This week’s episode explored a few topics. The first being a report that millennials are looking to their parents for loans more than past generations. The next being the Cannect exit strategy: what is it, and how does it work? Take a listen to explore these topics with us.
One thing that is quite clear in this industry is that Canadians pay WAY to much for home equity loans when their banks decline them. We are at a point where pricing is determined exclusively by supply and demand instead of by the amount of home equity, the way it should be. Cannect is determined to bring the Canadian mortgage marketplace closer and closer to that point. Our commitment is to improve the financial well-being of our borrowers and we would love to do that on as large of a scale as possible.
0:00 - Intro
0:35 - Article shows millennials are relying more on loans from their parents to enter the real estate market than previous generations.
2:11 - Marcus explains how low interest rates leading to higher asset prices is a factor for this.
4:37 - Cannect can help structure a credit facility within the family.
8:14 - Justin and Marcus answer an email question about drawing equity out of one’s property to invest it.
10:58 - Cannect MIC is an option for investing this drawn equity.
13:59 - Cannect’s goal for every client is to make sure they are well informed.
15:52 - Borrowers come to Cannect to improve their financial position.
18:57 - Education, weddings, and many more large expenses are regularly paid for by parents even if it puts them in a financially vulnerable situation.
20:46 - The Cannect “exit strategy” is simply taking a borrower from one debt position and bringing them into a lower-cost one.
23:47 - A listener emails in who may be in a better debt position than she thinks.
28:23 - “The cure to anxiety is creativity”. Take action and make the call to see if you can improve your debt position.
32:42 - Canadians with ample home equity still find themselves paying way too much in interest.
34:45 - OSCAR is Cannect’s sophisticated mortgage underwriting technology.
37:31 - Like Googling your symptoms to make a self-diagnosis, finding the solution to your debt situation through Google can be difficult.
38:48 - Use Cannect as the resource to help you unlock and/or park your equity.
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