Canadian Mortgage ReportUser Rating: / 1

PoorBest Personal FinanceWritten by Larry Matthews Thursday, 25 February 2010 13:10Article IndexCanadian Mortgage ReportMortgages A Brief HistoryHere are some tips on how to maintain a good beacon scoreAll PagesPage 1 of 3

Mortgages !!! How much do we know about them ? I remember when I was a young man in the military I called about a farm for sale near my home town. I asked the realtor who answered the phone what the asking price was. He responded $20,000. I had about $10,000 in savings. I told him I only had about $10,000. He informed me the owner wouldn’t accept that and hung up. That was a 150 acre farm with a nice house and barn. Today I realize how misfortunate I was that that particular realtor answered the phone. A different realtor would’ve advised me that with 50% down and a stable career in the military I would have no problem getting a mortgage for the remaining 50% and that the payments would only be about $60.00 per month. Imagine what that farm would be worth today and imagine what that realtor cost me and his customer who obviously wanted their property sold. I didn’t realize I could get a mortgage and I didn’t realize I should’ve called another realtor or even that I could. I’m telling you this story to emphasize the power of knowledge and what the lack of knowledge can cost you. Knowledge and expertise come from a life time of learning.

Here is another example. A friend called for advice. A local company had approached him about a valuable surface mineral they had discovered on his property that they wanted to purchase from him by the ton. He said he would do that. Some months later I asked him how he had made out and if he had checked with a professional. He said no and that the company had made him an offer and he had countered back double the price they offered and they had agreed to pay his price and he had signed a contract to that effect. I advised him that I had heard that the company had also made a deal with a large timber company on the adjacent property and he should check with them to see what they were getting. Several days later he called me back very upset. The timber company was getting 5 times the amount he was getting. I advised him to consult a lawyer. This time he took my advice. After a 10 year legal battle he did receive a settlement but why didn’t he take my advice the first time ? I’ll tell you why ! He thought he knew. I have to tell you this fact. Most of my customers think they know more than me and in many areas they do but not when it comes to real estate and mortgages,( in most cases they don’t) but human nature makes it very hard to trust someone else’s opinion especially someone who is looking to make a dollar off you. Penny wise and dollar foolish. Probably but understandable because most of us are this way, myself included.

We all in most cases would rather make our own mistakes than feel taken advantage of by some professional we don’t know or trust. That is why some one listing their house will always list with a friend over an experienced realtor because trust is more important than experience in the minds and hearts of consumers even though in the long run it may cost them dearly.

In this report my goal is to give you information. How you use it will be up to you. My goal is to gain your trust so you will not hesitate to contact us should you need any of our services. Now on to my report.

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