Never forget where you came from…

forgetThis week a new client approved me about buying a home. They could have well afforded a $300,00 house, but instead decided to purchase a $75,000 home in a rural area. As a mortgage broker, the same work goes into a $75,000 deal as a $750,000 deal and the commission is 10% less as we are paid on volume. That all being said, when I first got into the business, I would have given my left hand for any deal including a $75,000 one! I happily processed the mortgage (which had been previously turned down by a bank due to the low purchase price) and got them approved! These people are happy that I’ve treated them as well as I would a $750,000 client. The lesson to any salesperson is to never forget where you came from. Also, you never know who those “little” clients will refer to you. Your next $75,000 deal could turn into millions in referrals. Thank you to these clients for trusting me with their financial needs no matter what anyone says, it’s the most important financial decision you’ll make in your life, regardless of the size of the home or mortgage!

Government decides not to change renewal rules

Government decides not to change renewal rules

Good move on the government’s part (government intelligence?) not to change rules on renewals of existing mortgages. Typically banks and lenders renew clients automatically if they have made their mortgage payments on time. The government suggested that borrowers “re-qualify” for their mortgage. If someone had a bankruptcy, job loss, or some other major change in their life, they could risk losing their home if rules were changed. I agree with the government’s decision to keep things the way they are. If it ain’t broke, don’t break it!