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Mortgage Refinancing and The Band-Aid Effect

Mike De Sousa

I remember when I was kid and I got my first hand-me-down, banana-seat, biker-style handle-bar bike from my cousin.  It was a forest green frame and had old white-walled tires. My cousin was a girl.  The bike originally had tassels hanging from those biker-style bars and the banana-seat was speckled green with pinstripes!  It was definitely a “girly” bike!

Being a boy, I took the bike, cleaned up what left over tassels were left on the handle-bars and replaced the white-walled tires with think, dirt bike style tires that could make skid marks!

I also embraced the technique of riding on my rear wheel while propelling my front wheel into the air, known as a “pop-of-wheely”.  I got really good at the pop-of-wheely, so good that I was able to stay riding in that position for a good 50 meters.

Stay with me.There’s a point.

It was on one of those 50 meter dashes that I over-extended my front wheel and landed backward, using my elbow to take the fall.  At first I didn’t feel any pain, but as soon as I saw the blood dripping from my elbow, the pain started!  I screamed all the way back to my mother who took me inside to dress the wound.

She taught me that it was important to clean the wound, so she poured rubbing alcohol on the wound...OUCH! I screamed in agony, so much so that the fall and scrape felt like tickle compared to the stinging affect of the alcohol.  My mother also stressed that we would have to change the band-aid over the next few days to treat the wound and ensure no infection started.  In fact, I’ll never forget the description of bacteria breeding under my skin!

Had we not tended to the wound and cleaned it throughly each day, I could have developed a much bigger problem than just the initial scrape!

You see, refinancing your mortgage is much like that band-aid my mother used to tend my wound.  The band-aid didn’t heal the wound; rather, it was the process by which we cleaned out and dressed the wound that healed it.  Your mortgage is just a band-aid that should be used as part of a greator purpose: to eliminate debt!

I once heard a statistic that the average consumer refinances their mortgage to pay out debt every 3 years.  I know this statistic to be generally true because at The Ornato Group, it is rare that we ever have to perform a mortgage renewal switch--most customers never stay in their mortgage contract for more than 3 years!

The reason a customer has to refinance their debt is because the customer has been trained by a banking system that the “band-aid” (a.k.a. the mortgage product) will solve their problems.
Very little thought is ever put into how one spends their money.  How much is coming in?  How much is going out?  Do I have a budget for discretionary expenses?  How do I stick to a spending plan?  What is the most efficient way to bank?  How should I manage my debts?

We have debt because we have spent more than we could afford.  Let’s face it, debt is the easiest way to pay for a home or a new car, but once we get the debt, how do we become free of that debt?

It seems that being debt-free has more to do with cash-flow (income and expenses) than it does with a mortgage product, yet we are constantly told that refinancing our mortgage will increase our cash-flow.

In the short term, a mortgage refinance can increase your cash-flow, but in the long run, you will most likely accumulate more debt, refinance that debt and then repeat the process of perpetual borrowing.  Debt is a cycle that needs to be broken.

How do we break this cycle of perpetual borrowing?

We are in debt for three major reasons:

The Monetary System
Brain Chemistry
The Banking Trap™

Once you understand why we tend to over-spend and under-save, you can begin addressing the wound, cleaning it out (with stinging) and then applying the right band-aid so that the wound can heal.  It takes time, it will sting and it involves patience to see the bigger picture.

The Smart Debt Plan™ is a product that helps you clean the perpetual borrowing wound.  It will help you understand how the monetary system works, how your brain functions within a consumer-driven economy, and change the way you bank so that you control your money and pay your debt off faster!

Let’s dress the wound together!

Thanks for reading!

Mike De Sousa and Mindy Small

Your London, Ontario Mortgage Brokers at Dominion Lending Centres Forest City Funding FSCO# 10671