|
| Term |
Rate |
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PRIME
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3.00%
|
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Variable
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2.30%
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1 Year
|
2.44%
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3 Year
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2.90%
|
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4 Year
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3.79%
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5 Year
|
3.59%
|
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10 Year
|
5.34%
|
Special conditions apply. Rates subject to change.
Interest rates effective on the date this email was sent
Episode 147 – Congrats to Janakie
The love of my life finishes her last day of 16 years of post secondary education. She is officially… [View Video]
Mortgage Calculator
Interested in learning how to purchase your first home? Join us for our First Home Info seminars. There is no cost to attend, the next dates are:
No dates scheduled at this time – Please call the office for Fall dates at 604 628 5040
Vancouver Sun article
Vancouver is one of five metropolitan areas in Canada that recorded sharp year-over-year increases in housing starts in August, according to figures released Tuesday by the Conference Board of Canada.
“Vancouver was fifth [out of 27],” economist Jane McIntyre, who wrote the Conference Board report, said in an interview. “And we expect more improvement in the next year in Vancouver.
“Basically, when the recession hit in 2008-09, housing starts took a big hit in Vancouver,” McIntyre said. “But interest rates have remained low, there was the recovery of the economy in general, and the Olympics happened. There were a lot of things that drove the market back up. And that increased demand for housing in the region.”
Saint John, N.B., Regina, Winnipeg and Oshawa, Ont., in that order, recorded the sharpest increases.
In Vancouver in August, there were 14,091 starts on a seasonally adjusted basis, compared to 6,495 a year ago.
Victoria and Abbotsford, the other B.C. metropolitan areas cited in the report, also showed increases.
“Victoria and Abbotsford are also doing quite well, with positive expectations,” McIntyre said.
Tsur Somerville, director of the centre for urban economics and real estate at the University of B.C.’s Sauder School of Business, said in an interview that it took a while for construction to get going again in Vancouver after the recession.
Generally, Somerville said, “starts reflect an overall favourable environment, with low interest rates and a recovery from a recessionary environment.”
U.S. housing starts also surged in August to their highest level in four months.
Source: The Vancouver Sun
Jessi Johnson, President of VERICO Jessi Johnson Mortgage Team, has one of the strongest social media presences in the mortgage brokerage industry. Mr. Johnson takes some time to talk to JAC News about the role of social media in this industry and his unique experience thus far in his career.
JAC: Tell us about your company?
JJ: I started my life as a mortgage broker in early 2006 with a small independent company called Global Mortgage Corp. I had no experience in the financial industry what so ever. It certainly wasn’t the easiest of beginnings but I learned a lot in 3.5 years. After I left Global Mortgage Corp in 2009, I launch my own brokerage.
Starting your own firm certainly isn’t easy, especially since the nature of our work is complicated. But I couldn’t be happier where I am and am very excited about my future plans.
JAC: What business goals will Jessi Johnson Mortgage Team achieve in the next few years?
JJ: Within the next year I plan to build a team of highly successful brokers under the company and help them expand their business. We have some pretty crazy marketing ideas planned that we will be launching in the next few years. My background is in concert promotions so I’m a marketing nerd and have some very exciting ideas.
 JAC: You have a huge online presence, describe your personal brand?
JJ: I am a firm believer in branding yourself and not what you do. I like to educate clients instead of directly marketing to them. The internet is a wonderful tool to do just that. Without internet presence these days your business will never expand and will slowly die. When’s the last time you used a Yellow Pages book? Do they still print those?
JAC: Why is it important for businesses to incorporate Social Media into their marketing plans?
JJ: Social Media is excellent for – my favorite term – “staying on the radar”. What a perfect tool for live updates on what your contacts and clients are thinking and doing. Whether you like it or not, you can’t avoid it.
JAC: What percentage of your day do you spend on SM?
JJ: At least an hour a day, or more. It really depends on what’s going on and what I need to accomplish.
JAC: How many SM platforms do you participate in? Which platform do you believe generates that most business for you?
JJ: I use tons of different platforms. I find social media overwhelming at times because there is so much to stay on top of. I use Twitter and Facebook the most but there are others as well. Facebook likely generates the most business but Twitter is great for live updates and for listening to what others are saying.
JAC: For a mortgage broker that is brand new to social media, what are the first 3 things that you suggest he/ she should do to start building their online profile?
JJ: Don’t sell your product all day long. Use social media to remind people of what you do and nothing more. Add personal touch to everything and remember that what you post can be seen by anyone.
JAC: What do you enjoy about the mortgage industry?
JJ: Everything. This is an ever-changing industry where you must keep on your toes. We have the opportunity to control our destinies and I love it. If I want to work 15 hours a day and put everything I have into my company, I can.
JAC: What professional achievement are you most proud of?
JJ: I have been very lucky to receive various award nominations and media coverage since I started. This is a very tough business to get into. By no means has it been smooth sailing but persistence is key and I am very proud of myself for not giving up.
JAC: Where are we likely to find you on weekends?
JJ: I usually work half days on the weekends, eventually my weekends will be work free. In my spare time I produce house music and love to keep active. Each week I play squash, do Muay-Thai kickboxing and workout as much as I can.
Refinancing early while stuck in Montreal
Refinancing early is simply a numbers game; sometimes it works and sometimes it doesn’t. Recently while on a train with my wife and some good friends travelling from Ottawa to Montreal, I ran some numbers. We typically re-evaluate our client’s files about one to three times a year to see if there is anything we can do to service our clients better and save them money. Here’s what I came up with: If you have a variable mortgage at Prime – 0.20% or higher (at Prime or Prime +), it is in your best interest to call us at 604 628 5040 ASAP. We have a strategy to restructure your mortgage and provide HUGE interest rate savings. Our average mortgage is about $330,000. So if you are our average client, we would be able to save you over $7,023.20 after your estimated penalty!
So back to my Montreal story; after enjoying a few days in Montreal we had to head home. We went out Friday night in Montreal to go stir up some trouble. I decided to put my card holder (with my ID and cards) in my wife’s purse. I hate having things in my pockets. Though this seemed like a great idea at the time, she forgets to take it out the next morning and I forget to ask her too. Here’s where things become entertaining. She was going to Kelowna to work for a week; I was going home to Vancouver. Her flight was three hours before mine, we weren’t flying together.
It’s about 11:00 AM Saturday; I am in the taxi and about to arrive at the airport when I notice that I don’t have any ID, money, debit or credit cards. Now what? Mr. taxi driver is now not so friendly when he figures out that I have no money. Quickly I remember that a friend gave me $120 the night before in cash and I still had that in my bag. After this episode, I figure out the hard way that people aren’t legally allowed to travel without ID in Canada. Of course they aren’t, what was I thinking trying to bride a Westjet employee? Just kidding, I didn’t actually get that far. Now I have to get the taxi driver to take me back to the hotel but wait, I already checked out and the hotel was under the wife’s name. They won’t let me back in, they don’t know who I am. This is turning out to be a rough morning.
Thankfully I discover two good friends are still in town that end up saving the day, or should I say the next three days. Not only does it take until Tuesday (3 nights) to ship my stuff from Kelowna to Montreal, I can’t accept wired money transfers or withdrawal money from the bank. I can’t even accept the shipment with my ID, without ID. Nick and Bali come to the rescue, lend me $500 and let me stay in their 5 start hotel. It wasn’t that bad after all.
I recall the night before thinking to myself; I wish I could stay for another few more days.
The moral of the story is; be careful what I wish for and refinance early if it makes sense!
Cheers,
JJ
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