When he’s not on the clock, you can find Lorne travelling, playing the guitar, or exploring his favourite GTA neighbourhood, Port Credit in Mississauga.
Lorne has been a Referral Partner with Ourboro for quite some time now. We caught up with him to learn a little more about his approach to the job, what he thinks of the current housing market, and if he has any advice for prospective buyers.
Can you tell us about your journey to becoming an Ourboro Referral Partner?
Honestly, I stumbled upon Ourboro and spent about three months analyzing the Ourboro down payment assistance program. Since then, I’ve used this unique program over the last three years to help multiple families get into homes.
What’s the biggest challenge you see facing buyers today?
The biggest challenge that I see buyers facing is that they’re always chasing the market. Housing prices continue to climb because of high demand and low supply. There’s been an adjustment in the marketplace over the last couple of years but we’re still seeing a sustained increase in values. That increase makes it difficult for buyers to get into the market, especially if they don’t have enough of a down payment.
What trends are you seeing for first-time homebuyers? Are there any common pitfalls you see play out?
I would say, if you are a first-time homebuyer you should reach out to your mortgage broker to start working on a strategy today, even if your target to purchase is years away. There have been many times when people are ready to buy a house, and if they had properly prepared a good time before, they would have been able to purchase much sooner.
What are your thoughts on the newly announced incentives for first-time homebuyers?
Any first-time homebuyer incentive could potentially be helpful. I do like the fact that they’ve increased the amount of RRSP allowance to $60,000 for a down payment. I think a 30-year amortization period for all properties for first-time home buyers is a good idea. Hopefully, they’ll implement something like this soon.
What’s the most common misconception people have about mortgages?
One of the most common misconceptions is a focus on interest rates. A lower interest rate does not necessarily mean you’ll pay less interest over the term of the mortgage. There are different products out there that can have a significant impact on the interest that’s paid over time. One thing to remember is we don’t live in the price, we don’t live in the interest rate, we live in the payment. Understanding how to budget and what you’re comfortable payment amount is, is critical. You want to avoid being house-poor by extending yourself beyond your limits.
If you only had three words to describe your approach with clients, what would they be?
Helping homeowners succeed.
Is there a piece of advice you often find yourself giving to your clients?
Find a relationship with a good mortgage broker that will not only help you navigate getting into a home, but also help you manage your mortgage and find ways to help you leverage real estate in the future.
This interview may have been edited for both length and clarity. The views and opinions expressed in this article are those of the interviewee and do not necessarily reflect the views or positions of Ourboro.
