work, more opportunities will come your way and the better your timing seems to be. Things just seem to happen when you want them to happen, and that is because you are focused like a laser on your desired end result.

Here are just a few examples that come to mind. Normally I write my blog posts at night and post them first thing in the morning, however last Friday I decided to write and post in the late afternoon. What happened was surprising, normally I get a few hundred hits per article, this one got 33K hits. I did not do anything different other than post in the afternoon rather than the morning. I chalk it all up to timing. Another on a personal nature, on May 11th 1993 I switched shifts with a co-worker at the YMCA Halifax where I was working as personal fitness instructor at the time.  I had done it before and did not think anything of it, however this time the result was different as I ended up meeting my wife. Their loss is my gain. Also this time last year AIG (American International Group) was quickly on on the way of becoming a penny stock, then the government intervened and and today it closed at 48.56, if you bought this time last year, then you had great timing!

Now you may be wondering how this all is relevant to finance? Well in the world of finance, the prices of stocks are constantly changing, as well as the foreign exchange markets and the yield on bonds. It’s this last item that will be important to you, as the yield of bonds determine the rates on most mortgages. Normally I do not talk about mortgage rates on my site, however it is important at this time as they have fallen to a point that you should be paying attention. If you are a home owner or plan on being a homeowner, the timing is great for you. Current 5 year fixed rates are now below 4% and variable rates start at 2.5% *(for those who qualify). A homeowner with a mortgage, a car loan, credit card or other loans could save hundreds or more each month by taking advantage of the current rates. Please contact my office if you have any questions. I look forward to hearing from you.

Cheers,

Pat

p.s- You can find me on Twitter,Linkedin, Facebookand friendfeed.

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