Tips, Advice, and Explanations from a Vancouver Mortgage Broker  

Posts Tagged ‘open mortgage’

What Makes a Broker Different Than The Bank – Vancouver Mortgage Broker

Thursday, March 22nd, 2012

Transcript of Video Blog:

Hi everyone. Rowan Smith from the Mortgage Centre. I want to talk today about what differentiates me, a broker, from just walking into your bank. If the only thing in the world you care about is rate then perhaps the bank is the best place for you to go. They may not have the best rate for you, though. I’m just saying that if that’s the only concern you can shop with them first.

However, there’s often many other things that we need to look at. We need to look at prepayment privileges. We need to look at can you get out of the mortgage if you need to? We need to look at how does that stack up against the competition in other financial institutions. We need to know if you’re going to live there for the next few years or if you need a line of credit as part of your package.

We need to know the sources of your income to know if you fit under specific programs that will get you additional discounts. We need to know a lot more information than just what is the best rate. There’s many questions that you can ask us as brokers and what is your very best rate while it is one of those questions it’s often not the most important.

I’m going to give you a case in point. Today I had a client come to me who had been chomping on a couple of different mortgage brokers and was getting pulled in a lot of different directions. When I looked at the situation I realized that many of the options that they were being offered didn’t even apply to them based on how they reported their income. I clarified the situation for them, had the deals packaged and arranged within a couple of hours, sent off to my lenders, and already received a response in the same day.

Now, I can’t promise a same day response every time. There’s just a number of factors that prevent that depending on individual deals. It is possible in a very clean situation. What I can do and the value I provide is not just a great rate, although I’m always going to try to get you the best rate, it’s also advice on the other elements of the mortgage and on your lifestyle. We, as mortgage brokers, are specialists on the debt side of the equation.

We’re looking out for your best interest in a fiduciary duty to try to get you the best terms, rate, and product to satisfy your needs. We’re not product salesmen. We don’t just sell the best rate like a canned product that we take off the shelf and hand to everybody. If everybody qualified for the best rate all the time they wouldn’t need us. There’s a lot of us out there for a reason and that’s because we can help provide an immense amount of value in selecting a good lender or getting a deal done in a timely fashion or under specific guidelines or times of day that your bankers can’t match.

If you or someone you know would like additional advice and would like an independent third party, which is what we are, to look at the situation please have them see me. It’s Rowan Smith from the Mortgage Centre.

Can I Roll My Other Debts Into My Mortgage?

Friday, February 18th, 2011

Transcript of Video Blog:

Hi everybody, it’s Rowan Smith with the Mortgage Centre. We’re going to do something a bit little different here this week. It’s where I’m going to answer one of the most common questions I receive, which is “Can I roll my other expenses into my mortgage?” So let’s look at exactly how that would go down. Read the rest of this entry »

A “Variable” Mortgage is NOT and “Open” Mortgage – There is a difference

Friday, February 18th, 2011

Transcript of Video Blog:

Hi, everybody. I want to address a very common myth, and that’s that people think their variable rate mortgage, because it is open to fluctuations, is in fact an open mortgage. That’s not the case. There’s a lot of confusion as to what is an open mortgage versus a variable mortgage versus a closed mortgage or a fixed mortgage. Read the rest of this entry »

Open Mortgage versus Closed Mortgage – What is Each?

Tuesday, June 9th, 2009

I have been taking a pile of calls from existing clients wanting an “open mortgage,” but when I ask them what about an open mortgage seems so attractive, they often aren’t entirely clear what it is they are asking for. The purpose of this post will be to clarify what an open mortgage versus a closed mortgage is, and to explain why most mortgages are NOT open.


An open mortgage is one that can be paid off (or paid down) at any point in time, with no penalty. That’s it.


A closed mortgage is one that, in exchange for a deeper discount, or fixed rate regardless of the economic conditions, requires a penalty to be paid off (or substantially down).


This is a little more complicated, but I’m going to refer to something called the “Contractor’s Triangle” to make my long winded point.

In the world of renovations, home upgrades, and contracting, there are three elements to any transaction. You are only allowed to get any TWO of the three. They are:

1. Fast
2. Cheap
3. Good

You can get fast and cheap, but it likely won’t be very good. You can get good and fast, but it likely won’t be very cheap. You can get cheap and good, but don’t count on it getting done very fast. Anyone that knows anything about home construction can relate to this simple metaphor.

In the mortgage world, the perfect mortgage (enjoyed by our cousins to the South in the US) is a FIXED rate mortgage that is OPEN. In Canada, this product does exist, but the rate isn’t great. Usually it is 7%+ wherease 4% (ish) is available at ths time for a fixed closed mortgage. Unless you plan on selling the property in very short order for a profit, the fixed variable makes no sense.

The only open product that is available in Canada is a “Variable Open” and right now, the best rate is Prime + 0.80% with prime rate being 2.25% presently. This is a net rate of 3.05% on a 5 year variable open. So why doesn’t everyone that takes a variable take a variable open instead of a variable closed?

The answer is a combination of: “it’s not as good a deal as the closed,” and “it’s harder to qualify for.” Some banks make qualification for an open mortgage more difficult as they really don’t want them on the books. Also, you can get a better deal on a variable closed (Prime + 0.40% versus Prime + 0.80%). Not surprisingly, if you do the math, you’ll save roughly the same amount over 5 years by taking a 5 year variable closed as you would if you bailed out of the variable open 1 year into the term.

So, you can’t have you cake and eat it too… There is no fixed open product that you can enjoy the best of both worlds with rate security and no penalty. Anyone that tells you they got one from their bank is either wrong, lying, or part of a VERY limited group of people that had such offers extended to them in the past. In this current market environment, they don’t exist.

Watch Out For “No Frills” or “Value” or “Basic” Mortgages with Great Rates but NO Flexibility

Saturday, April 25th, 2009

Well, it’s happening again… In a bid to get more mortgages, some lenders are now offering super low rates on their 5 year mortgage, but are eliminating the pre-payment flexibility and payment options in a quest to entice people to get their mortgages.

For example, one lender is currently offering 3.59% on a 5 year mortgage. With everyone else at 3.69% or 3.79% it sounds like a great deal. As people, we like to have clear things that we base decisions on, and numbers represent something that we can all “hang our hat on” and understand. So, to the average person 3.59% sounds better than 3.69%, right?

Not necessarily.

Oftentimes, lenders have a number of restrictions with these mortgages that they dub as “No Frills” or “Value” or some other such moniker that, on the surface, to the average consumer, sounds great. There are “no free lunches” in banking and finance, and the banks aren’t stupid. They may offer a better rate, but they always get you in the end.

When we dig a bit deeper into these rate offerings we often (but not always) find one or more of the following restrictions:

1. ONLY Monthly payments are allowed. Bi-weekly payments may not be allowed and/or

2. NO pre-payments or lump sum payments are allowed AT ALL, or

3. NO pre-payments or lump sums are allowed unless there is a penalty, or

4. NO increases in payments are allowed

5. Mortgage may be fully closed to refinancing with anyone except the currently lender thus limiting refinancing options and choices of rates in the market.

6. Larger than normal penalties (possibly up to 6 months interest – or more – depending on the specific offer)

Most people look at the low rate and think to themselves, “well, I plan on living there for 5 years and then I can pay it off and have no penalty at that time.” In a perfect world where things like unexpected new spouses, new children, job transfers, and upgrades to larger homes don’t occur, this is fine. But, as they say, “Shit Happens,” and oftentimes the flexibility you don’t think you need becomes the flexibility that you gave up and pay heavily for down the road.

Let me explain an all-too-common situation. An applicant comes to me and I sell them on a NON No-Frills mortgage. This means they may get 3.69% instead of 3.59%. However, when I talk about pre-payment they block me out and really just focus on the stick price (the rate) to the exclusion of all else. Let’s further assume they are a young couple that is 27 years of age buying a one bedroom apartment. They insist on the 3.59% rate as it “saves them money.” How much money?

Well, assuming their 1 bedroom is $300,000 and they put 5% down, the savings for 3.69% and 3.59% is $16.92 per month. “That will buy me lunch once a month!” they are often heard to quip. If this is a 5 year term, they will save $1,015.20 over a 5 year period of time. Sounds good?

Well, they happen to be in the age that is most likely to need to buy a larger home (possibly having a child or pet or just wanting to upgrade). So, two years down the road, their mortgage is down in the $285,000 range and they see a place that is a STEAL and want to upgrade into it. They need to borrow $100,000 more, however, as this unit is more expensive. So they call the bank and find out that their penalty is 6 months interest instead of the standard three months. Had they taken a normal mortgage their penalty would be $2620 (approximately). However, as they opted for the low rate mortgage with “No Frills” that happened to have larger than normal penalties, they now face a penalty of $5,240 and this choice cost them $2,620 in exchange for a FIVE YEAR savings of only $1,015.20!!! Clearly, they would have benefit ted from a little more flexibility.

Some people will say, “buy MY bank doesn’t charge a higher penalty.”

Ok, this may be the case. However, most banks (at least any that I will sell a mortgage for) allow 20% of the “Original Mortgage Amount” to be paid out PENALTY FREE throughout the year. So, if their mortgage was originally $300K (for example) they can pay up to $60 penalty free. So here is the penalty the person with the ultra-low rate took will face:

Three months interest on the outstanding $285,00 balance

The penalty someone with a normal mortgage will face is as follows:
$0 penalty on the 20% they are allowed to pre-pay ($60,000)
$2,004 three months of interest on the remaining $225,000

The savings to paying out the NORMAL mortgage versus the No Frills mortgage is $616.

“But I saved $1,015.20″ someone exclaims.

No you didn’t. You only got that savings if you carried the mortgage to the full 5 year term. If we are 2 years in (of 5) you’ve only saved 2/5 of $1,015.20 or in other words $406.08 so again, the person with the normal mortgage wins.


If there is one thing I want you to take away from this post it is this:


There are a lot of ways that banks get their profit, and a lot of it happens behind the scenes on the “back end” of a mortgage during payout.  I’ve provided a couple of basic examples of where the No Frills mortgages are harmful, and in my time as a broker, I’m yet to see a person for which they are well suited. I’ve never sold one yet. That isn’t to say that I won’t but that I will make damn sure it is the right product, for the right clients, and that they understand that there is more to this sophisticated and complex transaction than the sticker price (the rate).

Until next time, watch out for these products! If you see a rate you want me to dig into the terms for, let me know, and I’m happy to oblige.

What is an Open Mortgage? – What is a Closed Mortgage?

Friday, October 17th, 2008

This is a very common question, and one that I have addressed before, but have taken three calls from all around North America this week.

Usually the question runs like this: “I would like a fixed mortgage, but I want it to be open. What is your best rate?”

This is a confusion of two common terms. Let me first address the different types of mortgages. For simplicity sake, there are four common types of mortgages, that all combine with one another. They are:

1. Fixed Mortgage
2. Variable Mortgage
3. Open Mortgage
4. Closed Mortgage

Let’s address each in turn. NOTE: these terms are being described as they relate to the CANADIAN mortgage market, not the US:


A fixed mortgage is one where the rate is fixed for the entire term of the mortgage. For example, if you have a 35 year amortization (pay it off over 35 years) but a 5 year term, that means that you will have a fixed rate for 5 years, with a fixed payment for 5 years, and a fixed rate for 5 years. The mortgage rate and payment are FIXED for the term. Terms vary from 1 to 10 years (a couple lenders do longer) and the average term people choose is 5 years (which is also the length of time over which the banks compete most aggressively).


A variable mortgage is one where the rate varies with some other rate. The most common rate that the mortgage moves with is the “Prime Rate.” Traditionally, the Band of Canada (BOC) sets their prime rate, and the banks then follow and set theirs at the same rate. The prime rate is the rate that preferred borrowers with clean credit and good income can receive. There is no law that says that the banks must follow what the BOC does, and in the current market in Sept / Oct 2008 the banks have chosen on a couple of occasions to NOT follow the BOC right away or to follow them precisely. A variable rate mortgage usually results in a payment that also varies with prime rate (often making budgeting difficult), and a rate that varies according to the market. While most variable rate mortgages are convertible into a fixed rate at any point in time, the rate you can convert at is “usually” quite high relative to what you would get on the open market.


An Open Mortgage is a mortgage that has no pre-payment penalty. With most mortgages in Canada, if you pay out the mortgage before the end of the term, you will pay an interest penalty (usually equal to 3 months interest payments but there are alternative penalty calculation methods). Open mortgages do not face the interest pre-payment penalties that other mortgages face.


With a Closed Mortgage, you WILL face an interest penalty to pay it out prior to the end of the term. For example, if you have a 5 year term, and you pay off the mortgage in 2 years (whether it is due to a sale of the home, lump sum of cash, or any other manner) you will face an interest penalty usually equal to 3 months of interest. There are other methods of determining pre-payment penalties, but the 3 month interest is the most common unless rates have fallen dramatically during the term of the mortgage.

So why would anyone take a closed mortgage? Answer: Because they (typically) have far, far better rates when you commit to a set term. Also, that is the industry standard in Canada.

So, based on the info above, you can combine the terms (no more than 2 per combination) to get a feel for what is available in the Canadian market place.

You could have:

Fixed Closed Mortgage
Fixed Open Mortgage
Variable Closed Mortgage
Variable Open Mortgage

You may wonder, “Why doesn’t EVERYONE get a fixed OPEN mortgage?” As that seems like the best combination of security (fixed rate) and no penalty (open). The answer is: the rates are far higher. If the banks are going to go through all the effort and time to do a mortgage for you, and commit the money, they want to know they are going to get that stream of income for the length of the term. When you purchase a term deposit fromt he same bank for, say, 2 years, you expect to get 2 years interest, not get 1 year and have the bank cancel after 12 months because they can pay less to someone else! What’s fair is fair. If you commit to a term, expect a penalty.

Often people say to me, “yes, but what rates are available for each product?” I’ll show you my best rates currently for each product below:

5.35% – Fixed Closed Mortgage (based on a 5 year term)
8.10% – Fixed Open Mortgage
5.25% – Variable Closed Mortgage (Based on Prime rate plus 1%)
5.25% – Variable Open Mortgage (Based on Prime rate plus 1%)

Clearly, taking a Fixed Open Mortgage is the best in terms of flexibility, but the rate is far higher and thus payments of a huge obstacle. Also, the difference between a fixed and variable rate is not much. In fact, you can get a 0.10% lower rate by taking a variable rate! This might sound like a good deal, but how much is your peace of mind worth? If rates shoot up by 1% due to an economic crisis, your payment will jump substantially (by 1%) and this will result in a much much higher payment.

How much higher?

Assuming a $300,000 mortgage, the savings of taking a variable rate mortgage (0.10% savings) will result in a savings of $22.14 per month. Assuming rates stay steady for ALL FIVE YEARS you will save $1,328.40 by taking a variable rate mortgage. Not bad, right?

Wrong. If you assume that prime rate moves up by 1% due to a shocking economic crisis (much like we are facing now) your payment would jump from $22.14 lower to $203.85 HIGHER simply due to factors beyond your control. This, by the way, assuming it happens 2 years into the mortgage, will result in 3 years of higher payments equaling $7,338,60 more. So you would be out by THOUSANDS of dollars just for trying to save $22.14 a month.

My advice: In this market, take a fixed rate. Enjoy the fixed payments, and sleep easy at night knowing your payment will be the same this month as it will next month for the entire term.

With respect to Open vs. Closed mortgages, unless you are buying with the intent of flipping it off (and NOT buying another property) ignore this. Take a fixed closed mortgage, and you’ll be glad you did.

If you are considering buying an investment property which you may quickly sell, THEN, and only then, do I recommend an open term.

The Myth of Buy and Flip in The Current Vancouver Market

Thursday, June 12th, 2008

I get a lot of calls from potential “investors” who tell me they want to buy properties, fix them up, and flip them for a tidy profit. In principle, this is a good idea. The reality is that you have really got to be on top of your costs, know the closing and selling costs, and move quickly to preserve a profit. In many instances, in this current Spring market, it is very difficult to pull off for even highly qualified do-it-yourselfers or contractors.

A lot of people have asked me about buying a 2 bedroom in Kitsilano, fixing it up, and flipping it. As a 2 bedroom in that area (which is highly desirable and selling quickly) is worth around $475,000 – $525,000 depending on many factors such as location, view, size, etc… There are two bedroom places well up to a million dollars, but for the most part, they can be gotten for $500,000 so I will use that number as an example.

Further, I will assume that you are able to put a bit of money into it and sell it for $50,000 more at $550,000.


The costs you need to content with when purchasing a place are the following:

1. Legal Costs
2. Appraisal Costs
3. Property Transfer Tax
4. Adjustments


These are the costs to purchase the property and register your purchase and mortgage with Land Titles. Generally, this can be done for around $850 – $1,200 depending on which lawyer you use, what level of service you demand, etc. However, that is a fair price, and for the sake of argument, we will take $1,000 as the legal costs.


When getting a mortgage (and I presume you will have a mortgage on that property, right?) you will need to get an appraisal done as part of the financing. If you use me, I will take care of it, but you an expect a bill of $250 approximately to get it done. This is the process of a neutral, licensed third party walking through the subject property and taking photos to confirm (for the bank and for yourself) that the price you are paying is fair market value. It also sets the lender at ease that the property is not a former (or God forbid CURRENT) grow op.


Even if you are a first time home buyer, you will still have to pay the property transfer tax (PTT) which is, in it’s most basic form, a tax for the pleasure of owning property in British Columbia. There is no way around this tax, and it is HUGE, so it is very important to build it into your plans.

The tax is calculated as follows and is based on purchase price. It is 1% of the first $200,000 of purchase price, and 2% of the balance. So for a $500,000 property, it would be:

1% of $200,000 = $2,000
2% of $300,000 = $6,000

FOR A TOTAL OF $8,000 of tax and this cannot be “just added to your mortgage” unless you are putting a significant amount of cash down (i.e. over 20%).

So far, just to purchase the property, and before you sink a single dollar into repairs and renovations, you are out:

$1,000 Legals
$250 Appraisal
$8,000 Property Transfer Tax
$9,250 TOTAL to acquire the property


When selling a place, the costs you will need to take into account are:

1. Legal Costs
2. Realtor Costs
3. Mortgage Penalties (if applicable)


Usually a sale is about $500 for all inclusive. It can be as low as $150, but that is in rare situations so we will use $500 as that is standard in the business. This is the costs for the lawyer to clear title and remove you and your mortgage (if applicable) from the property.


The standard realtor commission (based on sale price) in Vancouver is 7% of the first $100,000 and 2.5% of the balance. So, if we assume you sold the place for a tidy $50,000 profit and got $550,000 for it after renovations, your realtor fees would be:

$7,000 7% of the first $100,000
$11,250 2.5% of the remaining $450,000

Now, you could MAYBE get this cheaper through another real estate firm that advertises a flat rate – we all know who I am talking about – but YOU GET WHAT YOU PAY FOR. If you are paying your realtor next to nothing, then how are they going to market, advertise, print, and do all the good things to get you top dollar for your property? My opinion is that they cannot unless they charge you a decent commission. Also, this market is not like it was two years ago where it seemed like a monkey could put a sign on the street and get a sale. Marketing is back in Vancouver, and those that can market a property well will sell it faster and for a better price.


These are not always applicable, and if you were dealing with me, I would ensure that you are in a fully open mortgage and that you have no penalty to pay off your mortgage. I am going to assume you DID get the mortgage through me, and ignore this cost item, although it could be as high as $10,000 depending on who did the mortgage and with what institution and product. Please talk to me about the mortgage before inking it with someone else.

So far we have the following costs to sell:

$500 Legal Fees
$18,250 Realtor Commissions
$18,750 TOTAL COSTS to Sell the Property


So after we analyze all costs we have the following:

$9,250 Costs to Buy the Property
$18,250 Costs to Sell the Property
$27,250 Cost to Flip the Property

So, without spending a DIME on renovations, and without taking into account a SINGLE mortgage payment, you would have to make spend $27,250 on the flip. If we assume you put $20,000 of renovations into a place (a very very low amount in ultra-expensive Vancouver even if you are doing the work yourself), you still only make $2,750 in profit. This is all WITHOUT TAKING INTO ACCOUNT MORTGAGE COSTS.

If you think you have a property that can net you a much larger profit, then by all means it is a good investment. However, too many people walk into a buy and flip scenario without understanding the true costs to buy and sell the property in BC and they end up taking a bath and losing money in the process.

If you are considering buying and flipping, a lot of money can be made, but you need to sit down and speak with me ahead of time to develop a business plan to see if it is feasible given the property, what you canp purchase it for, and what you ultimately hope to make. I can make sure that the closing and selling costs are very clear up front, and then all you have to worry about is your renovation / mortgage costs. For this reason, you will want to sell it and do the work as fast as you can to avoid mortgage interest piling up AND IT WILL! For example, if we assume you had put 20% down on the purchase to avoid CMHC fees, and had a mortgage for $400,000 (80%), and if we further assume it is interest-only. You would still face a monthly cost of $1,568 of just interest for every month that it took you to renovate and sell it. If you assume it takes 4 months, that is a further $6,272 that has to come out of your pocket during that time frame.

Having a game plan in place ahead of time is a good idea. Let me show you the true costs of your venture and you can decide from there if the profit potential is good enough to warrant the investment of your time and money.

Open Mortgages vs Closed Mortgages

Wednesday, April 30th, 2008

People often call me up and when asking for rates seem to ignore all that I am saying and ask, “Is that open or closed?” to which I want to respond, “Why do you care?” Clients often are unable to explain to me what the difference is, why they need it, and what the word “open” even means. They have been listening to some Money program on AM radio, or reading some article in mainstream media, and have been programmed to ask for this element from their banker or broker as part of the negotiation.

An “open” mortgage is one that can be paid out at any time with no penalty of any kind. On the surface it sounds like everyone would want an open mortgage. However, there are some limitations to them, and there are some reasons why they are not a perfect fit for everyone. That said, there are some very compelling reasons to request an open mortgage.

First, let’s look at the reason that an open mortgage is not for everyone. Most open mortgages are a variable rate. Your payment will fluctuate (at most lenders) with prime rate. Currently, at the writing of this article, prime rate is at 4.75%. Compare that to a fixed or “closed” mortgage rate of 5.35% currently available. In this case, an open mortgage represents the best of both worlds: lower overall rate, and no penalty to pay it out. This relationship is not always true. However, as the rate is not guaranteed (remember, it varies with prime rate) the bank will qualify you different. You will need to have more taxable income to qualify for an open mortgage as the bank has to factor in the very real possibility that prime rate will RISE, and thus your payment will rise. Can you afford a rising payment if rates should rise? Will you be paying enough attention to mortgage rates in the market to know when to fix it into a “closed” mortgage? These are questions that only you can answer.

Second, “open” mortgages RARELY get the same discount below prime as a “closed” mortgage. At the time of the writing of this article, most open variable mortgages are at PRIME RATE (currently 4.75%) whereas most closed variable mortgages are available at prime – 0.60 (4.15%).

However, there are some very good reasons to get an open mortgage. First, flexibility is a major advantage. If you decide to move and sell your property (or if you buy and flip properties for a living) then you will surely want an “open” mortgage as you will be paying it out and penalties can be several thousand dollars. However, if you intend to live in your property for a few years, or at least intend to continue owning property (as you can likely port your closed mortgage from one property to another if you decide to move), then why take the higher rate open mortgage when you can get a lower rate closed product? If you intend to continue owning your home (even if you move from one to the other) why take the higher rate of an open mortgage?

To put this into a concrete example, on a $300,000 mortgage the difference between an open mortgage at prime rate and a closed mortgage at prime – 0.60% over 5 years is approx. $5,990 in savings. On the same mortgage, should you be forced to sell and pay out the mortgage, in full, without getting another one on another property, the penalty will likely be lower.

Bottom line: unless you are planning on selling the property and paying out the mortgage in full (and not getting a mortgage on another property immediately afterwards) then an open mortgage is not worth the fight to get nor the hassle to get approved for.

Situations where an OPEN mortgage is suitable:

1. An investment property that you likely will sell in a short period of time

2. An investment property that you intend to buy, fix, and “flip” for a profit

3. A situation where you only need to borrow the bulk of the funds for a short period of time (for example, until your other property sells and you can pay out the mortgage)

4. A situation where you may move to a new property in the next few years, but may not continuously own a property (thus you cannot “port” or transfer your existing mortgage to the new property – penalty free)

Situations where a closed mortgage is suitable:

1. Where you want to save money by getting a deeper discount from prime rate

2. Where you intend to live in your home for several years

3. Where you do NOT intend to buy and flip

4. When it is for your primary residence (you can always “port” or transfer your mortgage to your next property if you upgrade – talk to your broker about how this is done)

5. If you are buying an investment property for a long term hold and profit (you’ll save money by getting a deeper discount on the rate which will amount to thousands over the term of the mortgage)

If you have any questions about this, or if you want to see if an open or closed mortgage is appropriate for you, contact Rowan Smith at 604-657-6775 for a personal analysis of your situation.