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I had a mortgage broker try to get me into a variable rate mortgage I truly couldn't afford just before the rate hikes. "The Bank of Canada won't raise rates,
by jszymborski 2y ago
I had a mortgage broker try to get me into a variable rate mortgage I truly couldn't afford just before the rate hikes.
"The Bank of Canada won't raise rates, they can't, it'll tank the market."
I knew even then that was unhinged financial advice. This was a man who had a radio show about finances in Montreal.
He also tried to saddle me with a real estate broker who only showed properties to me that she was selling (and outside my price range/location).
If I followed his advice, I'd have had to sell the house the same year I bought it.
The story ends happily, I bought a great place that was affordable and a mortgage that I've never struggled to pay.
Keep a wide birth of Terry Kilakos if you are in Montreal folks.
- gaws 2y ago> This was a man who had a radio show about finances in Montreal. That should've been a red flag.
- SkyPuncher 2y agoEvery person in the real estate industry has given me literally the worst advice. We had to threaten to fire our last agent because he was continually working against our best interests. Not just professional opinion type or stuff, but recommendations exactly the opposite what we said we wanted to do. The whole field seems to be filled with people who only survive on hope.
- jszymborski 2y agoWe eventually landed a phenomenal real estate agent, who had a great story. She was originally a school teacher, but after getting conned into buying a home with serious defects by a real estate agent who ended up suing her (!), she ended up becoming one to prevent others from falling into the same faith. She consistently maintained realistic expectations and over delivered, ultimately negotiating a way lower price than asking, and never pushing us in any direction. Most real estate agents are snakes, but ours was golden.