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In today's episode, I talk to a mortgage specialist who loves to educate borrowers on how to shop for the best financing for their income and their needs.
Ross Taylor of Ross Taylor Mortgages is a two-time national award winner, specializing in difficult mortgages and first-time home buyers. You can find his financial literacy articles at his website (AskRoss.ca).
Here are the top five mistakes he sees home buyers make:
1) They don't pre-qualify themselves for a mortgage with a lender before shopping.
2) They overpay for a house in a hot market, not anticipating that a pre-approved mortgage may not be issued if the house is appraised at a lower value.
3) They underestimate their one-time closing costs -- such as land transfer taxes, PST on high-ratio insurance premiums, adjustments for property taxes and condo fees, utility hookups and moving costs. This CMHC brochure will help you keep track of them all.
4) They underestimate the cost of living in their own home. Mortgage payments, property taxes and condo fees are the obvious ones. But then there is also heating, hydro, water, cable, internet and home insurance.
5) They sign up for a five-year fixed-rate mortgage with a major bank. This means they may be setting themselves up for very large prepayment penalties if they have to break the mortgage before the term is up. This can wreak havoc on your finances. It's vital to understand your lender's mortgage prepayment penalty before you sign up.
In this episode, I ask Ross Taylor about a number of issues he's written about at his site:
-- How to find money for your mortgage renewal when interest rates have soared. Should you consider cashing in your savings, such as RRSP or RESP assets? Should you think about selling your property in order to downsize to something smaller you can buy or to find a lower-priced property you can rent?
Here's an article by Rob Carrick of the Globe and Mail on a Vancouver couple who engineered a sale of their four-bedroom home. Then, with the proceeds from the sale and a cash top-up, they bought a new three-bedroom townhouse in which they could live mortgage-free.
-- What are alternative mortgage lenders?
-- What are high-ratio mortgages?
-- What are common myths about co-signing for a mortgage?
-- Should you convert your variable-rate loan to a fixed-rate loan when you can't afford the higher payments? Here is the article Ross wrote about this dilemma.
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Ellen Roseman speaks with Keith Richards, Founder and Portfolio Manager for ValueTrend Wealth Management. They discuss the difference between Technical Analysis and Fundamental Analysis and how they fit into a portfolio. They also discuss concepts like support and resistance.
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Ellen Roseman speaks to Fred Vettese, author of "Retirement Income For Life; Getting More Without Saving More", 3rd Edition. They talk about Old Age Security, the Canada Pension Plan, attitudes around retirement and the fear of outlasting your nest egg.
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Ellen Roseman speaks to John De Goey, Investment Advisor and author of his new book "Bullshift" about optimism bias that investors and advisors have and whether or not it introduces risk to our portfolios.
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Ellen Roseman speaks to Janine Rogan, CPA and author of The Pink Tax about how women have systematically been held back financially. They talk about financial feminism, the gender pay gap as well as policies that assist women to reach financial equity like paid maternity leave and affordable child care among others.
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Ellen Roseman speaks with Clay Jarvis of Nerdwallet.ca. They discuss the mortgages, becoming a landlord, what to expect when becoming a landlord as well the gratification that one can receive from becoming a real estate investor among a host of other topics.
This Episode is brought to you buy BMOETFs.com.
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Ellen Roseman speaks with Kyle Prevost, co-author of the book More Money For Beer and Textbooks and self-proclaimed personal finance nerd, about his new retirement planning course for Canadians entitled "4 Steps to a Worry-Free Canadian Retirement." They discuss topics such as the incentive structure for advisors, the 70% rule of pre-retirement income in retirement, fee-only advice and a variety of personal finance topics including his four steps for a worry free retirement. They also discuss life living in Qatar.
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Foodflation!! We are all facing it! In this episode, Ellen Roseman talks to a Canadian Researcher in food distribution and policy and otherwise known as The Food Professor, Sylvain Charlebois. They discuss food inflation, tipflation and even shrinkflation and how to fight them. They also talk about Canada's Food Price Report and Skip The Dishes Inflation Cookbook.
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Ellen Roseman speaks with Julie Petrera, Senior Strategist for client needs at Edward Jones. They talk about the changing face of retirement in Canada including how the attitudes of Canadians towards retirement are changing. They discuss un-retirement and the "new retirement". They also talk the different programs that individuals use to fund their retirements like the RRSP, RRIFs, TFSA, and the CPP.
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Ellen Roseman speaks with Sol Amos, entrepreneur and founder of advisorsavvy.com. They discuss the 5 types of financial advisors/planners as well as questions to ask when selecting a financial advisor/planner.
This podcast episode is sponsored by BMO ETFs.
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Ellen roseman speaks to Barbara Stewart, Chartered Financial Analyst and Research, about post-pandemic non-retirement as well as her Rich Thinking Research on women and money and how women are re-inventing themselves as relating to employment, post-pandemic. She also discusses her five post pandemic financial planning retirement tips.
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Ellen Roseman speaks with Tim Hewson from LegalWills.ca about why everyone needs a will and the problems that are created when there isn't one upon death! They also talk about reasons that people give why they haven't yet gotten one and tips and tricks when you do decide to get a will.
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Ellen Roseman speaks with Hamish Khamiza, President and CEO of SparxTrading, an online media company which publishes digital investment content for DIY investors. They chat about online investing, online brokerages, dividend re-investing and upcoming trends.
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Ellen Roseman chats with Shaun Maslyk, CFP and host of the podcast "The Most Hated F-Word" about our money-stories and how they affect our relationship with money. He mentions Dr. Brad Klontz and the four money-scripts or subconscious beliefs that we develop as young children about money.
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Ellen Roseman speaks with award-winning personal finance writer, real estate expert, and best-selling Amazon
author of House Poor No More: 9 Steps that Grow the Value of Your Home and Net Worth, Romana King about
home ownership and how to see your home as a strategic investment in your life and how to make sure that you are
doing the right things to increase the value of your home and net worth. -
Ellen Roseman speaks to financial educator Kelley Keehn about her new book "Rich Girl, Broke Girl". They discuss past mistakes, women and wealth and the issues that surround women and money.
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In this episode, Ellen Roseman speaks with Larry Bates, author of the book Beat The Bank: The Canadian Guide to Simply Successful Investing. They talk about banks, advisors, low-cost investing, fees and retirement.
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Ellen Roseman speaks with Erica Alini, author of the personal finance book for millennials "Money Like You Mean It." They talk about what personal finance means to millennials and the challenges that they and Gen Z face.
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In this episode, Ellen Roseman talks to Andrew Hallam about his new book 'Balance". They discuss FOMO or fear of missing out, opportunity costs and mindfullness and how these all relate to life satisfaction.
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