E005 Jill Melanson Mortgages Intro
Let’s Be Well Together Podcast - Episode 5
Date: March 1, 2022
Participants: John Webster, Sammy Damaren, Cameron Earnshaw and Sheila Webster
Guest: Jill Melanson
Start times and Summaries of Segments:
[0:00:19] What’s On Your Mind: Sammy talks about an evolving relationship with money and finances.
[0:09:01] Expanding Minds Interview: [Economic Wellness] Jill Melanson talks about the 5 C’s of mortgage applications. It’s an intro to help people see what lenders consider when people apply for a mortgage.
[0:23:22] Adventures of the Starving Artist: Cameron tells a story from a song writing retreat at a cottage.
[0:28:21] Move Your Body: Enjoying the feeling – Sammy and John how they enjoy physical activities on different levels – working out sometimes and enjoying the moment at others.
[0:32:53] Running Popup: John sees different podcast episodes as brush strokes that are slowly putting together a painting. We’re inviting listeners to ride along on the journey, and to join in the conversation.
[0:35:00] Flipside of the Coin: Sheila and John saw a presentation by spiritualist Mahatria Ra at a Rotary convention in 2016. He said that good people should strive to get money, because they will put it to good use.
Mahatria Ra’s 2016 “Be A Gift to the World” Presentation at Rotary International Convention in Seoul, Korea: https://www.youtube.com/watch?v=PbSBMIVQegI&ab_channel=MahatriaRa
Quotes and Take-Aways:
Jill - The 5 C’s of credit. This is what the lenders are looking for when you apply for a mortgage, and what you need to have in place: capacity, capital, collateral, credit and character.
Capacity is the most important factor. It’s your ability to repay the mortgage. Your total monthly obligations (debt repayment, mortgage payments, property taxes, condo fees if applicable, heat, etc.) should not exceed a certain percentage of your total gross income.
Capital is your down payment; the amount you’re willing to invest.
Collateral is the property you’re buying. The lender will assess and approve the property, usually by an appraisal.
Credit: lenders look at your credit history, going back 6 years.
Character is all about you. It’s your reputation and reliability.
Jill – A first tip for a good credit history is to make sure you at least make your minimum payment on a credit card or line of credit. Another big one would be don’t max out credit cards and lines of credit. If you’re able to keep the balance under 80% of credit limit it has a good impact on your credit score.
Mahatria Ra pledge from his “Be A Gift to the World” presentation from 2016 Rotary International Convention in Seoul, Korea: “Day by day in every way, I will be a gift to the world by becoming most and more healthy, wealthy, loving, blissful and spiritual”.
Bulletin Board Quote brought to you by Cameron: The good, the bad, the ugly and the laughs.
Guest Information: Jill Melanson is a licensed Mortgage Agent who works with Invis, a large and respected Canadian mortgage brokerage. Jill guides her clients through the mortgage process and helps them make informed choices, including after a mortgage closes, providing tips and strategies to build long-term wealth. Jill spent most of her career with TD Canada Trust as a Financial Advisor. She also worked at RBC as a Financial Advisor in a more remote role. She completed her Canadian Securities Course among other investment courses throughout her tenure in banking. Jill has been married for 10 years and has two beautiful kids. Her contact information:
Jill Melanson - Mortgage Agent with Invis (Kitchener, Ontario office)
Website: https://jillmelanson.ca/
email: jillmelanson@invis.ca
Tel: (519) 502-5259
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Thanks for joining us,
(-(-_(-_-)_-)-) Your wellness check-in team
John, Sammy, Cameron, Sheila and Julie