Monday, September 26, 2011

Protect Your Investment Against Mortgage Fraud

Mortgage Fraud

Many homeowners are unaware of the dangers posed by identity thieves when it comes to their real estate investment.  Unfortunately, real estate title fraud is on the rise.  According to the Canadian Association of Accredited Mortgage Professionals (CAAMP), real estate industry insiders now peg the average case of real estate fraud at $300,000.  In comparison, the RCMP estimates the average credit card fraud case in Canada to be $1,200. 

Help to protect yourself and your investment with these tips:

1. Check your credit reports (www.equifax.ca, www.transunion.ca), financial and bank statements regularly for inconsistencies, unknown charges and unauthorized credit inquiries.

2. Don't give out personal information in person, over the phone or on the Internet unless you know who you are dealing with, how it will be used and if it will be shared.

3. Protect your mail, be alert to billing cycles and when bills or mail haven't arrived.

4. Shred any documents or materials with personal or financial information prior to discarding them.

5. Seek advice from a real estate expert who is licensed in your area when shopping for a home.

6. Speak to a mortgage professional about how title insurance could help protect your investment. 

Monday, September 19, 2011

8 Sure ways to lose business

8 Surefire ways to lose business 

From the Monday Morning Motivator – The Adam Ad Group   

This week we share some business advice from Leadership author and trainer, John Maxwell. John tells us what attitudes we need to avoid if we want to grow and succeed.

What's holding you back in your business or career? It may be something you are doing now and don't even realize it.

The seed of this lesson comes from the former president of Coca-Cola, Don Keough. He wrote a satirical article about ways people lose in business. A few of the points that I will share with you today come from that article.

So let's get started. Here are some rules and attitudes to follow if you want to lose in business.

1. Quit taking risks. 

"A ship in the harbor is safe... but that is not what ships are for." Isn't that a great saying? Anybody who has been in business realizes that risk is a big part of it. The moment you decide not to take a risk is when your competitors will pass you by.

It isn't the incompetent who destroy an organization. The incompetent never get in a position to destroy it. It is those who have achieved something and want to rest upon their achievements who are forever clogging things up.

2. Rely totally on experts and research to make decisions for you. 

Charles F. Kettering said, "Research is an organized method of trying to find out what you are going to do after you cannot do what you are doing now." There are some wonderful consultants out there who add value to our businesses. The key word above is totally. When one allows what the experts say to totally govern decisions, that's when trouble arises.

3. Always ask yourself, "What would the founder have done?" 

The simple fact is that no one knows what a great leader would do in a new set of circumstances—except that he would not lose. There simply is no eternal formula for success handed down through generations.

4. Concentrate on your competitor instead of your customer. 

I've read everything that has been written by the late John Wooden, the legendary basketball coach of the UCLA Bruins. Not only was he an incredible coach, but he was also an incredible teacher to his players and others who knew him.

In an interview he was asked how he prepared his team for the next game. It was widely known in the basketball coaching circles that Coach Wooden wasn't one to send his staff out to scout teams that were coming up on their schedule. He said, "The way to build a team isn't to worry about your competitor; the way to build a team is to play to your strengths. If we play our game right, they will be playing our game. We won't play their game."

Coach Wooden realized it's much better to spend time making your team better than trying to anticipate what the other team was going to do.

Remember that the customer is king. The following customer service truths are the results of research conducted at the Tyler International Research Institute Inc., as well as that of the Technical Research Assistance Institute and other supporting research organizations.

- Poor service is the No. 1 reason American companies lose business.
- The average dissatisfied customer tells nine others of their dissatisfaction.
- Conversely, the average satisfied customer tells only five people.
- It costs between five and 10 times more to attract a new customer than it does to keep an old one.
- Customers pay more for better service.


5. Administrative concerns take precedence over all others. 

When the organization becomes bogged down with administrative issues and bureaucracy, growth can screech to a halt. Zimmerman's Law says regardless of whether a mission expands or contracts, administrative overhead continues to grow at a steady rate. Isn't that the truth!

In the article that I referenced in the beginning from Don Keough, he has some scathing things to say about the cost of administration: "Look at any well-oiled bureaucracy. Innovation is never permitted to get in the way of the preservation of the organization. Such bureaucracies have something in common: Most of them are consistent losers or soon will be."

6. Be inflexible. 

A wise person once said, "Inflexibility is one of the worst human failings. You can learn to check impetuosity, overcome fear with confidence and laziness with discipline. But for rigidity of mind there is no antidote. It carries the seeds of its own destruction."

Generating this flexible thinking requires an emphasis on high quality and strategic thinking, a commitment to principles, and a focus on learning. It also helps to have a cultural bias toward improvisation and innovation, within your framework of principles and a coherent strategy.

7. Look to someone else to do your thinking for you. 

Author Gordon MacDonald calls this "mental flabbiness." He writes, "In our pressurized society, people who are out of shape mentally usually fall victim to ideas and systems that are destructive to the human spirit and to human relationships. They are victimized because they have not taught themselves how to think, nor have they set themselves to the lifelong pursuit of the growth of the mind. Not having the facility of a strong mind, they grow dependent upon the thoughts and opinions of others. Rather than deal with ideas and issues, they reduce themselves to lives full of rules, regulations and program."

8. Memorize the motto, "That's good enough." 

Nothing is changed by a mediocre performance.

Complacency is a blight that saps energy, dulls attitudes and causes a drain on the brain. The first symptom is satisfaction with things as they are. The second is rejection of things as they might be. "Good enough" becomes today's watchword and tomorrow's standard. Complacency makes people fear the unknown, mistrust the untried and abhor the new. Like water, the man who is complacent follows the easiest course—downhill. He draws fake strength from looking back.

Excellence is not a policy decision. It is a mindset, an attitude, a way of thinking and behaving. We create a mindset of excellence in our businesses, our sports teams, our churches and our homes not merely by demanding excellence or preaching excellence, but by modeling excellence, just as Walt Disney did. Once we have created a climate where quality is not just something we do but a feature of who we are as an organization, then the people in our organization will be inspired to go far beyond policy, far beyond duties and job descriptions, in order to maintain the organization's reputation for excellence.

Friday, September 16, 2011

Pre-Approved Means Prepared!

Before getting carried away with the excitement of home hunting, most real estate agents recommend you first get a good idea of what you qualify for, by talking to a lender about a pre-approved mortgage.
Lenders will look at your income, your credit score and history, and the amount of down payment you have saved, before calculating the amount of your pre-approved mortgage. With a pre-approved mortgage in-hand, you'll know how much you qualify to borrow, you'll have a good idea of what your interest rate will be, and, therefore, you'll know how much your payments will be.
One important thing to keep in mind when searching for a pre-approved mortgage is that if you approach several banks, your credit might be "pulled" more than once, which could have a detrimental effect on your credit score. The reason for this is that the credit rating agencies will notice the activity and think you're shopping around for a lot of credit. The way to ensure this doesn't happen is to have a mortgage broker take care of the groundwork for you.
A mortgage broker will pull your credit once, and then use this information to shop around the different lenders to find the right mortgage product for you.
You owe it to yourself to make some time to learn more about today's mortgage options. Let's sit down together and discuss what you're looking for, what level of buyer you are (first-time buyers have completely different needs than homeowners looking to upgrade, for example), and what your "loan personality" is.

Congratulations, Mortgage Savvy Canadians

The Canada Mortgage and Housing Corporation (CMHC) provided some interesting — and positive! — insight into the way Canadian mortgage holders view their mortgage obligations, according to the CMHC 2011 Mortgage Consumer Survey.
Overall, Canadians appear to enter the housing market with both eyes open, doing extensive research before they purchase, and then are diligent in their mortgage management following their purchase. After all, as Pierre Serré, Vice President, Insurance Product and Business Development at CMHC noted, "Buying a home is one of the biggest financial decisions most Canadians will make in their lifetimes."
The survey showed that Canadians take, on average, 11 months to plan their purchase, and 88 percent of homebuyers indicated they had a good sense of how much mortgage they could afford before purchasing a home.
Throughout your own buying and selling experiences, it's important to remember that a real estate sales representative is more than just someone who hammers a "for sale" sign in the lawn for you. A real estate sales representative works alongside you to ensure that you completely understand, and are comfortable with, every step in the real estate process. This includes important discussions on finances, to ensuring the properties you view include everything on your "wish" list, from location to type of home and property size to, of course, affordability.
Whether you have questions about your own moving plans, or questions on the real estate climate in a specific area, please remember that you can call at any time for a discussion and advice, with absolutely no obligation.

Thursday, September 15, 2011

Changes in Variable Rtaes

There are some changes to the rates today. The trend seems to be lower on the fixed term rates but less discount on the variable rates.

Top 5 Chartered Banks have lowered the amount of discount on the Variable Rates and have decreased the 5 year rates. You can now get a 5 year at 3.29% and a Variable rate at Prime minus .40%.