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+1 905 366 3831

Breaking News: The Bank of Canada has just announced a second consecutive interest rate cut! This significant decision reflects ongoing efforts to stimulate economic growth and support financial stability in a challenging economic environment. Lower interest rates aim to make borrowing more affordable, encouraging investment and spending across various sectors.
Stay informed and engaged as we navigate these changes together.
Understanding the implications of these rate cuts can help businesses and individuals make informed financial decisions.
Mark your calendars! The next Bank of Canada announcement is in September…stay tuned!!

Practical Tips: How to Avoid These 4 Estate Planning Missteps

Practical Tips: How to Avoid These 4 Estate Planning Missteps | AMCO Financial First, let’s start by uncovering the most common mistake in estate planning… Surprisingly, this frequently made mistake might already be on your doorstep. A staggering number of people haven’t yet started an estate plan. It’s a critical oversight that can have far-reaching implications, but ...

Your Role & Responsibilities as an Agent in a Power of Attorney (POA)

Your Role & Responsibilities as an Agent in a Power of Attorney (POA) | AMCO Financial A power of attorney (POA) can grant you certain authority and specific responsibilities. While the extent and limitations of POAs can vary based on many factors, stepping into the role of power of attorney can be unlike anything else. That’s because it puts you in the driver’s seat to make key d...

Mortgage Delinquency Exceeds $1 Billion in Canada Says Equifax: Will It Get Worse? YES It Will

But that is not an unmanageable number today & not even if it grows but it is one Hell of a certain sign the Canadian economy is getting worse every week

Let’s break it down

Firstly Big Bank 90 Day Default Rates have only grown to 18 - 19 bps & that is a very LOW number compared to the historical average (34 - 36 bps) & US Banks consider 36 bps of Default pretty damn low

What the $ 1B arrears number does mean is we have frigging huge mortgages

In a country with Insanely Crazy House Prices the mortgages are big, the mortgages from 2020 - 2022 are particularly big

Therefore when some of them start to slide you get to $1B pretty quickly

Perhaps just as concerning is the massive surge in Credit Card and LOC balances

Some Homeowners are likely running up personal debt to handle Mortgage payments & eventually that system hits a wall

Therefore Mortgage Defaults grow & if Unemployment escalates in Canada it becomes more problematic

If Unemployment passes 8% (6.2% Today) things escalate

Real fireworks can happen once the 8% Unemployment number is broken

The Big Banks are well insulated: B20 rule changes in 2016 have forced Big Banks to lend to super select borrowers the last few years

Who is vulnerable?

Alternative Lenders? Yes but they’re built for it

Private Mortgage Lenders? Yeah, that group is very much exposed

But they’re NOT public so of any of those entities fail not much impact on the whole country

What are the other effects?

We are watching one happen right now: the huge growth in Condo Listings

And slow sales

Investors with multiple rentals do NOT want to go into mortgage default

So they offer their Condos for sale to raise cash to handle the mortgage payments on other properties

Expect that trend to grow rapidly

Call AMCO Financial TODAY for more information and insight into this ever-changing market! We are here to help!
1.905.366.3831 or [email protected]

A little relief for some…💰

A little relief for some💰

Longevity in Retirement & What You Should Know

Longevity in Retirement & What You Should Know | AMCO Financial How many years will your retirement last? What are the chances you’ll live past 90? Most of us answer those questions wrong because we don’t have strong longevity literacy.1 That means that about 81% of us1 aren’t working with a viable understanding of our own life expectancy. Let’s explore ...

Mastering Stormy Waters: Smart Strategies for Healthcare Costs in Retirement

Mastering Stormy Waters: Smart Strategies for Healthcare Costs in Retirement | AMCO Financial With healthcare costs often resembling an unpredictable market, and long-term care expenses looming, the post-work years require careful financial planning. This blog post advocates for partnering with a financial professional to navigate these challenges, offering tailored guidance on Medicare, lon...

Top 4 Social Media Money Scams & How to Spot Them

Top 4 Social Media Money Scams & How to Spot Them | AMCO Financial Believe it or not social media scams have been picking more pockets than any other scam today––including phone call and text fraud.1 There have been more than $2.7 billion in losses to social media scams between January 2021 and June 2023.2 And whether or not you’ve seen these cons in action, ...

5 Signs You’re Headed for a “Cushy” Retirement

5 Signs You’re Headed for a “Cushy” Retirement | AMCO Financial How much do you need to retire wealthy? Believe it or not, there’s no set number for anyone. Lifestyle and the quality of your retirement plan are certainly two big factors. But when considering the economy and inflation, a definitive picture of our financial future can feel somewhat elusive. So, ...

Feds boost home buyers plan withdrawal limit to $60,000 | Investment Executive Expanded HBP, combined with FHSA, could help first-time buyers build down payment faster

The Bank of Canada held its target for the overnight rate at 5% and prime rate at 7.2%.

Reach out to find out what this could mean for you and your mortgage.

The Bank of Canada’s scheduled rate announcement dates for the remainder of this year are:

Wednesday, June 5
Wednesday, July 24
Wednesday, September 4
Wednesday, October 23
Wednesday, December 11

4 Financial Mistakes to Avoid this Spring

4 Financial Mistakes to Avoid this Spring | AMCO Financial Spring isn’t just about budding plants, changing the clocks, or paying your tax bill. It can be the perfect time to refresh financial tasks and dust off your long-term goals. As we begin a new season of financial “spring cleaning,” here are 4 (commonly made) mistakes you can prevent this year.

I still can’t believe that most people don’t know about Critical Illness Insurance (CI).

It’s been around in North America for almost 30 years but had its start in South Africa in 1983.

It’s an amazing product that pays $2 million if you get sick and returns ALL of your premiums just for staying healthy.

If you don’t have a claim and die of any other cause, all your premiums are returned to your family too.

More than 2 dozen conditions are covered, cancer, stroke, heart attack, bypass surgery and many more.

Everyone needs to consider having CI as part of their protection portfolio.

Now, a new product is available from Best Doctors Insurance to get immediate medical treatments anywhere in the world with $5 million available to pay all of your treatment costs and travel expenses.

It’s something you need to know about it.

Please be in touch for help with any of your Life Insurance needs.

P.S. The best plan is to stay healthy to 120!

doctors

For more information: 905 366 3831
We are here to assist

With the continued rise of inflation, interest rates and the overall cost of living, the uncertainty can be unnerving for many individuals. But don’t fret! We have created a whole blog post with some tips and suggestions to help you manage your financial stress and help you to power through these latest economic changes
If you’re looking for a financial check up, you can email us at [email protected] or
+1 905.366.3831

Retirement nearing? Do these 5 things first.

Retirement nearing? Do these 5 things first. | AMCO Financial What’s your ideal retirement? Traveling? Practicing your favorite hobbies? Caring for loved ones? Whatever you envision, creating a plan of action can feel exhausting. There are, however, a few simple, yet commonly overlooked steps you can take today to help you feel more comfortable throughout yo...

Getting pre-approved isn’t just a formality; it’s your golden ticket in the home-buying process. Working with a DLC Mortgage Expert to get pre-approved will allow you to know exactly how much you can afford streamline your search, and save you time and heartache. Don’t just dream about your perfect home—make sure you’re ready to move when you find it!

📞 905 366 3831
Download my free app:
My Mortgage Toolbox
www.domenicamodeo.com

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Are your clients aged 55+ looking to ease financial stress? Our reverse mortgages offer a perfect solution!
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[email protected]
☎️+1 905 366 3831

For more information 905 366 3831 or download our app: www.domenicamodeo.com for up to date rates

realtors

Are you a first-time homebuyer? Check out these 3 steps to take when looking to purchase your home!

Have you ever given a referral, and never received a “thank you” in return? As you grow your practice and your Centres of Influence in Estate Planning, it is always good to have systems in place.

One way is to add saying “thank you” a part of your new client onboarding checklist.

After bringing on a new client, the next step is to send a note of thanks to whoever sent the client your way. At the least - an email. Occasionally a handwritten note or gift.

As silly as it seems, the best way to remember to say thank you, is to put it on a checklist.

How do you remember to say thank you for client referrals?


What are some ways to say thank you for client referrals?

How to Overcome 3 Unconscious Biases That Can Keep Your Financial Goals Out of Reach

How to Overcome 3 Unconscious Biases That Can Keep Your Financial Goals Out of Reach | AMCO Financial In a perfect world, every money decision we make would be totally rational. We’d consider all of the facts. Then, we’d balance them with the risks to make the most logical choice available.1 That sounds simple. Yet it doesn’t happen as much as it should in the real world.1, 2 That’s because ...

Mortgage Renewal Benefits - Dominion Lending Centres Is your mortgage coming up for renewal? Do you know about all the incredible options renewing your mortgage can afford you? If not, we have all the details here on how to make your mortgage renewal work for you as we start to think about 2024. Get a Better Rate Are you aware that when […]

Bad Money Habits: How They Vary by Generation & How to Break Them for Good

Bad Money Habits: How They Vary by Generation & How to Break Them for Good | AMCO Financial What was the last money mistake you made? If you’re like most folks, you’ve made at least one upsetting money mistake in the past year — and you’d like to do better. In fact, most folks admit their finances have not gotten better over the past year. And at least half of them say the real pro...

Remember to thank those who have helped you, inspired you, and helped you to build relationships, both personally and in the business world. Taking the time to stop and think about those to whom we owe a debt of gratitude is also good for us.
Recalling past events not only helps us know ourselves better, but it can also help us to connect with others. Finding common ground in similar past experiences can instantly create a bond. It is through the sharing of joyous or challenging anecdotes that people begin to trust one another.
There are three types of people you should never forget in your life. The people who helped you in difficult times, the people who left you in difficult times, and the people who put you through difficult times.

Essentially, when your intentions are pure, you let go of judgment and worry. This openness will attract new opportunities. Others in the world will feel more connected to you because they sense that your intentions are good.
In addition, pure intentions promote a sense of emotional safety, which allows both parties to feel comfortable being vulnerable and expressing their feelings without fear of judgment or rejection. Over time, this can lead to deeper levels of intimacy and connection.
How to Set Intentions
1.     State your intentions. When you decide what you want, vocalise it or write it down. ...
2.     Be clear. ...
3.     Make sure your intentions are positive. ...
4.     Keep your intentions simple. ...
5.     Shift any limiting beliefs. 
Why are intentions powerful?
A powerful tool in committing to, and achieving, our goals involves setting intentions. Intentions are in the present moment and provide us with a road map of all the steps along the way. When you set an intention it provides accountability and supports us in being able to take control of our personal choices and life.
 

Your Brain on Fear & Greed: Why It’s Hard to Stop the Fear-Greed Cycle (& How to Break It)

Your Brain on Fear & Greed: Why It’s Hard to Stop the Fear-Greed Cycle (& How to Break It) | AMCO Financial What happens when you start to feel afraid or greedy? Do you feel like taking your time and waiting to make your next move?

Mortgage Lending

Mortgage Lending | AMCO Financial As mortgage professionals we can help make the mortgage process easier for you...contact us today! Download our app and start the process Check out my free mortgage app. It includes everything you need to estimate your home ownership costs. You can also reach me at +1.905.366.3831 or domenic.a@domin...