Good morning Abbotsford, Mission and Chilliwack professionals and mortgage consumers – appreciate you taking the time to read my Mortgage Blog, now let’s get this show on the road! 🙂
The first day, on my first real job working for the banks when I was about 20 years old I learned a valuable lesson; never take someone’s first offer. At that time I was too young to keep my “Close The Deal!-O-Meter” any where close to “Savvy Negotiator”, I tended to get too excited back then. (Now I’m a full time negotiator getting my clients low mortgage rates and great mortgage terms on their contracts saving them thousands of dollars every day! Go figure.)
Anyways, I was so excited to accept my new role as a loans officer with the bank that when the panel interview concluded and they offered me the job with what I thought was a good starting salary I simply said “Yes!”. This came as a surprise to the panel because most people in my position applying for a job negotiate their wage, not me! 🙂
In fact, the salary they offered me was so low, it was lower than the pay grade outlined for the position I applied for. They had to now inform me I accepted a wage below the current pay guidelines and they would have to now bump up my salary to meet said guidelines – laughter ensued when I asked “So you’re telling me I’m getting a pay raise too?” ….and right there and then my career began. When I started, I was taught how to lend mortgage’s properly, under very strict under writing techniques developed over 100 years ago.
These very principles developed years ago were then forgotten starting in 2002 when banks everywhere found new ways to eliminate all personal risk by selling their mortgages off to other companies and groups. Now only burdened with managing other peoples mortgage’s the banks went wild. Well that lasted 6 or so years and drove everyone into one of the worst economic crisis ever. Lesson Learned!!!!
Now banks are changing rules and changing their approach (especially since they can no longer sell off their mortgages) but guess what – they simply are reverting back to what they had done for last 100 years. It seems newspapers are considering this some sort of “mortgage rules change” or “rules being tightened” but in fact its just back to the status quo –
Max amortization 25 years, just like it was for our parents and grandparents…..
Here is an article out lining all the new mortgage changes or as I stated above, all the “same old same old” rules.
Dave Browne & Jordi Browne By Referral Mortgage Consultants* “Click, Call, Chat – Award Winning Brokers” C 604 897 2741 O 888 236 8863 F 604 859 5226 www.AbbotsfordsMortgageBroker.com