I was at the gym this morning with my wife and we were both observing one of the personal trainers with their client.

Watching him train his client with obvious poor technique, made me think about clients who walk into a bank, ask for a mortgage specialist and also get poor advice.

The problem is, as with the member at the gym, if you don’t know any better, it’s easy to believe that what you’re getting is expert advice.

Simply having a certificate doesn’t make you an expert.

A client called me the other day. He made it clear that he was shopping around for a mortgage, and was only interested in rates.

I explained that I didn’t discuss rates on the phone, and we ended the conversation.

Two days later he called again, this time to tell me he’d contacted five Banks, gotten rates and fees from four of them – and now he wanted to meet with me.

At our Initial Consultation Jack started by asking about rates and fees, but I advised how it would benefit him to first learn how I worked.  Then we’d decide if I was the right Mortgage Consultant for him, and if he was the right client for me.

As our meeting came to a close, Jack said, “I’ve purchased or refinanced over 20 homes in my life and have never worked with a Mortgage Broker who does what you do.”  He said he was pleased to choose me as his consultant, and then, when we discussed my rate, he was even more pleased!

You can reach me at 604-273-2002

Please leave your comments below.

Mark Fidgett
Vancouver Mortgage Broker
Owner www.NotaPennyDown.com
604-273-2002

To do:

1. Once you buy the property, immediately file a form called the NR6 in advance of the first day of rental income. Attach a pro forma rental statement, for example: “I expect $2,000 a month, my expenses are $1,900. My net rental income is expected to be only $100.” Then you only need to pay $25 per month to the (less) happy taxman. You have to file that form every December.
2. You need a tax agent in Canada who represents you – could be a realtor, property manager or tax accountant. Your agent must file form NR4 with Revenue Canada before March 31 to state how much rent actually was collected.
3. He or she must file a tax return on your behalf every year by June 30.
4. When you sell with a profit you file form T2062 (say you paid $800,000 and sold for a million – of the $200,000 profit the taxman will grab happily $50,000).
5. If you made your euros growing the “wacky tobaccy” and you wish to pay cash, your rental agent, by law is required to report your cash down payment ($10,000 plus).

That’s it. But please note: Just because it is easy, legal and safe to own property in canada, it does not mean that all property is a good investment – just as in the place you come from. There are good and bad deals, good and bad agents and it is up to you to do some research, find an experienced agent, and if what you are buying sounds too good to be true – it is.

Need help? Contact me at 604-273-2002 or www.NotaPennyDown.com

Mark Fidgett | 604-273-2002

“Your Personal Mortgage Consultant….For Life!”

PS – Please Don’t Keep Me a Secret
A REFERRAL is when you INTRODUCE someone you care about to someone you TRUST!

T 604.273.2002 | F 604.522.2072
W http://www.notapennydown.com

An independent Mortgage Specialist associated with the Verico Mortgage Network.