Episode 104 Transcript – Bank’s year end

Good evening or depending on the time of the day you listen to this, morning or afternoon! My name is Jessi Johnson. You are with Jessi Johnson live today. Quick blurp I wanted to talk about, banks and interest rates. Banks financial year end is October 31st not December 31st. What that means is in the first two quarters, the banks can be very aggressive. Even in the third quarter sometimes they can be very aggressive with interest rates. They can provide interest rates that are close to what broker’s can get and once in a blue moon if you have half a million dollars with that bank they can even beat our rate. My only real point of the day today is banks are coming into the fourth quarter and what that means is their ability to be competitive is no longer available. This is now where it comes into their profit section. They need to basically make as much profit as they can in their last quarter to continue to be stable in the market. Just my major point, you’ve seen some pretty strong aggression, at least I certainly have, with commercials and very low interest rates. Banks are being very, very aggressive and competitive and you’re not going to be seeing that for much longer. Interesting point, makes my job a little bit easier when there is less cut throat from these banks. You can reach me at www.firsthomeinfo.ca or www.jessijohnson.ca. Remember to own your life!