Thursday, June 21, 2012

Why I Don’t Get Racial Profiling (Stories from the Trenches)



One day over my morning coffee I read an article in a National Newspaper about the struggles of immigrants and why someone would walk into a tourist mall and unload bullets from a hand gun.  It brought to light the “racial profiling” and how being a different colour automatically makes you a suspect.  I guess it happens but I found the article shocking.

Here’s the deal from an average Canadian (me).  In my work as a mortgage broker I see, and in my mind profile, a very different immigrant.  While all the events were taking place and the up roar was going on I was working with a young family who had emigrated here from Kenya.  They had worked hard in average paying jobs, saved money, built credit and were buying their first home.  They drive a nice car, have three young children going to school and live a very normal life.  And such is the case with anyone I meet that moves here from somewhere else.  Yup that pretty much sums up my profile.  I see immigrants as brave, because I can’t imagine moving somewhere totally foreign, they are hard working and accomplished.  They have what it takes to succeed.  

So when I read articles like the one in the paper I’m shocked.  I am not disputing so called facts and figures but I am wondering why we don’t get to hear the success stories as well.  Or maybe they are just too “average”.    In my world the average are the normal and the only profiling I would consider is of a criminal who walks into a crowded area with a hand gun to extract revenge no matter what colour. 

Now here’s an idea for a future article.  Why not try to explain why all the high profile psychopaths in the Kingston jail are white males.   Really, that would be just as stupid. 

Sunday, June 3, 2012

The low-down on mortgage insurance



There's been a lot of talk about Canada Mortgage and Housing Corporation (CMHC) and its mortgage insurance portfolio lately. With that kind of news peg, we thought it was time to clarify some myths and questions about this time of mortgage insurance:



- CMHC isn't the only provider of mortgage insurance in Canada. There are also two private companies - Genworth and Canada Mortgage Guaranty - that offer the same product.

- The type of insurance that these companies offer is technically called "mortgage default insurance"? and actually protects the lender - not the homeowner - if the homeowner fails to pay their mortgage. They then pass that cost of that insurance onto the homeowner. The homeowner has the option of either paying in one lump sum or over the life of the mortgage.

- Lenders typically acquire mortgage default insurance when a homeowner has a down payment that is less than 20% of the value of the home, although they might also get it for other reasons - like if your credit rating isn't quite where they would like it.

- The premium is calculated as a percentage of your mortgage loan and the rate is based on the size of your down payment.

- The lender typically chooses the mortgage default insurance provider, but you can definitely put a word in for the provider that you prefer. For more information on mortgage default insurance - or anything else mortgage-related - feel free to give me a call!