16 Nov

The advantage of using a good mortgage broker

General

Posted by: Ian Vowles

Simply put, it is about independent thinking and transparency.  A good mortgage broker will always act in the very best interests of his or her client.  There is no conflict, just get the best possible mortgage that suits the clients needs.  As a broker I have loyalty to my lender partners who work hard to help my acheive what is in the best interests of my clients.  That is where the loyalty ends.  If that lender is not offering the best possible mortgage for my client at the time I am shopping for them, the mortgage will be placed with whomever is offering that mortgage.  Period.  I am not conflicted in this regard and always know that I am doing what is best for my client at any given time.  Having worked for a financial institution for 12 years, I offered the best mortgage that the Treasury Department would permit to my most loyal clients and leave it up to my client to blindly accept the deal or shop around.  If they came back to me with a better deal, I would have to go back to the Treasury Department and ask them to to sharpen their pencil.  Sounds alot like car shopping doesn’t it?  “Let me ask my Manager…”.  That’s what it felt like for me and I was the Bank Manager!  With a good mortgage broker, there are no games.  Best possible mortgage, up front.  Next blog:  How I choose the right lender for my client. 

12 Nov

Are we placing too much faith in bank’s advice?

General

Posted by: Ian Vowles

Independent advice is hard to come by.  While there is always a spin as to what is in your best interests, it is a rarity to find a banker who is not towing the line for the ulitmate cause – shareholder profit.  I fully support banks and any other company making profits – but not at my expense or at the expense of my clients.   The banks have fantastic employees who are also great people and I have many friends and colleagues who work for major banks. The problem is, no bank is ever offering the best product for you at all times and even if they have it they may not offer it to you.  My suggestion is:  make a call to an independent mortgage broker or financial planner BEFORE you sign anything. 

http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/are-we-placing-too-much-faith-in-banks-advice/article5077728/?goback=.gde_4061544_member_183746947

 

8 Nov

Teaching your kids about money management

General

Posted by: Ian Vowles

Have you ever said to yourself, “I wish someone had taught me how to save money when I was younger”?  The fact is that some people are just better at managing their money than others. 

Why?  In many cases it is because their parents showed them how to be disciplined at an early age and stressed the importance of saving money.  Alternatively, their parents taught them how NOT to manage money by their actions.  In the latter case, the kids probably watched their parents struggle and swore that they would not suffer the same fate.  I have a friend who watched his parents file for bankruptcy in their 50s.  It had a huge impact on him. He is incredibly disciplined with his money and has saved and invested his way into a very comfortable lifestyle where he is 44 and no longer has to work.  The point is, what we teach our kids at a young age can have a profound impact on their future.

I believe that a positive influence is a far better tool.  I have a system that I use that is easy to implement and can help kids start to develop good financial habits at an age as young as 6 years old.  It is never too early to start.