Unbreakably clumsy.....with some mortgage tips.

Luck, Resilience, and Mortgage Tips: A Brother’s Journey in Calgary

The other week, while sitting in the emergency room at Calgary's Foothills Medical Centre, I was introduced to a nurse as "the not-so-clumsy brother." That phrase brought to mind an old saying: "If it weren't for bad luck, I'd have no luck at all." But why did that come to mind? Let me take you back to a time when life seemed simpler, yet no less perilous.

It was a typical day at a trailer park just outside the Shilo military base. We were a bunch of kids, full of energy and not an ounce of caution, crafting bike jumps from scraps of wood. The thrill was in the risk—until it wasn’t. On one of those daring jumps, I found myself on the way to the hospital for stitches. The novelty of that first trip made it almost fun, a badge of honour for a young adventurer.

Fast forward a few years to Carp, another military base, and the scene changes to a game of horseshoes. We were outside a mess hall, aiming for ringers, when a stray horseshoe sent someone else running for stitches. Another trip to the hospital—still somewhat exciting, but the fun was starting to wear thin.

A few more years down the road, we were on a ski trip in Germany. A jump on the slopes went wrong, and another hospital visit was chalked up to the growing list. By this time, hospital visits were becoming routine, and the excitement had long since faded.

Then came a day when someone wasn’t paying attention while playing chicken with a parked car. This time, the injuries were more serious, and the fun had completely vanished. Hospitals became places of dread rather than adventure.

But the toughest battle came years later when Leukemia knocked on his door. It wasn’t invited, but it barged in anyway. Yet, in true resilient fashion, he fought back—inviting it to dinner only to kick it out once it overstayed its welcome. This battle wasn’t about bad luck; it was about resilience, strength, and refusing to give in.

Most recently, it was a new bike and a gully that proved to be formidable opponents. The crash left him with seven broken ribs, two breaks in his neck, two in his back, a broken wrist, sternum, and collarbone—not to mention a punctured lung. Lying unseen at the bottom of that gully for hours, it was clear that the fight for survival was very real, yet again.

Through all these trials, I can’t help but think of the movie Unbreakable. The contrast between one person’s unyielding luck and another’s persistent bad luck is striking, yet there’s something profoundly relatable in those stories. We all root for the underdog, the one who faces impossible odds and still finds a way to triumph. That’s the essence of storytelling—the journey that brings fulfillment, peace, and a sense of accomplishment.

As I reflect on my brother’s journey, I’m reminded of the importance of perspective. It’s not just about surviving; it’s about thriving, making the most of what life throws at us, and being prepared for the unexpected.

Now, About Your Calgary Mortgage…

You might be wondering where the mortgage hacks come in. Well, here it is: just like my brother faced his challenges head-on, you should take the same approach with your financial life—especially when it comes to your mortgage, particularly here in Calgary's competitive housing market.

If your mortgage renewal is coming up in Calgary, don’t take it for granted. Don’t procrastinate. Life is full of surprises, some good, some bad, but ignoring your mortgage isn’t a risk worth taking. I’ve seen too many Calgary homeowners pass up the opportunity to save $12,600 in interest simply because they were distracted by other pursuits, like a vacation in the Rockies or a new toy. Yes, live your life to the fullest, but don’t let that stop you from making smart financial decisions.

When your mortgage is due for renewal, take the time to shop around Calgary's competitive mortgage market. Just because it’s not broken doesn’t mean it can’t be improved. Let me help you explore better rates and products tailored to Calgary’s unique housing environment. What do you have to lose? In fact, what you stand to gain could be worth $12,600 for just an hour of your time—now that’s a return on investment that could help you tick off more items on your bucket list.

So, let’s talk. Let’s ensure your mortgage works as hard for you as you’ve worked to get where you are today in Calgary.

Call or text me at 403-807-8779

I live in Canyon Meadows, but we can meet wherever.

Richmond.s.michael@gmail.com

www.michaelrichmond.ca

Edited:  August 28th, 2024

Invest in tomorrow, invest in you.

What Katy Perry Can Teach Us About Mortgages and Life

On my way to work in Calgary this morning, I heard a quote from Katy Perry that made me stop and think. She mentioned that she prefers dating famous guys because she doesn’t have to spend hours explaining why a tough tour schedule or a bad interview is frustrating—they just get it. This got me thinking about how much time we spend trying to make others understand things that should be simple.

Now, I’m not here to give relationship advice to Katy Perry, but if it takes you hours to explain basic concepts to someone, maybe it's time to look for someone with a bit more depth. This applies to more than just relationships—let’s talk about life decisions, like managing your mortgage.

Speaking of people who don't quite get "it," I wasn’t exactly the brightest kid growing up. I made my fair share of mistakes—probably more than I could ever recount. But if sharing some of these experiences can help you avoid similar pitfalls, then it’s worth it.

Here’s my confession: I used humour as a shield against life’s stressors—bullies, death, relationships. When humour didn’t work, I’d simply ignore problems, hoping they’d go away. This was my go-to strategy, probably thanks to a mix of genetics and upbringing.

Looking back, I can see a pattern that started in the 8th grade with a girl named Candace Taylor. When I found out she was cheating on me, instead of confronting her, I just stopped talking to her. No closure, no drama—I just distanced myself until the relationship dissolved. This became my MO for dealing with uncomfortable situations. It was easier to avoid than to confront.

That changed when I started working at a bank 17 years ago. In my first year, I developed a tooth abscess. True to form, I ignored it—until the pain became unbearable, and I nearly passed out at work. A trip to the dentist ended with him saying it was one of the worst he’d ever seen. After a root canal and some serious medication, I felt a lot better.

This experience was a turning point for me. I realized that dealing with problems head-on, whether by confronting them myself or consulting an expert, was far better than hoping they’d disappear on their own. Ignoring the pain didn’t make it go away; it only made things worse. From then on, I adopted a "DO IT NOW" mentality, though I still keep humour handy, just in case.

So, why am I telling you this? What’s the connection to mortgages? Simple: I see a lot of people making the same mistake I did—ignoring important decisions until it’s too late. When it comes to mortgage renewals, too many people just sign the renewal form and send it back without shopping around or asking for a better rate. Worse, they walk into their bank, assume they’re getting a good deal, and never think to challenge it.

When I ask why, the answer is often loyalty. Many believe that staying loyal to their bank will earn them better rates and services in return. Unfortunately, that’s not always the case. Banks are businesses, and their primary goal is to make money, not necessarily to reward your loyalty.

Here’s What You Should Do Instead:

1. Figure Out Your Goals and Objectives: Understand what you want from your mortgage and how it fits into your long-term financial plan.

2. Shop Around: Don’t settle for the first offer you get. Compare rates and products from different lenders, and yes, you should definitely call me!

3. Ask for a Better Rate: Even if you decide to stay with your current lender, ask them to match or beat the best rate you find. You’d be surprised how often they’ll accommodate you.

I know I can’t help everyone, but if you follow these three simple steps, you could save thousands on your mortgage. Just don’t blindly sign that renewal slip and send it back—take control of your financial future.

This is a big part of why I became a CIBC Mortgage Advisor here in Calgary. I wanted access to the best products and rates for my clients because I know that the rates at each bank can change daily—sometimes even multiple times a day. It’s my job to ensure you get the best deal possible.

Don’t Ignore It, Don’t Rinse It Out with Salt Water, Don’t Stop Calling Her!

You’ll regret it when you realize how much you could have saved.

What? You don’t like me yelling? Okay, I’ll step off my soapbox. But before I go, let me leave you with this: The key to financial success is spending less than you earn. Whether you invest those savings in your mortgage, a GIC, or any other venture that brings returns, the important thing is to invest in your future.

Invest in Tomorrow, Invest in You.

Biting off more than you can chew. Some commonly overlooked concequences.

I just got a big raise at work, so naturally, I came home and asked my wife if she’d prefer I get a motorcycle or a quad. She has a strong dislike for quads, so her answer was quick: “Motorcycle.” The next day, I put a down payment on a brand-new Ducati. Was she impressed? Not exactly—but that’s a story for another day. When a buddy of mine heard the news, he got caught up in the excitement and put down a deposit on a Ducati too.

A week later, all the paperwork was finalized, and I put on my helmet and rode off into the sunset, living the dream. But where’s the drama, you ask? What’s the bad part of the story? Alright, you win—I’ll break a promise I once made to a friend.

That buddy of mine who impulsively bought the Ducati told me he’d been riding his whole life and that this wouldn’t be his first bike. I knew he was lying when he laid it down before he even made it out of the dealership parking lot. He locked up the front brake on some loose gravel mid-turn, and down he went. On our way to another Ducati dealership, he crashed again—this time in a speed wobble at just 30 km/h. By the time we got to the dealership, he was ordering parts to replace everything he damaged in both accidents.

And if that wasn’t bad enough, he was stopped by the police several times over the next few weeks because of his reckless riding. As it turned out, he didn’t even have a motorcycle license! The rest of his summer was spent either hiding from the police or waiting for someone with a proper license to ride with him.

You can probably see where this is going—biting off more than you can chew often leads to disaster, worry, and anxiety. Now, where can this go wrong for a mortgage holder?

Here’s how:

• Being house-poor with no money left for any fun at all.
• Facing the risk of default and foreclosure.
• Needing to downsize to make ends meet.
• Repossession of other assets if payments aren’t made.
• Sleepless nights, tears, and stress from being overextended.
• Strain on relationships, with the possibility of a spouse leaving.
• And in the most extreme cases, even death.

That’s a scary list, to say the least. I’ve experienced firsthand how the stress of debts and obligations can become so overwhelming that it feels easier to give up than to face the problem. Don’t let it get to that point—ask for help. Get some solid advice.

 

Recently, I had a couple come to me with well below-average credit. They’d just gotten a big raise and made an offer on a new home. Even before we had financing approval in place, they caved to the pressure from their realtor and their desire for a bigger, more beautiful house. They waived the financing conditions without my written consent and before I had all the necessary documents or had met the bank’s conditions. This is never a good idea and adds so much unnecessary risk.

Yes, I managed to secure their financing, but what if things hadn’t gone as planned?

• What if the appraisal had come back low?
• What if the interest rate wasn’t what they expected?
• What if there were issues with the inspection?
• What if the conditions of the deal couldn’t be met?
• What if they didn’t get what they expected from the sale of their old property?

In their case, the payments weren’t too bad on paper, but when you factored in the property taxes, which they hadn’t accounted for in their budget, affordability became a real concern. They also had to scramble for more down payment because their old house sold for less than expected.

What’s the moral of the story?
When it comes to financing, make sure you have all the costs factored in so there are no surprises. Having a solid plan in place will ensure you stay on track, and focused on paying off your mortgage as quickly as possible while keeping your finances in the black.

Need help? As an Independent Mortgage Broker and team leader, managing and mentoring 13 other brokers, I’m here to provide you with expert advice. Call or text me—I’d be happy to help you get started on the right path.

403-807-8779

By: Michael Richmond   Edit August 28th, 2024

When can a little lie to a mortgage advisor destroy a marriage?

Anytime you lie of course, and get caught and lie more to cover that lie.


Let me set up one of the recent events for you in which a lie caused more trouble that it was worth. 


A deal that appeared like any other came across my desk as a referral from one of the great Realtors in Calgary.   We went through the motions of getting the pre-approval done so shopping could begin. I had all the documents with a one exception which the client insisted was not a problem, he just could not print the proof as it was in an investment so could I condition the pre-approval to getting this last document.  To which my reply was. “That is not how I do things as I don't want to waste a Realtor's time, your time or mine for that fact.”   Not accepting this answer the pressure increased, so I finally bent and conditioned the pre-approval to further verification of this “guaranteed” down payment.  With his upper limit in hand the shopping began.  Months later a place was found that matched his approval. 

Tip of Wisdom #1

You might want to ensure you have realistic expectation of your price and market before you begin for this process to go smooth.  Don’t go looking at perfect million dollar properties with a half million dollar budget.   

OK, so where is the drama and the lie that destroyed everything you are wondering?

Let me fast track it then.  The property was found, the offer made, and the deal was approved with the standard conditions.  When the conditions were disclosed the story began to change, and change again.  This story went from personal savings, to gifted, to gift from out of country, then gifted by brothers, sisters, cousins, and parents with over 10 different transactions all starting after the pre-approval was dated.  When the documents came in most of it was just gifted in the last 30 days and moved around so much that is was tricky to follow.   Which leads me to:

Tip of Wisdom #2

When the day comes to waive the condition of financing, and you don't have a written thumbs up from your Mortgage Advisor saying all the conditions have been met:

DON'T WAIVE!    

Back out, get your deposit back and regroup.  Solve the issue and remove the risk associated with the bank and your situation, or the source documents you have to provide as part of the due diligence.  Find a new property that has lower property taxes, lower condo fees, lower costs, or wait till the gifted funds have been in the account long enough that is does not look to the bank like you are a drug lord, or laundering money.


If you are the client sitting there with your Realtor, figuring out if you should waive, walk away or get an extension then many things may cross your mind. Once invested in the lie to get the deal done, the chances of backing down become slimmer.   Not completely honest when trying to get that mortgage, could put you in a situation where you are so vested in the outcome that pride will not let your common sense win when it is telling you to walk away.  If there was honesty from the start we could have dealt with the issues, put a plan in place and not have to resort to leaving a wife and kids.

Numbers don't lie.

 I can make them dance,

 but they don’t lie.

You should consider your mortgage advisor akin to your lawyer.  Yes, we want you to win in court! Would you lie to your lawyer? Not a chance right? We work for you after all.  Our job is not only to show you in your best light but paint a picture to the courts as to why you are worthy of attention and affection. To find you the perfect mortgage from all the lenders out there, and get a great mortgage rate with privileges suited to your specific circumstance and needs.  We know what precedence has been set in this court as we work it every day in excess of full-time hours. 
 



Word to the wise: 

If you tell me you are on EI, and working under the table, I am not going to throw you under the bus, but I might just get you on that bus and drive you over the tracks where you have a better chance of owning a home.

Call me, our team can figure out a plan for you. 
403-807-8779

By: Michael Richmond