This is not my typical mortgage article but was important for me to write so I hope you like it!
As a self-employed entrepreneur and solo mortgage broker, it can get lonely and difficult in this business and having only been doing this for 3.5 years, I have had my days when I wanted to quit! I am sure I am not alone.
Last year was the best year I ever had and I was riding that wave until the new mortgage rules arrived in November of 2016. Where we as brokers were restricted by the new rules the government had initiated, I was hearing time and time again how the banks were not playing by the same rules.
As I primarily work with real estate investors, the new rules impacted any investor, who was purchasing a SF residential property. So, while I was busting my butt to qualify these same investors, I had worked so tirelessly for in the past to earn their business, I could not give them the rates and terms they had come to expect! The banks on the other hand were qualifying the very same clients up to 9 properties, giving them the lowest rates possible and taking very little paperwork – how could I compete?
The Government stole my mojo! I lost my drive and most importantly lost sight of the bigger picture! I could not write my blog, could not focus and could not get over the feeling that what I was doing was not worth it!
I lost sight of the reasons I get up every day and do this job – reasons such as:
- I get to help my clients whether they be local investors, non-resident investors or US investors to get the financing they need both in residential and commercial purchases;
- I get to educate my clients on why we as brokers,’ are not just the mouth piece for the lending industry but as an educated group of professionals we have our clients hopes and dreams at heart – we work tirelessly to meet your objectives (not all of us true, but most of us do);
- I get to be home for my daughter after she comes home from school, take a day to do personal things, take care of my aging parents, etc – with a job I would not be able to do those things.
- I get to call the shots as to how I spend my time each and every day and I don’t have to drive to a J.O.B. – “Just Over Broke” or “Just Obey Boss” – been there done that and hated it!
- I get to learn about new lenders, new ways to finance my clients’ properties, I make new connections inside and outside of the industry and get to collaborate with other entrepreneurs;
- Most importantly through learning, reading, educating myself I get to share this important information with you my readers and cannot be more grateful for having a voice in this amazing industry.
So the Government can keep shelling it out (in my opinion just a tactic Kathleen Wynne is using to get re-elected and nothing to do with slowing down the market but that’s for another post), can keep changing things that will make CMHC and the Big 6 banks richer but I will still be here as will countless other mortgage professionals, educating our clients, assisting our clients and working with those that see our worth as more than competing with the banks!
Thanks for reading. The Government Stole My Mojo….But I Got It Back!