Welcome to the Friday High Five where we share five things that we caught our attention this week. They might be related to the mortgage industry or they might not. Regardless they will be interesting or inspiring. It’s our way of giving you a virtual high five to end the week.In this weeks issue:
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Stress test qualifying rate reduced for first time in 3 years
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Ketogenic diet
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3 Rules For Rentals
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3 Rules For Rental Mortgages
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Books we are reading – Profit First
Stress test qualifying rate reduced for first time in 3 years
The Bank of Canada’s mortgage qualifying rate has gone down for the first time in three years. It was reduced this week from 5.34% to 5.19%. Yet, what doest that really mean for borrowers?
Well, it means they can now qualify for up to a 1.46% bigger mortgage. That’s right, for a family with a household income of $75,000 they can now get a mortgage of $411,414.53. That’s up from $405,499.72. I’ll let you decide if that is a big deal. 🎉
Ketogenic Diet
After some encouragement from a good friend we jumped back on the Ketogenic diet band wagon – albeit with a new understanding. In the past we thought keto was all about upping our bacon and cheese intake and eliminating carbs. We now realize that what we once practiced was dirty keto. Clean keto is all bout whole foods and vegetables with some good fats and lean proteins mixed in. It seems pretty common sense. Here is a link to a great video describing a proper ketogenic meal plan. https://youtu.be/Z15Z1-Og_pg
3 Rules For Rentals
We posted an article about rules for buying rental properties. You can view it at this link. https://www.mortgage360.ca/3-simple-rules-for-revenue-properties/
3 Rules For Rental Mortgages
Also, we did a write up on rules for getting a mortgage on a rental. Check it out here. https://www.mortgage360.ca/3-rules-for-mortgages-on-rental-properties/
Profit First
Profit First by Mike Michalowicz is proving to be one of the most paradigm shifting books of my career. Here is the summary. Revenue – Expenses = Profits is the wrong way to run a business. Revenue – Profits = Expenses is the right way. By taking profits first you only spend what’s left over. That means you always make a profit and you get more creative about how you spend what’s left. Brilliant. Pick up the book here. https://amzn.to/32EsKDR
