Morris Briglio - Mortgage Advice

10/29/2022

Rising interest rate are causing more clients calling to ask what should we do? My answer is always “don’t panic” I’ve seen this over 4 decades of being in this Industry. If you are in a variable rate mortgage (good majority) you have most likely prime minus .50 - 1.00%. You are at the lowest point of the interest rate spectrum. You were qualified using the “benchmark” rate anticipating the likelihood interest rates increased.
This latest increase has been based on an “artificial inflation” caused by the conflict in Eastern Europe and disruption of the world supply chain. Once this conflict is ended so will the increases to interest rates. The Bank of Canada “has our back” and downward pressure to restore interest levels will persist. Just my 2cents!

08/14/2022

So the big question these days is “should I lock-in to a fixed rate or stay variable rate? Without question 90% of the time I say variable rate but before you do answer me this question, “how much is a red car?” In other words, I need more current details like, Sedan, SUV, Sports car etc. On your circumstances, Still working? Retired? More debt? Etc. Once we discuss these details then we can determine the right choice.

05/13/2022

Hello FB Friends & Clients
Thought I’d post some thoughts on the current Monetary Policy of the Bank of Canada. This policy is controlled by the BofC with a)change of interest rates b)change Bank reserves. So, to curb inflation the Bank of Canada has chosen to raise the overnight rate. This causes prime rate to rise to now 3.20%.
So what about fixed rates? Well these rates are also expected to rise and they have.
So here’s my thoughts…my research shows during certain military conflicts historically both interest rates and inflation rise. This is what is occurring now with the current Eastern European conflict. So here’s my recommendations: If you currently have a variable rate mortgage discounted .50 - 1.00% plus, ride out till maturity.
If your mortgage is about to renew I would try to negotiate the best discount off prime rate.
In both these cases it all depends on your personal risk tolerance. We can discuss the pros & cons.
At the end of the “conflict” the BofC using Monetary Policy again, in my opinion will reduce interest rates again.
Just my thoughts.

05/06/2022

Lately I’ve been posting on Social Media Tweeter www.twitter.com/mortgageadv
Great Stuff!

The latest Tweets from Morris Briglio (). President and Senior Mortgage Consultant of The Mortgage Advantage Financial Services Ltd. Passionate about my job!. West Vancouver, BC Canada

03/13/2022

It’s been a long time since my last post so I thought I would spend some time this morning and update y’all!
It occurred to me the other day that I’ve been in this mortgage business since 1977 (45 yrs.) Wow! And since that time I’ve funded over $1 billion in volume and helped numerous clients achieve their financial dreams. I now have the pleasure of assisting my original clients, their children, and their grandchildren with their financial needs.
Years ago when my eldest son was 8 yrs old he and his friend where in the backseat of our vehicle coming back from their soccer game. A cell telephone call came in and I answered. (Back then we could drive and hold a cell phone). The rule was if Dad was on a call then the kids had to be quiet until the call was over.
Once I ended the call I overheard my son’s friend ask my son “what does your Dad do for a living?” My son promptly replied “I don’t know he answers the phone call “Morris Briglio and he makes money!” Too date I have never forgotten this.
If you or anyone you know need my assistance please call me 604-657-2825(Buck)

05/02/2018

via ripl.com

03/08/2018

The last 2 days I spent time at the CMBA Mortgage Conference to spend time with many colleagues, many Lender partners and friends. Being in the industry that I love for over 40 years it is great delight that we have many talented ambitious young Mortgage Professional that will carry “the torch” for many years to come. The list of these “young professionals” is endless but from what was presented by the women and men that currently exist in this industry our future is extremely bright. Congratulations to CMBA for a conference that confirms that our industry is and will be in great hands! Very proud!

10/19/2017

Recently I attended 2 industry events and was honoured to be asked to participate as a "panel member" along with 2 other colleagues with tremendous experience. The topic was "Alternative Lending in Canada".
On Oct. 17th the Federal Government announced yet another rule change to the qualification of mortgages. Starting January 1, 2018 all residential mortgages, regardless if high-ratio (less than 20% down payment) or conventional (more than 20% down) must now qualify on the greater of the Bank of Canada "benchmark rate" (today 4.94%) or 200 basis points (2%) added to the contract rate.
An example for this would an individual applying for a mortgage with an interest rate of 3.49% would need to qualify at 5.49% (200 basis points over the contract rate).
The income to be used would be the T-1 General line 150 which is the taxable income for that calendar year.
It is my opinion that the Canadian Banks will be declining a number of mortgages in 2018 and beyond. This will be primarily due to debt service ratios being too high. Consumers will not have the availability of financing new purchases, renovations, or refinancing to consolidate debt through conventional Bank interest rates.
Now will be a good time to seek out a mortgage broker who will assist you the Alternative sources of capital.
The Canadian Mortgage Market has always has "Alternative Lenders" who unlike the Banks have a higher risk tolerance to conventional Lenders. Their interest rates are slightly higher than the Banks and they offer the consumer viable choices to their financing needs.
If you or someone you know would like to discuss this further please contact me directly.
Stay tuned for any updates to this matter as they happen.

11/30/2016

I recently attended the Mortgage Professional Canada National Conference this past weekend in Vancouver. I found it to be worthwhile and educational with a whole lot of enthusiasm by all participants. As a broker for the past 24 years I have attended numerous National Conferences in the past but this one certainly ranks very high. From the organizers to the facilitators, from the mediators to the breakout room speakers, I can honestly say that the Canadian Mortgage Industry today is in good hands for the future with the quality people we have in this industry. Well done!

10/16/2016

OK guys, time for me to "chime in" on this.

10/16/2016

OK Canada you have had just over one week to digest what our Government has fed you with the new "stress test" to qualify for a mortgage. This of course was to help to stop the increasing home prices in Vancouver, Toronto and Montreal. Guess what? These misguided politicians have hit the wrong target. Instead of curtailing the house values they have put a "bullseye" on the first time buyers.
You have to ask yourself, why have these politicians not consulted professionals in this field?
Now, that these "new rules" take effect October 17th, it has now become harder for our young Canadians to have the pleasure of home ownership. Before this took effect, a couple with 10% down making $100,000 per year would qualify for a $700,000 mortgage. As of October 17th, they would qualify for $550,000. Our politicians need to be educated on an industry that contributes to Canada's GDP in 7 of 10 provinces. Are you kidding me?
I find it ironic that this announcement came out one week after a Swiss Bank (UBS) published an article where it named 10 of the world's cities where the "bubble" will burst. The number one was Vancouver. Are you kidding me again?
I have been born and raised in Vancouver and have been associated in the mortgage industry since 1977. I can't count how many times "the bubble is going to burst " for almost 40 years. Vancouver is an international city recognized the world over in a country where there is political stability, low interest rates, a dollar currently trading 25% below the US Dollar. It's no wonder that prices of real estate here is rising.
One week after this was published we all received the news that the rules will change.
You have ask yourself "what does some Swiss economist know anything about one of the most scenic and most liveable cities in the world?"
Our organizations and networks are working hard to push-back on these rules so that all Canadians have the same set of rules that make sense.
I will communicate further information once more is announced.