It's not what happens

It’s not what happens

It’s not what happens in life, it how you deal with it that is all that matters. Bad suff happens to everyone every day, just pick yourself up, learn from what happened and move on. It doesn’t matter if you got your heart broken, lost your job or your football team lost. You can’t win all the time, so learn from what happened and keep going.

“Success is stumbling from failure to failure with no loss of enthusiasm”. Sir Winston Churchill

Today I am thankful for the times that I have failed and learned what didn’t work so I could try again, the perspective that no failure is permeant if we learn and keep trying and that there are three more games to watch today and surely I will be able to successfully pick a winner.

I look forward to hearing … Read more

Cookie Cutter

There is no cookie cutter or one size fits all solution when it comes to your mortgage requirements. Just like all clients are not suitable for the same mortgage product, I am equally not suitable with all clients. What works for one person may not nor will not work for another. This is why it is best listen and find out what is important to each client.

However products or services can not be recommended until all documents have been received and reviewed for each client. To quote someone a rate or product prior to reviewing any and all of their supporting documents would be unfair for the client and unwise for myself the broker.

As the saying goes, you never learn anything when everything goes smoothly the first time. It’s when it goes sideways or badly that you learn … Read more

World Cup 2022

World Cup 2022

No not the Quidditch World Cup, the World Cup of Football or soccer for those who play in the US. I have to confess that I had not really followed football until I watched “Welcome to Wrexham” recently. Now I love it. Watching Wales come back and tie and almost beat the Yanks was amazing.

Here are a few interesting World Cup Stats.

  • Average viewership for the world cup in 2018 was 191 Million, compared to only 100 Million for the Super Bowl in the US or 150 Million total viewership world wide. The finals for the last world cup brought in 517 Million viewers.
  • As for total reach approximately 3.56 Billion people watched at least 1 min of the past world cup in 2018 compared to only 3.05 Billion to the Olympics in 2020.
  • Most world cup
Read more
Playing Catch UP

Playing Catch Up

Do you ever feel like you are playing catch up from the moment that you get up in the morning till your head hits the pillow at night? If this is you you may need to put the brakes on and start planning ahead. Nobody wants to go around all day in reactive mode, you get way more done by being pro active and planning ahead.

  • Plan tomorrow before today finishes
  • Set out your workout gear the night before
  • Prep your meals for the week on Sunday
  • Prepare in advance for all your meetings
  • Live on last months income with the help of YNAB
  • Slow down and focus on the task at hand
  • When all else fails, stop and do 8 rounds of box breathing

Today I am thankful for getting caught up after sleeping in longer than I had … Read more

Not Now

Not Now?

If not now, then when? We all arrive on this rock with an expiration date, yet most of us live life as if it will never come to pass. More or less just existing rather than truly living. Knowing what we should do but never doing it. How is that living?

We all know that we should eat better but we never do it. We all know that we should exercise more but we never do it. We all know that we should save our money but we never do it. We should read more, study more, love more and try new things but we never do that.

Yet people come to a tipping point all the time and make the changes and stick with it. However it should not take surviving a heart attack to cause you to wake … Read more

Know your number

Know your number

For this post I am not talking about your SIN number or your age, phone number, work or student ID number. For this I am taking about your credit score. In order to qualify for a mortgage you must know your credit score and if it is poor how to improve it quickly.

Although you are way more than a number in so many ways, when it comes to mortgage lending there are hard stops when it comes to getting you approved based on your credit. Because the products I have available are so diverse I am not going to focus on one number for qualification but just to say that the higher the number the better the credit and the lower the risk of default for the lenders and easier to get you approved.

If you are reading this … Read more

Down Payment Assistance

Down Payment Assistance

Sometimes clients have the desire, the income, the credit but not the means to make home ownership possible. It’s for this reason that Nova Scotia created the down payment assistance program. Through this program they will lend you interest free a down payment up to 5% of the purchase price of your new property.

There are some requirements for the borrower:

  • You must be pre approved by a recognized financial institution and have a strong credit rating.
  • Have never purchased property before
  • Have a combined household income less than 145K
  • Be a citizen or permanent resident of Canada
  • Have been a resident in Nova Scotia for a minimum of 12 consecutive months
  • Are unable to come up with the down payment by any other means
  • Yet still have the capacity to come up with the closing costs

These are the … Read more

Dress for Success

Dress for success

Jeans and a t-shirt may be comfortable but don’t always convey your status as someone who is successful. It also helps to improve your mood and attitude about what you are doing. You take yourself much more seriously when you dress for success and start to walk the talk. The same applies if the success you are aiming for is of an athletic nature, I’ve not seen anyone running in jeans and sandals. Show up and dress for the part and you’re well on your way.

Today I am thankful for the opportunity to addend my first networking event since Covid started, that my dress clothes still fit even though I’ve lost a few pounds and an opportunity to change up the routine for a day.

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- … Read more

Be a Player

Be a Player

  • Be a player rather than a bystander
  • Be a creator rather than a consumer
  • Be an athlete rather than a spectator
  • Be a leader rather than a follower
  • Be kind rather than being critical
  • Be an investor rather a spender
  • Be hungry for knowledge rather than satisfied with your status quo
  • Be a lover rather than a hater
  • Be a listener rather than a talker
  • Be active in living your life rather than passively letting time go by

Today I am thankful for the ideas I get from the book’s I’ve read, the conversations that I have with clients and that our kids text us in the middle of the night instead of calling.

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can click on this link to start the process whenever you … Read more

It's all your fault

It’s all your fault

To interpret that another way, you current situation or your lot in life is 100% your responsibility. It’s not your parents, your teachers, your bosses or your spouses fault. The faster that we all come to the realization that we are responsible for our results or the lack thereof, the happier and more successful we will be.

People all the time take it in their own hands to improve their health and their finances. The internet is full of before and after success stories. However on the down side there is also many that blame their lack of results on so called external events outside their control.

Don’t blame the economy if your business is slow and you are also not doing sales calls with clients and following up with leads. There are many people excelling in this market and … Read more

Network Speed

Network speed

As I have discovered lately is that your wifi network is only has fast my 7 year old router is capable of broadcasting it. This is similar to the fact that a business rises or falls at the pace of it’s leader.

Not getting the results that you want, maybe it’s time upgrade your network. By this I mean, more calls, more meetings, more networking, read more books, listen more, more workouts, more sleep and more and bigger goals.

Life is meant to be lived and experienced to the fullest, not just existing and passing the time. Upgrade your network and take yourself to the next level.

Today I am thankful for the text from my neighbour saying that it was time to go for a run, without a pacer today I may not have finished or even started and … Read more

Adaptability

Adaptability

Life comes at you fast, make sure that you are flexible and adaptable to meet the changes head on. For example just two short days ago it was 21 c and felt like 26. Today on the other hand it feels more like -2. We don’t know what will happen in our lives from one day to the next. The best way is to be prepared.

We have been hearing economists talking the last few months about a pending recession next year. Are you prepared for the down turn to the economy with the possibility of losing your employment? Do you have several months of expenses saved up in the event that the worse does happen.

Being fit is being prepared for what ever life throws at you physically. Having a close circle of friends and family will help you … Read more

Know you care

Know you care

Mortgage brokering is a knowledge based business. It is also a fact that if you have been in the business long enough that there will be many like you who process the same level of knowledge. What will separate us at that point is demonstrating how well we care about those clients who come to us for help with their mortgage.

It’s not just in my field it will also apply to whatever product or service that you are selling. I remember when my wife and I were shopping for a new car a few years ago and we had gone to several different dealerships and looked at quite a few different models. While everyone one quoted us payments and features, there was only one sales person who cared enough to follow back up with us.

I was thinking about … Read more

A sure thing

A Sure Thing

People are always bouncing around from one thing to another trying to figure out what it will take to be successful. Looking for that one sure thing that will push them over the top. Well the thing is that it’s not the latest gadget or app or weekend course or book, it’s something that all high achievers share. It’s belief in their own abilities to get things done.

The one sure thing is to bet on yourself. Have overwhelming confidence in your own abilities to get things done and you will achieve far more than you could every imagine. Start small if you have to and think of all the things that you have overcome to get to where you are today. I bet there there are even things in the past year that you overcame to get to where … Read more

You have options

You have options

Sometimes people say that they don’t have options when presented with certain situations. However that is just an excuse for choosing the easy way out. The right path forward usually requires more work and the fact that you must push yourself outside your comfort zone. It’s so easy to blame others for your lot in life rather than taking personal responsibility and doing the work and making the changes that are necessary.

People are going to disappoint you, not every business venture or relationship will succeed, the sooner you realize this the happier you will be. You can either accept the cards you have received in life or do your best to change your situation. Either way is a choice on your behalf. The option to accept and do nothing or put in the work and make the changes.

Can’t … Read more

Language

Language

I am not talking about you being a potty mouth but the actual language and words that you use to communicate. More precisely I want to reference to what the US Fed chair Jerome Powell said at their most recent meeting this week. While Canada and the US are two distinct countries, we are pretty much joined at the hip economically.

When the US Federal Reserve met this week they increased their overnight lending rate by 75 basis points vs the 50 basis points increase from the Bank of Canada recently. The important part is what the Fed Chair said as part of his announcement, he said ” There is significant uncertainty around that level of interest rates & we still have some ways to go, and incoming data since our last meeting suggests that the ultimate level of interest … Read more

Self Discipline

Self Discipline

Nothing great was ever achieved without a great measure of self discipline.

  • Self Discipline is getting up early when everyone else sleeps in
  • Self Discipline is reading to improve yourself every night while everyone else watches tv
  • Self Discipline is going for a run even though you wanted to stay in bed
  • Self Discipline is saving your money while everyone else is putting trips and meals out on their credit cards
  • Self Discipline is calling people back as promised
  • Self Discipline is arriving early for your meetings
  • Self Discipline is being prepared instead of winging it
  • Self Discipline is what creates a life worth living

Today I am thankful for the self discipline that has allowed me to design a life worth living, a changing market which has allowed for more face to face meetings and being able to see … Read more

Numbers Game

Numbers Game

It has been said for as long as anyone worked in sales that it was a numbers game. The more people you talked to the more prospects you had then the more client and more sales. While part of that is true, that if you want to be the top realtor, mortgage broker, life insurance, automotive or insert the sale profession here, then you must have more sales than the person next in line.

However I also believe that it’s about more than that. While yes your numbers are important, they are not the most important aspect of a great sales career. To me the most important aspect is that you must have an overwhelming desire to help people and believe strongly that your product or service can do that.

With this strong “Why” it will be so much easier … Read more

Easy goals vs hard goals

Easy goals vs hard goals

I have always loved the quote from Jerzy Gregorek ” Hard choices easy life, easy choices hard life.” I was thinking of this recently while talking with my daughter who struggling to adapt to university life. Everyone wants the million dollar bank account, the nice house on the hill, a cottage, luxury car or two and fancy vacations. However not everyone is willing to put in the work to make it happen.

If it were easy then everyone would be doctor’s, lawyers, accountants, business owners and make over 100K a year. However not everyone is willing and or able to persist through the struggle and the pain to make those goals happen. The same things applies to the goal of becoming fit. When you default to the easy things to do like watching tv or eating fast food then you … Read more

A Shining Light

A Shining Light

Sometimes life is not always sunny days, rainbows and happy puppies. Sometimes it feels dark, gloomy and down right depressing. We have no idea what everyone else is going through or the battles they are fighting. However if we try, we can be the shining beacon of light in an otherwise dark and goodly world.

This does not mean that you have relentlessly positive which in some cases it downright annoying. Sometimes it is just being there to listen and show that you support them. Letting them know that they are not alone could be the difference maker in someone’s life. Be that ray of shining light and see how everything around you starts to change.

Today I am thankful for the jogger who yelled back at me when I shined the light in the otherwise dark path this morning, … Read more

Sow and Reep

Sow and Reep

Like there is a harvest in the fields from what you have sown in the spring, you also reep in life for the work that you put in a season ago. I am talking with so many people who are complaining about how slow business is for them, while others are still run off their feet with business.

You can’t expect to get fit and stay fit if you can’t get off the coach, do the workouts and eat right. You can’t be tops in sales if you haven’t made the calls and done the follow up. You can’t get the top marks if you haven’t studied and done all the assignments.

This applies to anything in life worth achieving. You get out of it what you put into it. So if you are not getting the results that you … Read more

A simple thank you

A Simple Thank You

In a close second to being loved is being appreciated. It’s an amazing feeling when someone tells you out of the blue how much what you said or did meant to them. Who needs artificial mood enhancers when you have honest and sincere appreciation.

If you have not been on the receiving end recently, you can try your hand at giving some out. It’s amazing how well you will feel. Giving a simple thank you to someone may just make their day, and who doesn’t love that.

I do a lot of calls, some people I reach and others I just have to leave a message. Someone that I had only spoken with one time but left a few messages called me yesterday and told me how much he appreciated me calling. The little things do matter and as a … Read more

Take your lumps

Take your lumps

Well the Bank of Canada gave us our lumps yesterday, another rate increase of 50bps. It’s our medicine and we have to take it so we can start to win this war against inflation. The increase wasn’t as bad as many had expected, I don’t think that it was due to any outside political pressure but the fact that the inflation rate has been dropping. It is just not shrinking as quickly as the Bank needs it to as it is still quite the distance from the 2% target.

While it is true that many people survived the lock downs with much higher cash reserves and then went out and bought new homes and new cars and went on vacations. While so many did this it created a market frenzy and drove up prices on homes, back orders for vehicles … Read more

The Fine Print

The Fine Print

The Bank of Canada will come out with their latest interest rate announcement at 10am eastern or 11am here in the Maritimes. While many of us are expecting at least a 75bps increase to the overnight lending rate, the real meat and potatoes will be in the press release from the meeting.

The devil truly is in the details, as the fourth quarter monetary policy is also announced today. The Bank will give details on whether it thinks that the current and past rate increases are doing what they were supposed to do and if more are necessary. While it is true that the overall inflationary rate is decreasing, it is just not coming down fast enough. It decreased by .1% to 6.9% this month, while the target rate is 2%. We still have a ways to go to get … Read more

Only Downside

Only downside

The only downside to being self-employed is having to work when you don’t feel 100%. The dreaded man cold has hit my house and yes I am still working. Work still needs to get done even when I don’t feel like working. Being irreplaceable is a double edge sword.

I have done conference calls from a hospital bed and closed files with a 103 degree temp, so a cold may make me feel like crud but it won’t stop me from helping my clients.

Today I am thankful for a huge supply of cold meds in my house, that the sniffles and head cold are a minor inconvenience compared to what others are going through and that my office is such a short commute.

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can … Read more

Expectations

Expectations

Does the expectation of an unpleasant event make the experience worse? Does the boxer feel it less than the guy who got sucker punched at the bar? Having emergency surgery any less painful than the one that has been planned months in advance? Getting let go from your job that you have worked at for years any less painful than suddenly quitting?

The economists have been talking the impending rate increase by the central bankers since the last big one in September. Will this make it any less painful if we expect at 75basis point increase vs it coming out of the blue! Will we feel any different about a recession if they have been talking about it for months?

Either way it will be best is we prepare for the worst case scenario. Hope for the best but prepare … Read more

Plan Ahead

Plan Ahead

Now that my annual filing is complete for my license here in NS, it’s time to shift the focus from the past and plan for a prosperous future. That’s not to say that the past year wasn’t good, it was, however like with anything in life the goal is to constantly improve.

The standards that the province put into place last year gave me a view of my business that I had not seen before. It was both startling and eye opening. It is sort of like when your doctor asks you to step on the scale during your annual check up. Part of you wants to know and part of you doesn’t.

The best way to plan for changes ahead is to get an accurate picture of exactly where you stand. You want to make more money then you … Read more

TPS Reports

TPS Reports

If you have every watched Office Space you know the scene where to boss keeps asking for the TPS reports. Well putting it off or doing it poorly never helps you in the end. This is why I will be spending my weekend doing my equivalent to the dreaded TPS reports which is filing my annual return for the local licensing body. Wish me luck.

Today I am thankful for having a great CRM that keeps track of all my important data, a strenuous but somehow relaxing 60 minute peloton workout this morning and hearing from my girls via FaceTime.

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.

p.s.s- I should tell … Read more

Self Love

Self Love

According to my Peloton instructor Ben Alldis who said this morning ” Self love is never selfish”. We can’t take care of others unless we are taking care of ourselves. Our mental health is just as important as our physical health and from my own personal experience if I am taking care of one, then I am also benefiting the other.

You see I have experienced anxiety for as long as I can remember. My mom used to say that I worry too much and my Dad would say that I was stressed while my friends would say that I was too uptight. Whatever the label it was all the same and many members of my family from my Dad to now my daughter experience it as well, and so may many of you.

Each individual treats it’s effects differently … Read more

Why

Why?

Do you ever have those day when the first thing that you ask yourself upon waking is why do I have to get up? Then why do I have to go to work? Why do I have to eat right? Why do I have to do my workout? Why do I have to pay my bills? Why do I have to make my prospecting calls? Why do I have to pay my taxes?

If you noticed the key part of all those questions is “have to”. If this is how you are approaching life then you are looking at it the wrong way. We live in a free society, we have the power to “choose” to do whatever we want to. However we must also pay the price if it does not help us or the larger society as a … Read more

To Stay or Go

To Stay or go?

Most of us are familiar with the classic song by The Clash ” Should I stay or should I go”. Well right now that applies to those of us in variable rate mortgages. There has been a lot of nervousness about staying in a variable rate and riding out the Bank of Canada rate announcements or bailing and going for a fixed rate.

There are a few things that you should look at if you are deciding to convert to a fixed rate.

  1. What is your current discount to the prime rate, and is the rate for a comparable fixed rate higher than what you are currently paying.
  2. Look at your mortgage statement and see if you are still paying interest & principal. If you’re not because of the recent rate increases it may be time to either increase your
Read more
Apathy

Apathy

Apathy, learned helplessness or give up itis, it’s all the same. It is when we have determined in our head that we can’t do it so why bother try. This in my mind is the one true pandemic in our society. Giving up on our goals and dreams without realizing that we were so close to achieving them in the first place.

Parents don’t give up on their children when trying to teach them to walk or talk, yet we give up on ourselves after just one or two failures or setbacks. There is a good chance that if you are married or in a long term committed relationship that you are not with the person with who you had your first kiss. You handled the ups and downs ( no pun intended) of relationships and kept at it till … Read more

Market Place

Market Place

Just this past week CBC Marketplace did an episode on mortgage fraud. To me it showed the lengths that some people would go to get a commission as the instances he demonstrated were initiated by the realtor in cahoots with a dishonest mortgage broker/bank mortgage specialist.

Just so everyone knows we are in a 100% commission business so we get compensated when our files close. If you are ever in a situation where someone in our industry ( realtor or mortgage) tries to show you a short cut then run in the other direction. I don’t personally need a commission bad enough that I would jeopardize my 20 year career.

I also want to offer a little clarity on fee’s. Yes there are times when it is necessary to charge a fee to successfully complete a mortgage transaction. However the … Read more

Don't Cry

Don’t Cry

Let me explain that further, don’t cry over spilt milk. More precisely don’t hold on and get upset over your past mistakes. We all make mistakes, learn from them and do your best not to repeat them and move on. This does not matter if it’s a mistake in your relationship, a mistake at work or something else. Nobody is perfect so learn from it to the best of your ability and move on.

Beating yourself up over something that you regret that you did does not help you today. Apologize if it’s possible, learn from it and move on. I was inspired to write this today as I had a service shredding some ancient documents and I made the mistake of not looking through a box more throughly and out went a bunch of personal memories from University Laval. … Read more

Market Mimic

Market Mimic

Canada and the United Stated are pretty much joined at the hip economically. Whatever happens to our neighbours can soon be mimicked in our economy. So while their overall inflationary rate decreased to 8.2 in Sept from 8.3 in August, when you take out the two largest contributors which are energy & food you get core inflation which is now at 6.3% or the highest rate since 1982.

What this means is that the central bankers are pretty much locked in to rate increases in Nov & Dec. Predictions at this point at 75 basis points for each, however sometimes we don’t know the result till it actually happens. So as I have been saying in my recent posts, it’s time to tighten your belts and reign in your excess spending so you can limit the effects of the impending … Read more

Recession Proof

Recession Proof

With all the talk about an upcoming recession in 2023, now is the best time to prepare for the effects of a shrinking economy. While there may not be much you can do to influence the overall economy, there is plenty that you can do to influence your own personal finances.

  • Make sure that you have an emergency fund of at least 90 days of your personal expenses in the event of employment interruption. The best way to do this is to be using YNAB.
  • Sorry to those who work in restaurants & hospitality, but cut back or eliminate unneeded trips and meals out.
  • Trim back or eliminate streaming services that you no longer use, sorry Netflix.
  • Workouts at home were all the rage during the lockdown and may soon be again once people cut back on time spent
Read more
Spoiled Rotten

Spoiled Rotten

We have been spoiled rotten with the rock bottom low interest rates that we have had for the past 15 or so years. I am reminded of this fact now that the five year discounted rate is 5.14%. However this sill pales in comparison to high rates of the mid 80’s at 16 or 17%.

People keep asking me when do I see rates coming back down. Well if you listen to the central bankers like Tif Macklem who is the head of the Bank of Canada, it’s going to keep going up before it comes back down. This is because our overall inflation rate is till too high. With the last monthly report from August which had us at 7%. Yes it is coming back down from it’s record high this summer, it’s just not coming back to earth … Read more

My Miracles

My Miracles

Exactly 18 years ago today my two little miracles came into this world. My girls Ella & Georgia were born today 18 years ago at 08:41 & 08:42. When they arrived 11 weeks early at 29 weeks gestation, they were 2″11 and 2″13 respectively. As they were quite pre mature the first few days and weeks were very anxious as it was going to take miracles for them to get through and make it. Fortunately they did and are now no worse for ware.

As they were born on Thanksgiving Monday in 2004, they have continued to be something I am thankful for each and everyday. If you think about it, we all have miracles in our lives. You just have to appreciate everything that you got through that allowed you to get to this very day. My Mom who … Read more

R&R

R&R

I love the slower pace and the chance to rest and relax that holiday’s bring. This weekend is a great time to get the extra yard work done before the weather turns too cold. Sleep in and not have to worry about traffic or work. Also a great time to sit back and enjoy a good book. I know what I will be doing, so enjoy yourself today.

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.

p.s.s- I should tell you that I am licensed in Nova Scotia Brokerage (2021-3000179) Broker (2021-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).

p.s.s.s You can download my new mortgage app hereRead more

Giving Thanks

Giving Thanks

As we move closer to Thanksgiving here in Canada, it’s the perfect time to reflect on all the things that you are thankful for.

  • I am thankful for my girls coming home from university
  • I am thankful for my cousin who is able to pick them up from the train stain and guide them through the in’s and out’s of the airport checkin
  • I am thankful for a neighbour who was able to help me move a heavy filing cabinet
  • I am thankful for all the great conversations I have been able to have with my referral sources lately
  • I am thankful for my health and i’ve realized that it’s important to invest in it daily
  • I am thankful for all the amazing things that my wife does to make this weekend perfect for everyone.

I look forward to hearing … Read more

Fight against Inflation

Fight against inflation

Yesterday the Bank of Canada governor gave a speech to the Halifax Chamber of Commerce. He said that even though core inflation started to come back from it’s all time highs, prices on food and other items are still at all time highs. As a result he said that we should expect further rate increases as more work needs to get done to further tame inflation.

What this means for you and me is that we will have increased borrowing costs until inflation finely comes under control. Those of us on variable interest rates will increases as will those with home equity line of credits. The main goal of all the rate increases is to get us to reduce our spending, thus lowering demand and then prices will start to come down.

The rampant need to travel post lockdown has … Read more

Enthusiasm

Enthusiasm

enthusiasmĕn-thoo͞′zē-ăz″əm

noun

  1. Great excitement for or interest in a subject or cause.

It’s really amazing what you discover when you read books printed almost a century ago. I was reminded of this while reading “How I raised myself from failure to success in selling”, by Frank Bettger. One of the first things he talks about was how adding enthusiasm to whatever he did drastically changed his life.

Truthfully it’s difficult to achieve anything great without first being enthusiastic about it. This applies to getting in shape, having better relationship, improving your finances or raising a family. Being ho hum all the time will not make you fun to be around and basically just gets you through the day.

Here are two thoughts from Steve Jobs whom I admired greatly, “The only way to do great work is to love what … Read more

Fortune favours the brave

Fortune favours the brave

I have always loved the quote from Thomas Jefferson, ” I find that the harder I work, the more luck I seem to have”. We can make our own luck by getting out there and working our tail off. As my headline states, fortune does favour the brave. Those who are brave enough to make the calls, to do the speeches, attend the meetings, go to the classes, read the books and just do the work.

Nothing bothers me more than when someone says that so and so is lucky or smart, without acknowledging how hard they worked to get to where they are. People don’t see all the calls or training that came before the big sale or the olympic medal, they only see the end result.

So instead of being jealous or envious of your friend or neighbour … Read more

Double Down

Double down

If you are not getting the results that you wanted in your sales, then double down with you efforts. The same applies in regards to your physical fitness, personal finances, relationship or education. If you are not getting the result that you wanted, don’t let a little hard work scare you off.

It’s easy to do what we have always done, but we will end up getting what we have always gotten. Growth is uncomfortable so don’t expect this to be easy but it certainly will be worth it. Failures are not permanent, they are learning experiences meant to show you want doesn’t work so you can find a way that does. Keep going, you got this.

Today I am thankful for the ability to get up and try again on a new day, all the lessons learned when things … Read more

Recovery Day

Recovery Day

All work and no play makes Jack a dull boy, or so how the saying goes. It could also be true of all training and no recovery makes Jack a broken boy. Thus the reason that I did as little as possible yesterday after biking 100k for the ride for cancer on Saturday.

We can’t work or train all out all the time and expect to forever operate at peak capacity. It’s just not logical. The rare but important off or rest days are just as important as the days that you give it your all. It’s the rest and recuperation that allows us to then return to peak capacity as quickly as possible.

Today I am thankful for 30 minutes of stretching this morning to recover from a busy weekend, getting to see the stars while walking my dog … Read more

Pales in comparison

Pales in Comparison

So today I completed my 100K ride for cancer on the rails to trails system. We ( I was with friends) from Bayers lake to almost Hubbards and back. Now while this was getting uncomfortable towards the end of the ride, it pales in comparison to what my mom, my wife’s mom, my 1st cousin went through while they were all battling cancer. While they all subsequently lost their battles with cancer, I am doing this fundraiser so someone else’s mom, dad, sister, brother, aunt, uncle, cousin or friend will be able to beat it if they are diagnosed with cancer.

This is the last time I will ask you this year but if you are able to donate to my ride for cancer, it could benefit someone’s loved one and really make a difference in their life. Here is … Read more

Truth and Reconciliation

Truth & Reconciliation

On September 30th, the Day for Truth and Reconciliation, Canadians learn, recognize and reflect upon the history and ongoing legacy of residential schools, the trauma experienced by many, and the hope for a healthy future. The day emphasizes the ongoing need for reconciliation, and building and strengthening relationships between Indigenous and non-Indigenous people.

Sincerely,

Patrick… Read more

Burning Bridges

Burning Bridges

There are times in life when it’s necessary to burn a few bridges and cut yourself from any possible retreat and there are times when that is just a bad idea. Change in life is hard and sometimes to do it successfully you have remove any sort of temptation that would permit you to drift back to the old ways.

If you are determined to eat better then it is a good idea to toss out all the junk food in your house so you are not tempted to just have a few chips, cookies or sweets. The same goes if you want to watch less tv and read more, you will cancel your cable and some may go as far as selling the TV. Want to cut out the few drinks at the pub with friends after work, then … Read more

Point of No Return

Point of no return

There are still many of us still riding out on a variable rate mortgage, even though there have been 5 rate changes this year and the strong possibility of another one soon. At the time it was the easiest decision out there as rates were low and the fixed rate while still low was about a percent and a half higher than the discounted variable rate.

Now there are a few things that those of us still on a variable rate should be aware of. These are the Trigger Point and the Trigger Rate. Firstly the Trigger Rate is the point that you are no longer paying interest and principal on your mortgage but only paying interest. Meaning that you are no longer paying it down. The Trigger Point is when the balance on your mortgage now exceeds the amount … Read more

Growing Pains

Growing pains

There is always a little discomfort to growth, whether physical or emotional or financial. It’s relatively easy to do nothing and stay within your comfort zone. Real growth requires work and sometimes blood, sweat and tears. My girls are going through that this year as it is their first year away at university. One is adapting easier than the other but I know that they are both growing and becoming better.

We are going through some growing pains right now with the economy and financial markets. The rapid increases to inflation over the past year has effected us all and as a result we have had to change adapt along with it. Some say that we have been spoiled over the past 15 years with record low interest rates and that the party is now over and it’s time to … Read more

The Clean Up

The Clean Up

We are still in the midst of the big clean up here in Halifax post Fiona. We are doing the same things as if you had suffered a set back in life. You pick yourself up, dust yourself and do your best to get your life back to normal.

When life knocks you down, you need to get back up, learn from what happened and try to do better next time. From this storm I’ve learned that 10 litres of fuel is not enough to keep a generator going. That the clean up from the storm is so much easier with great neighbours. That lasagna can in-fact be made on the BBQ and it was delicious.

One of my clients lost the 21 unit building that he was constructing in Glace Bay. However he said that he will build it … Read more

Generator Safety Tips

Generator Safety Tips

I woke up this morning to a request from my wife to run out and get a generator when the stores open. Hurricane Fiona is predicated to be a generational storm in size and intensity. The last major hurricane we had was Juan in 2003 which saw major damage and many of us without power for over a week.

So with Fiona due to hit us overnight I was off to the big box stores when they were opening their doors and was lucky enough to get a generator from Costco today. So if this is you as well, here are few safety tips.

  1. Pick a generator that will produce more power than you need.
  2. To avoid being electrocuted make sure to only use it once the rain and storm has passed. Electricity and water are not a good combination.
Read more
August Inflation Numbers

August inflation numbers

The inflation numbers for August 2022 for both Canada & the United States came out over the past week. In Canada our inflation rate dropped from 7.6% to 7%, and in the US it decreased from 8.5 to 8.3. While both are retreating from the highs of a few months ago, we are still well off the comfort level of 2%.

As a result of the still too high inflation rate, the US Federal Reserve delivered it’s third straight 75 basis point increase to their interest rates yesterday. To many economists this bakes in with pretty much certainty that the Bank of Canada will follow suit with another large rate increase when it meets next on October 26th. The only thing that could change the amount of the rate change would be the CPI (inflation) numbers that will be coming … Read more

Not Shrek's Fiona

Not Shrek’s Fiona

Batten down the hatches as Fiona is heading our way. She is scheduled to make landfall early Saturday morning and right now she is aiming towards CBRM. Given her arrival is still a few days away, it’s best to take the time now to prepare.

Here are a few things to take into consideration as we prepare for the arrival of the storm.

  • Be prepared to spend a few days with out power
  • Make sure vehicles are full of gas and BBQ propane tank is topped off
  • Charge up all your electronic devices and if you have battery back ups make sure they are charged as well.
  • Move to higher ground if you are in an area that is prone to flodding
  • Have supplies of food, water & medicine that will last you at least a week.
  • Have a battery
Read more
Switching

Switching

Over the course of the pandemic when the real estate market was on fire and everything and I mean everything was selling for well above the list price, the majority of people opted to go with the variable rate as opposed to the fixed. You see it was simple math at the time, as fixed rates were about 1% percentage point more expensive.

Well now thanks to soaring inflation and recent moves by the Bank of Canada, that rate disparity has all but disappeared. So if you are getting a bit nervous with your variable rate, then just reach out to your lender and ask to switch to a fixed rate for the remaining term. This is one of the advantage of the variable rate, you switch to a fixed with the same lender with out a penalty. If this … Read more

Clarity

Clarity

When doing something as important as your mortgage and complex regarding the paperwork, then clarify definitely helps. Also the details matter. Getting all the details right the first time allows your file to be approved faster and will also help with answering any of the clients questions the first time around. So be clear, be concise and pay attention to all the little details and everything will go much better.

Today I am thankful for the 70 years of service that Queen Elizabeth gave to Canada and the rest of the commonwealth nations, patient clients who helped with the details while I clarified their questions and the slower pace of the day as some of the banks were closed to mark the Queen’s funeral.

“The world is not the most pleasant place. Eventually, your parents leave you and nobody is … Read more

High Standards

High Standards

Whether personally or professionally, something that you should never ever do is to compromise your high standards. Not for friends, family, a neighbour, an old school friend or a potentially high commission. Once broken it is a slippery slope and if you do it for one then now you have to do it for everyone.

You have developed and maintained a high level of standards to a reason. You’re a professional and your reputation with your current and future clients is the life blood of your business. This is exactly how I feel and why I felt it was necessary to lose a file than have to make a concession for the standards on how I operate my business.

Today I am thankful for the good friends who have offered to help my daughter with a technical issue, an amazing … Read more

Parity

Parity

par·​i·​ty | \ ˈper-ə-tē  , ˈpa-rə- \plural parities

Definition of parity

 the quality or state of being equal or equivalent

Women have fought for parity with men in the workplace.

This is the topic of the day as we have reached the point where the fixed rates and the variable rates have reached parity. With the many increases to the Bank of Canada overnight lending rate, this has now given us a prime rate of 5.45. With the available discounts to prime of between prime -.55 to prime -.90 this takes us to pretty much parity with the fixed rate.

That being said you will still need to consider the various pro’s and con’s of each product before you make your final decision of where you want to go. Here are a few things to keep in mind.

The benefit of the … Read more

Friends & Flower

Friends & Flowers

I come from a big extended Cape Breton family, and growing up almost every weekend we would have some members of the family over to visit. You see my Mom was the glue for the family and they all flocked to her as she was a great listener and since we had a big house in the country the rest of the family used us as their vacation spot. Which was fine with us as we got to hang out with our cousins.

Brest cancer took my Mom 17 years ago on the 9th of Sept. This is the main reason I am doing the ride for cancer. So hopefully the funds that we raise will allow someone’s Mom to fight a little longer or possibly receive the cure or treatment that is needed. You can sponsor me here. … Read more

Preconceived limits

Preconceived Limits

We all have preconceived limits to our abilities. Who put your limits in place, your family, friends, teachers, employers, coaches or heaven forbid yourself. You are capable of so much more than you could ever imagine. It is when you are able to finely push past them that you truly discover what you are really made of.

The first step is to believe that you can do it and then follow it up with massive action and persistence until you have achieved your goal. I have been inspired to write this as a personal testament of what is happening with me. You see I have been running for years. Normally my pace was in the high 4’s low 5’s per KM. I ran much less often over the past winter and when I started up again in the spring I … Read more

Higher Standard

Higher Standard

If you want to achieve anything noteworthy in life then you must begin to hold yourself to a higher standard. Doing things as you have always done will only get you the same results or lack thereof. Don’t even think for one second that’s it is impossible due to external people or events in your life. Events and people happen to everyone, both good and bad. What you are ultimately responsible for is your attitude or reaction to those external events. Nobody can tell you how to respond but you.

Doctor’s, Lawyer’s, Accountant’s, Engineer’s & Business Owners also come from lower economic area’s as well as higher ones. You are only limited by your thinking and the actions that you take. So if you want to achieve great things, then focus all your thoughts and actions on moving in that … Read more

My Promise to you

My promise to you

My promise to you as your mortgage broker is that I will bring more value to you during your transaction than anyone else in the marketplace. I can say this as I have been in this business for 20 years and have assisted clients funding a wide range of transactions. Everything from AAA credit clients, Alternative lending, private mortgages and large commercial multi residential mortgages.

Sure other brokers or lenders may offer you a slightly lower rate ( but not always). However remember what is priceless in this process is getting the seasoned advice rather than someone who is just chasing a commission. The commission is the reward for a job well done, and my primary role is to secure the financing for you that suits your requirements. I work for you, not a large national brokerage house or any … Read more

Worth It

Worth it

This is your reminder that if your goals are big enough that they will not be easy to achieve but they certainly will be worth it. So don’t stop trying and working at it whenever you encounter a set back.

Today I am thankful that the repair work in my home is almost complete, that I never gave up when I received the first no from the insurance company and for a great run home after dropping off my truck to get serviced

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.

p.s.s- I should tell you that I am licensed in Nova Scotia Brokerage (2021-3000179) Broker (2021-3000180), Ontario(M18001555) & in British Columbia(BCFSA … Read more

Open House Day

Open House Day

Well today is Sunday and for those in the market for a house this is also known as Open House Day. If you haven’t already, please make sure that you are pre approved before you put in your first offer as it makes the process so much easier for everyone involved.

I’ve made an addition to my website this week that should help you when and if you need to run some numbers on the house you just saw. Just click on calculators on the top of this page and pick the one that’s appropriate for your situation, if you’re buying then it’s this one. There is a better version that will give you a native app on your phone, to get that just go down to the p.s.s.s section and click on the mortgage app and it will … Read more

Healthy Obsessions

Healthy Obsession

Sometimes people associate the word obsession to negative behaviours or activities such as drinking, smoking, gambling or excessive shopping. However it’s possible to have healthy obsessions as well, such as personal improvement, physical fitness, career advancement, your education or success in your business.

Good healthy obsessions pull you forward towards your goals, while unhealthy ones hold you back. We have all come across those people who are driven by a higher goal or obsession and they seem to vibrate at a higher rate and just radiate energy. We all want to be around those with healthy obsessions as they will also aspire us bigger and greater things.

I was inspired to write this post as I am currently reading Grant Cardone’s book “Be obsessed or be average“. I made a commitment just over a year ago that my … Read more

Insurmountable

Insurmountable

There are many things in life that seem insurmountable when first encountered. However once you have had time to digest it, that once insurmountable task now becomes something quite achievable. This could be losing a lot of weight, getting accepted at a prestigious school, obtaining a promotion, getting your dream job, repairing a relationship or paying off a large amount of debt.

Whatever your large task is that’s in front of you, know that others have faced similar obstacles and have over come them in a short amount of time. You see that time is going to pass anyway so make the most of it and focus with laser like precision on achieving your objective. I faced what seemed like an insurmountable task last year and was able to overcome it so I know that anything is possible.

Today I … Read more

Change / rest

Change / rest

The quote ” A change is a good as a rest” does not apply when you are driving your kids half way across the country to go to university. We traveled through 4 provinces, 5 people + dog in the SUV who’s A/C decided it no longer wanted to work about an hour into our adventure. So the change in my daily activity over the past week was not as good as a rest. However we have safely delivered our girls to university and safely returned back to our home yesterday.

So when you need a break from your every day run of the mill life and you want to go a bit of an adventure, at least make sure that your A/C is working. Other than that it was excellent and got to see parts of our country and … Read more

The Next Chapter

The Next Chapter

The next chapter of my girls lives starts very soon. They graduated high school in June and now are about to start their university life. Our house will certainly be a lot quieter with both of them away for school. However it is also an opportunity for them to grow and develop away from us so they can become independent.

Whether we realize it or not, we are often given opportunities to grow and develop and move away from our past. It could be a new job, new school, new relationship, new home or new town or country. It’s up to us to decide when the last chapter ends and the new one begins so make the most of it.

Today I am thankful for the opportunity to run and be pushed to run faster with my neighbour, I am … Read more

Upgraded

Upgraded

As the only thing constant in life is change, we all have to regularly make sure that our skills are upgraded to keep up with the pace of all the changes. I am sure that there are people out there who have not picked up a book since they left school but I don’t know about you but I sure as hell do not want that to be my doctor, accountant or my mechanic.

I have been a mortgage broker since 2002 and since then a lot has changed. We have had 40 amortizations, 100% financing and no doc’s stated income products that are all no longer available. We have stress tests to get a mortgage that were not here 5 years ago and may not be around next year if the rates keep climbing but in hind sight it … Read more

Mortgage Credit Insurance

Mortgage credit insurance

When I get clients approved for their mortgage I send them out a digital signing package with all the documents that must be signed for both the lender and from a compliance standard for our industry. One of the documents that I include at the beginning of every package is the MPP mortgage protection plan, also called credit insurance.

Clients can choose to accept or waive the insurance. The main purpose of it is to protect the borrowers or their estate in the event that something where to happen to them while the mortgage was still in-force. Personally I know how it helped my family back in 2005. My Mom passed away from breast cancer in 2005, while my parents did not have a mortgage at the time then did have a secured line of credit and had the insurance … Read more

Be Prepared

Be Prepared

You will never know what life can and will throw at you, so it’s best to be prepared. Most if not all cars and trucks come with a spare tire and the necessary tools required to change it. Any household with small kids will also have a first aid kit or a least a good stock of bandages cause accidents happen.

I was reminded of this while doing an 80K bike ride with my friend Marissa today. We rode out to the 40K marker and she had to do an extra Km as my route to meet her was a Km. So during this kilometre ride she crashed. Came back to our turnaround point with a bike bent, and scrapes and bleeding. While I didn’t have a first aid kit with us, I did have a towel and water to … Read more

Expectations

Expectations

More often than not when things don’t turn out as we have expected them to turn out we get upset, angry or disappointed. This is because we got caught up in some future picture instead of focusing on the present. Not everything turns out as planned and things don’t necessarily get resolved on our desired timelines.

The only thing that we can control is our selves and our responses to the events around us. That’s it! We can love, guide and teach our kids but ultimately they will do what they want to do. The same applies to your friends & family. So don’t “should” anyone but yourself.

I love the Buddhist philosophy on expectations whereby they say that disappointment, frustration or anger are emotions that we feel when people or events do not meet our expectations. This causes us … Read more

Prep Work

Prep work

It has long been said that the best time to apply to borrow money is when you don’t need it. Also the best time to workout is when you are young and healthy. This is because if you do the prep work when it is easy but not necessary your life will be much better.

Life is not always smooth sailing so I have always looked at each workout as a deposit into my future health bank. The same can be said about your investments and sound financial management. Far too often people have the instant gratification mindset. It’s best to approach life as a marathon rather than a sprint. Playing the long game will always make you much better off, and doing the prep work when it’s easy to do will help make that happen.

Today I am thankful … Read more

Add Subtract

Add/Subtract

I am learning from experience that in order to add any desirable behaviour, one must also subtract a corresponding undesirable behaviour. In my effort to read more I have decided that I don’t need to watch TV at night. So I have replaced the TV watching with more reading. Good habit in, bad habit out.

The thing is that we can’t add more time to our days. We all get the same 24 hours, or 86,400 seconds in each day. So in order to really improve by adding more good habits, you must also remove the bad ones. Want to exercise more then consider cutting out social media. Want to save more money then consider preparing your own meals & coffee instead of buying it during the week. Want to be more of a morning person, then go to bed … Read more

Small Changes

Small changes

Sometimes small changes yield big results. Also small changes done consistently over time will give you humungous results. I say this from experience as just in the past year or so I decided to dedicate at least 20 minutes a day to reading. Now I have always enjoyed reading, it’s just that I had not really made time for it until recently. So last year I comfortably read 25 books and this year I will strive to hit 30.

This same principal can also be applied to your finances, your health or your personal relationships. Rome wasn’t built in a day and people don’t just decide to run a marathon on a whim. Pick some area that you want to improve and start with small changes repeated daily.

Apply this to saving for a down payment on a house or … Read more

The Biggest Mistake

The biggest mistake

The biggest mistake that we all make is that we all think that we have more time. Time is our only finite resource. You’re delusional if you think it’s money as you can always make more of that given enough time. It’s also not your health either as people have shown time and time again the ability to totally transform themselves from overweight/underweight to the picture of health given the proper amount of time to do so.

For some tomorrow, next week or next year will not happen for them. So get it done today. Make reparations with that family member or old friend as you may not get another chance. Say yes to that spontaneous invitation to do something different as we have all spent far too much time in our own homes the past few years.

If you … Read more

Close Call

Close call

For most a close call is a wake up call. It’s a signal to pay attention so you won’t get caught off guard again. Almost hit people in a crosswalk cause you were playing with your phone, then it’s time to put it away and use Bluetooth only. Survived a heart attack or a stroke then that is a sure sign that you need to make your health a priority. Car making a weird noise and the dealer who only puts on new parts quotes you 2K to replace it until you find a local shop with a mechanic that can fix it for $250.

I thought of this today as I had one of those close calls yesterday. I always to my long workouts in the weekend and yesterday I did a 50K bike ride. Even though we finished … Read more

Stimulus Response

Stimulus Response

Yes I know this was a scientific theory developed in the 1940’s by Clark Hull. However today I want to talk about my personal experiences with stimulus response. In layman’s terms it means that we are already pre programmed to respond to situations that life presents us in already pre defined ways. So in order for us to change our behaviours we have to recognize what sets us off so we can change how we respond.

I won’t say that I am a weekend warrior as I train every day of the week, I just schedule my longer intensity sessions on Saturday & Sunday. Saturday I normally do a 50-70K bike ride with friends and Sunday I run between 10-15K. However if I am not careful if I sit down too long at any point in the afternoon on either … Read more

Every Penny Counts

Every Penny Counts

When it comes to managing your money, every penny counts. It’s the same when it’s about life in general, the little things matter. Far too often we discount the small purchase or the small actions until they have accumulated into a massive bill or horrible habit.

So to put this into perspective, that daily coffee habit is closing you far more than you think. That grande non fat latte is $5.65, I know as this was my wife’s daily drink. This is $28.25 a week, $113 a month or $1,356 a year. Since she is now working at home we purchased a Nespresso machine and just make it at home for 1/4 of the cost.

You can look at your daily habits the same way. I just had breakfast with a childhood friend and he was asking me for advise … Read more

To The Limit

To the limit

No this is not a reference to the Eagles song, but rather about pushing yourself to new area’s of growth. If you are always living in your comfort zone and doing things well within your limits then you are merely surviving but not actually truly living to your fullest potential.

I bring this up as I have been running for years and was normally quite pleased with my running pace. However after having some injuries this past winter I was struggling to get back to where I was before and each run seemed like a struggle. The effortless pace of the past had been replaced by a slog to get through my runs.

This all changed when I started running with a neighbour and challenging each other to improve the pace at the next interval. Doing this resulted in my … Read more

Better Goals

Better Goals

Better goals, and more specific goals get better results. More often than not most of us have the goal of just getting through the day or the week and if that is the case it’s no wonder that we are not getting the results that we want.

Be more intentional about your life and you will find that you may just get what you want. You need to be as specific as possible, what does it look like, sound like, feel like etc. Don’t get caught up in how it will become possible, the first thing you need to do is to get a really clear picture of what you want and why you want it.

This is not some manifesting thing where you create the idea or goal in your head and set it and forget it. Instead you … Read more

Canadian Inflation Numbers

Canadian Inflation Numbers July 2022

The inflation numbers for July 2022 just came out and they have finally started to come down. The Canadian inflation rate for July was 7.6% which is down from 8.1% in June. So it appears that we are headed in the right direction and coming down from peak inflation. This is similar to what the American’s announced last week.

On the whole consumer prices increased by only .1% the smallest change since Dec 2021. While we are not out of the woods yet as we are still well above the comfort level of 3% inflation. The next report in September will be the best indication that we are truly headed in the right direction once and for all.

The may be the news that the Bank of Canada has been looking for after hiking rates by a full percentage point … Read more

Track it

Track It

In today’s modern world there is data for everything, from your daily steps, calories consumed, money saved or spent, distance ran or biked to amount of sleep. It has often been said that you can’t change what you don’t track. This goes for everything from your weight, your finances, your fitness or your sleep.

If it is important to you then you should be keeping track of it on a regular basis. In order to improve yourself you first need to know where you stand today and the best way to do that is track your current and past results.

Want to improve your finances then you should be keeping track of how much you make and how you spend it. Start first with recording everything for a week, incoming and outgoing. For any change to happen you need to … Read more

Silver Lining

Silver Lining

If you are like most people there is probably some part or someone in your life that doesn’t make you happy. If this is the case then it sounds like a little change in perspective is in order. It is so easy to think about all the things that make you mad, that in and of its self is unproductive and will take you toward a no win scenario.

So instead of continuing to think what you don’t like or what’s not working, focus on what you like and what you are grateful for and a whole world of opportunities will open up to you.

Out of shape, be grateful that you now realized this and that it is in your power to do something about it

Too much debt, talk with your creditors if you have to but also … Read more

Double Up

Double up

Roughly one year about the fixed mortgage rates for a 5 year AAA client were 2.04%. Now the rates for the same term is 4.59%. While much higher thank last year it has come down in the past few weeks from it’s peak of 5.09% back in June.

Let’s say that you were one of the lucky ones who got a fixed rate mortgage last year with a rate of 2.04%, 25 year amortization and 300K mortgage balance with a payment of 1276.15. Most of the lenders I deal with have excellent pre payment privileges, from putting an extra 15 to 20% of your principal directly on your mortgage once per year or doubling up your payments.

Since not many would have an extra 45-60K just lying around to put directly on your principal but you’re doing well this year … Read more

Self Care

Self Care

No matter who you are, there all comes a point where we must take care of ourselves. You can’t help friends and family with money if you yourself are experiencing money problems. You can’t help others relax if you yourself are overly stressed. You can’t help friends and family with their health if you yourself are also in poor health.

When we take care of ourselves first, it makes it that much easier to take care of everyone else that is important in our lives. So take care of your money so you can help those you love if it is needed. The same goes for your health, both mental and physical health are equally important.

Don’t feel guilty about taking some time to take care of yourself, we all need to do that from time to time. Even those … Read more

Peak Inflation

Peak Inflation

The US inflation numbers came out yesterday and it showed that inflation has started to come back from it’s high of 9.1% in June to 8.5% in July. So this has many of us hoping that we have hit peak inflation. Most of the reduction stems from gas prices coming back from their highs in June. The month over month prices of good and services were flat with a 0% change from June to July and this is after hitting a 17 year high in June.

So while this is positive news, the true indication will be where the numbers go for next month. Will this report be just a fluke or a true indication that inflation has started to reseed from it’s highs. If this is the case will bond yields come back down and bring the fixed rates … Read more

Compliance

Compliance

compliancekəm-plī′əns

noun

  1. The act of complying with a wish, request, or demand; acquiescence.
  2. Willingness to follow a prescribed course of treatment.
  3. A disposition or tendency to yield to the will of others.

In the mortgage industry compliance is a necessary part of business. On one side it is about doing what is right for your clients and on the other side it is about adhering to the rules and standards as set forth by our local licensing body. It’s not just a cool song by Muse.

I see my role with clients similarly to how a fiduciary would act in the financial planning field. That means I work for the clients to help them secure the financing that makes the most sense to them and as a result of a job well done I receive compensation as a result. Those … Read more

Surprise Visit

Surprise Visit

Would you be ready for a surprise visit to your home if someone showed up unexpectedly. It could be CRA, the local police or heaven forbid your in-laws. I always advise clients when an appraisal is necessary to have your home prepared as if you were having an open house as it will show pride of ownership.

So look around your home now, are there piles of laundry all about the place, dishes piled high in the kitchen and newspapers or periodicals scattered throughout the house. Are you filled with a sense of pride or a dread that anyone would see where you live. You may say that you are too busy to have a clean home or that you like your organized chaos. However there are lots of people who have plenty of kids, work a full time job … Read more

Dog days of summer

Dog days of Summer

According to the Almanac this is what they have to say about the dog days of summer.

“The term ” Dog Days ” traditionally refers to a period of particularly hot and humid weather occurring during the summer months of July and August in the Northern Hemisphere. In ancient Greece and Rome, the Dog Days were believed to be a time of drought, bad luck, and unrest, when dogs and men alike would be driven mad by the extreme heat!”

The good news is that we only have 3 days left according to them as they normally last from July 3rd to August 11th. I love the hot days but could do with some cool nights.

Today I am thankful for the repair work that is finally happening on my home office, people who show up on time and as … Read more

Be the hero

Be the hero

Be the hero instead of the victim in your own story. Shit happens to all of us, but don’t dwell on it nor focus on it. Acknowledge that it happened, learn from it and move on with your life. Instead focus where you want to go rather than what happened or who hurt you.

People are drawn to those who have a clear vision of where they want to go and what they want to do. Nobody wants to hang around with a woe is me or someone is is constantly the victim. Be the hero and take charge of your own life, make things happen and don’t worry or focus on the things that you can not control or events or circumstances that happened in the past.

Today I am thankful for a great early morning run before it … Read more

Challenge Accepted

Challenge Accepted

What I always tell my clients is that, where there is a will there will be a way. There is nothing like the satisfaction from closing a challenging file. I have had many in my years as a broker and they always feel good when you can get them to close. It could be unique and challenging credit situation, particular location or type of property, a unusual income confirmation or any number of things.

I will try any and all legal and ethical ways to get clients files to close. When these challenging files close, irregardless of the mortgage amount there is always a celebration and sigh of relief. There have been commercial files that have take 18 months to close and residential files that have had multiple declines, approvals or submissions before we found one that worked with everyone … Read more

Start Over

Start over

When things aren’t going your way, take this as an opportunity to start over rather than quit. Not everything goes according to plan the first time around and the most successful people in life realize this and are persistent as a result. Learn from what was not working and keep trying until you achieve your desired result.

Also what if anything did you learn if it went well the first time? Not much really, as you learn more from when it didn’t work out and you had to start over and try again. So do not think of all these attempts as failures but rather as learning experiences that make you better and better each day till you finely achieve what you set out for in the first place.

Today I am thankful for all the times I have failed … Read more

Better late than never

Better late than never

The good things in life take time. As much as we would like there are no real quick fixes to most of our major challenges in life. There is no pill to take to make you skinny or smarter, and buying lotto tickets is not part of the ideal long term financial plan.

That good month you are having now at work can be traced back to months and months of prospecting and cold calls. The same for your current level of fitness, the early morning workouts that you did even though you didn’t want to get out of bed paid dividends.

So appreciate the fruits of your labours when they finely arrive as you put in the work and you deserve it. When people call you an overnight success they are discounting all the work that you put in … Read more

Jack of all trades

Jack of all trades

The old expression goes ” jack of all trades, master of none”. Yes there are the rare few among us who are polymaths but they are more the exception than the rule. When your issue is important and specific it is best to deal with a specialist.

There are those in the big 5 branches who do much more than just mortgages, they also open accounts for you, your investments, your insurance and credit cards. If your question is a general one, these may be great people to seek out. However when it is something more specific then it is time to seek out the advise of someone who is a specialist in that field.

The same applies in the mortgage broker channel. Given the diversity of the types of product available there are brokers who do mostly AAA files, … Read more

Never Ending

Never Ending

The process for learning is never ending. It used to be said that when you grew up ( what ever that means) you would not have to take any more courses, classes or do any studying. However since we are always growing and learning or at least we should be, there is always something new to learn.

Those who read regularly are more creative, less stressed, happier and are paid more than those who do not read on a regular basis. Yes it takes time and we are already quite busy, but this is something you need to make the time to do. It’s just like exercise but for your brain.

A few years ago I would read maybe 5-6 books a year, and was very sporadic in my reading habit. That changed last year when I committed to doing … Read more

Extreme Focus

Extreme Focus

Having extreme focus on small micro tasks will allow you to achieve monumental goals. We far too often get caught up in the pie in the sky big goal that we convince ourselves that we can’t do it. However these big goals are just small micro tasks accomplished and stacked one upon another.

There are plenty of people who are capable of running a marathon which is 26.2 Miles or 42.195 Kilometres. They don’t suddenly wake up the day of the event and decide to do it with out any training. They train for it, even if they have never run before it is still possible. Any training program can be scaled down to the simplest task, so all you have to do is stack one achievement upon another and you will get there.

Focus on what you can control. … Read more

Get Lost

Get Lost

Since it is a beautiful summer long weekend, it is also the perfect time to get lost. And no I don’t mean getting lost in the woods, unless that is what you are into then fill your boots as they say here in the Maritimes.

Get lost in conversation with a loved one.

Get lost in thought while enjoying one of our beautiful beaches or lakes.

Get lost in the stores while hanging out with friends & family.

Get lost in playing the game that you forget to keep track of the score.

Get lost in mediation and truly find your inner peace.

Get lost in a good book which is what I will be doing today.

Today I am thankful for the beautiful running trail that is so close to my house, the great book that I just finished … Read more

Bang for the buck

Bang for your buck

People often wonder what gets the most bang for your buck, paying off debt or investing for the future ? Well I think it all boils down to which will give you the greatest return. It is best to look at the costs of your debts, do you just have a mortgage with a rate below 5% or do you also have a line of credit, credit cards and a vehicle loan.

If you can generate a greater return in the market higher than what you are paying to service your high interest credit card debt then by all means invest it in the market. However unless you are Warren Buffett, George Soros or Ray Dalio you should start by paying off your high interest debts before investing in the market.

There is one thing to consider before you put … Read more

Economic Data

Economic Data Q2

The national GDP numbers just came out and our economy grew by .8%, which was well below the forecasted growth of 1.4%. This was our weakest performance in three quarters due to a sharp drop in international exports and lower government spending.

The United States who just recently published their economic data and it showed that they now have two consecutive quarters of negative which is the definition of a recession. While we here in Canada have not had as high of inflation as the US nor the current lows of their GDP, there are still predictions that we will have two consecutive quarters of negative GDP data very soon as well.

While personally there is not much we can do as individuals to influence the overall financial health of the country, there are actions that we can take to … Read more

Forward Momentum

Forward momentum

I find that nothing beats consistency. Good habits done once are meaningless. We all want to eat better, to exercise, have better relationships and to be better with money. However doing all these things once in a blue moon and not on a regular basis will not get you to where you want to go.

This is because our habits define us. If you want to really get to know someone then find out what they do on a regular basis. Great habits will give you lots of forward momentum to achieve your goals while poor habits are like an anchor around your neck.

You don’t have to swing for the fences and take massive actions all at once, but you do have start doing something. So start small and continue with your actions every day and you will be … Read more

Cottage Life

Cottage Life

Sorry I was unavailable most of the day as I spent a well deserved day away at my brother’s cottage. I am thankful for a fun day with family, laughs at my expense and that I lost my sunglasses ( the to bottom of the lake thanks to falling off the seadoo) but found out that nobody liked them anyway.

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.

p.s.s- I should tell you that I am licensed in Nova Scotia Brokerage (2021-3000179) Broker (2021-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).

p.s.s.s You can download my new mortgage app hereRead more

Seemless Process

Seemless process

When you operate a sales business like a mortgage brokerage, a financial planner or a realtor it definitely helps to have a seamless process to help guide clients through it from start to finish. Having an efficient process will educate and inform the client as well as help alleviate any stresses involved in the transaction.

The past few years have heralded the announcement of quite a few tools to help with the mortgage business. New application tools that allow for a seamless application process. Digital signatures are now accepted by the lender ( the pandemic helped this happen). Also there are some excellent CRM ( customer relationship management) systems out there that automate every step of the process.

All of this allows for increased efficiency for the brokers and happier clients. Happier clients leads to more referrals in the future … Read more

Drive it like you stole it

Drive it like you stole it

We far too often play it safe in matters of love, finance or recreation for that matter. I was recently reminded of this expression above while giving the keys to my company Facebook page over to a new administrator. We take more chances when it’s not our car, when the rope swing is over water or when you have been lucky in love recently.

Why play it safe as we only get one kick at this can called life. There are no do over’s. Life is either a daring adventure or it’s nothing at all as Helen Keller had said. So be daring and drive it like you stole it as there are no second chances.

Today I am thankful for the progress being made on a commercial file that has been in the works for a while, the cool … Read more

I am melting

I am melting

Today I know how Frosty the Snowman felt when he was stuck in the greenhouse. I am melting. Sadly this Canadian was built for the winter in -20c instead of +30c. However we are being told to expect most of the later instead of the former due to increased global warming.

So when it’s hot like this for several days in a row, you need to keep your cool both literally & figuratively. So here are few idea’s. Keep your blinds & curtains closed during the hottest time of the day. Limit your exercise to the early morning or the late evening when it’s cooler. Stay hydrated with lots of water rather than alcohol or caffeinated beverages.

Today I am thankful for an early morning run before it got too hot, another Sunday lunch date with my wife and lots … Read more

when a plan comes together

When a plan comes together

Don’t you just love it when a plan comes together. In my house this is usually because my wife has planned it and I give her full credit but am happy just the same. I fully admit that I worry about things not working out when we travel and only tend to relax once the plane takes off or when we finely hit the road.

However in order for things to work out one must first plan ahead. This applies when you are traveling, trowing a party, getting married, getting in shape or buying a home. Trying to get everything done at the last minute is just as recipe for disaster. Give yourself time to achieve your goal and you will have a much greater chance of it actually happening.

In regards to financing your new home, it’s a good … Read more

Don't Blink

Don’t Blink

Don’t blink or you might miss summer here in Nova Scotia. Other area’s may have hot spells that go on for days if not weeks. While we tend to have a hot day here and there with a foggy overcast day in-between. The common expression about the weather here in Nova Scotia is if you don’t like it, then wait 5 minutes and it will change.

The point I am trying to make is to enjoy the nice days when there are here as there will be no guarantee that they will continue. This is the same for everything in life. Try to appreciate and to be thankful for every moment in your life as you will never know when it will change.

Today I am thankful for a quick fix for what I thought was going to be an … Read more

Hot Hot Heat

Hot Hot Heat

Well we have made it to the heat of the summer. I am writing this from the coolest spot on my property, my back deck as my home does not have air conditioning. So while most of the country, I mean the northern hemisphere is now suffering from the heat of the summer here are a few tips to dealing with the heat.

  • Drink plenty of fluids ( by this I mean water, not caffeinated drinks which will make it worse for you)
  • Limit your time outside during the hottest part of the day
  • If you still want to get your workout in, do it in the early morning or late evening
  • Wear light breathable fabrics and a hat with a wide brim if venturing out
  • Have all the watermelon you want or other hydrating foods like spinach, lettuce or
Read more
Setting New Records

Setting new records

New records are being set almost every day. Most recently with heat waves in Europe and in North America due to climate change ( yes it’s a real thing), and now today with Canada’s new CPI ( consumer price index) numbers. The CPI for the month of June here in Canada was at 8.1% up from 7.7% in May but still off the predicted high expected of 8.4%. Thankfully much lower than the American inflation rate of 9.1%.

We are at the highest level since January of 1983. Prices of almost everything are up from gas, groceries, housing and consumer staples. The one silver lining if there is one is that the CPI rate for June came in lower than expected for the 1st time in months. If this is the indication that we have hit our peak inflation rate … Read more

Ounce of Prevention

Ounce of prevention

An once of prevention is worth a pound of cure, or so as the old saying goes. As I was reading through the financial headlines this morning the one that jumped out at me said something like ” if you are reacting the market volatility after it’s happened then you’re too late”. So back to the point of the post is talk about preparation so the market volatility does’t effect you.

Here are a few thing to consider to help insulate your personal finances against any upcoming market volatility:

  • Reduce your reliance on unsecured debt
  • Maximize your mortgage pre payment privileges
  • Create an emergency reserve
  • Pay yourself first with every pay check ( put it in your emergency fund or investment before anything else)
  • Have a high interest savings account ( where you put your emergency fund) that you can’t
Read more
Recession Obsession

Recession Obsession

If you read any of the financial papers all the economists and writers are taking about a possible pending recession. Just like chicken little running around telling everyone that the sky was falling. If you are reading this you made it through the 2007 financial meltdown and the 2020 lock down, so there is a very good chance that you will make it through this as well.

However remember that there will be a silver lining as with every challenge there is always an under lining opportunity. So keep your eyes open and know that what ever happens you will get through this. Economies go in cycles so just know that this too will not last.

Today I am thankful for the downhill portion of my run today, classical music as the sound track to my morning and planning for … Read more

Time to celebrate

Time to celebrate

Make sure that you create time to celebrate all your important win’s no matter how small or seemingly insignificant. Progress is always made not in leaps and bounds but at one small step at a time. You can’t land a large account your first month on the job, so instead celebrate being consistent with your prospecting. The same goes for your physical fitness, if you have never run before starting with a 5K run may seem like an impossibility. Instead run for 1 min and walk for 2 until you are no longer walking.

The important thing to do is to always try to make progress. As long as you continue to move forward you will get there eventually. It’s like committing to reading 30 books a year is not that difficult as long as you continually put aside 20-30 … Read more

Best investment

Best Investment

The best investment that you can every make is not in some hot stock, or even in real estate but it in yourself. Invest in your health by watching what you eat and doing exercise so that you will live a long and active life. Invest in your finances but putting aside a percentage of every dollar that you make, so even if you have a few rainy days you will always have funds to spare. Invest in your own education by taking the time every day to read. As little as 20 minutes a day will have you reading up to 30 books a year.

We are not a finished product when we graduate high school or university for that matter. Those who have invested massively in themselves are best prepared for anything that life throws at you. Recently … Read more

What does it mean

What does it mean?

Yesterday for the first time a very long time ( 26 years in-fact) the Bank of Canada raised the key overnight lending rate by 100 basis points or 1 full percentage point. As a result the bank prime lending rate is now 4.7%.

Many of us are now waking up this morning asking what does this all mean and how will it impact me. Firstly if you have a variable rate mortgage your payment has now increased. Those with lines of credit their payments have also increased. Basically if you are looking to borrow money it has now become more expensive. The days of cheap/free money are now officially over.

The Bank of Canada has made these moves in an effort to bring inflation which is now at 40 year highs under control. In-fact just prior to the BOC making … Read more

BOC Rate Announcement

BOC Rate Announcement

The Bank of Canada meets today and will publish their latest policy on interest rates. Most economists are widely expecting a 75 basis points increase similar to what the Federal Reserve did in the US just recently. If this does happen it will be the largest rate increase in over 26 years. Which many believe is required to finely bring our sky high inflation under control.

With the announcement today that the US CPI numbers just hit 9.1% for June which is a 40 year high, it is almost assured that we will have an oversized rate increase.

Well the BOC just exceeded everyone’s expectation by increasing the overnight lending rate by 100 basis points to 2.5%. This as a result will increase the prime lending rate from 3.7% to 4.7%. So those with variable rate mortgages or lines of … Read more

The Big Reveal

The Big Reveal

It’s the moment you have been waiting for, the new hairstyle or outfit, the reno’s are complete or my case today my son’s braces came off. It is all about the big reveal, the before and after pictures, the years of waiting, the big day has finely come. Sometimes transformations can appear to happen instantly so make sure that you appreciate every stage of life. If you don’t pay attention the special days will pass you by.

Today I am thankful for the fact that my son got his braces removed today, that we can now focus on paying for our kids university instead of their orthodontist work and that the big reveal also had an awesome smile.

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can click on this link to … Read more

Counting the days

Big events in your life often have you counting down the days till they happen. It could be a wedding, birth of your first child, graduation or a long awaited trip. For the most part the people I am working with are counting down the days till closing on their new homes. So while you are in the final count down, make sure that you keep a few things in min.

  • Call to switch all the services ( phone, power, water & cable)
  • Book a locksmith to re key all the locks
  • Do the final walk through with your Realtor
  • Have your mover’s ready to go
  • Sign all the documents with the lawyer’s office well in advance
  • Do NOT finance anything between when your mortgage has been approved and you get the keys to your new place.
  • Make sure to
Read more
Yard Work

Yard Work

One of the most satisfying things about being a homeowner is yard work on a beautiful summer day. There are also quite a few benefits of having a well manicured lawn & garden.

  • Great curb appeal improves the value of your property.
  • An assortment of flowering plants and shrubs provides plenty of pollen for bee’s.
  • Gardening is great exercise
  • We have all spent way too long inside during the pandemic and gardening on a nice day is a great source of vitamin D
  • Gardening is also great stress relief

Today I am thankful for such a beautiful day to get yard work done, my daughter back home after a weekend camping with friends and a good book on a nice summer day.

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can click … Read more

In Good Company

In Good Company

There are so many things in life made exponentially better with good company. Fine wine, good food, funny movies, long walks and brutal workouts. It is for that last one that I appreciate my friends who accompanied me for another 50K bike ride today.

I also use this good company approach when clients come to me requesting a private mortgage. While there are many players in the market, the ones I deal with I trust far more than the others. These would be the same ones I would go to if the shoe was on the other foot. Honesty and integrity are paramount when it comes to wanting or needing a private mortgage.

Today I am thankful for the good company on my bike ride this morning, my family who I call religiously every Friday and the most perfect day … Read more

High Tech Outage

High Tech Outage

It is not TGIF if you are a Rogers customer today, or if you were planning to go shopping with your debt or credit card as these payment terminals have also been effected. In this day and age when we all expect things to just work and when they don’t it is like you have gone back into the stone age.

My morning zoom meeting today was cancelled as the other party didn’t have internet, so for some this has become the early start to a weekend. It’s times like this that you should have an emergency stash of cash on hand. We have gotten so used to paying by debit or taping our digital wallet’s on our phones that when things suddenly don’t work we don’t know what to do.

Today I am thankful for my Eastlink internet service … Read more

Flexibility

Flexibility

Flexibility is the ability to bend easily without breaking or in the case of this post to adapt quickly to a changing environment. The changing environment in this case is the ever changing mortgage market. Just a year ago 5 year fixed mortgage rates were in the low 2% range and now they are above 5%. The variable rate as well has seen some changes too going from 2.3% for prime last year to now sitting at 3.7%.

One of the great things of the fixed mortgages, if you were lucky enough to get one when they were at their generation lowest point is that low payment that you have is set for the length of your term. The downside however is if you need to break your mortgage for whatever reason your new rate will be much higher if … Read more

Fiscal Cliff

Fiscal Cliff

The Bank of Canada meets next Wednesday July 13th and it’s widely expected that we will have another rate increase. However the worry is now that the increase will be too large and start to push us into a recessionary environment. Yes still have sky high inflation with the prices of gas and consumer staples still at record levels. However economists are coming out saying that with the recent retreat of the price of oil that other prices will start to recede as well.

So this brings us back to the next potential rate increase. The US federal reserve increased their over night lending rate by 75 basis points just a few weeks ago and since then the expectation has been that the BOC would follow with the same level of rate change. However the hot real estate market has … Read more

Set your intensions

Set your intensions

Henry Ford famously said that “whether you think you can or think you can’t you’re right”. This boils down to the fact that you get what you think about, positive, negative, good or bad. So set your intentions for your best possible results and make them happen.

Yesterday I talked about it being the perfect day. So as it turns out because I had set positive expectations for the day, great things happened as a result. We all want good things to happen in our lives but many of us don’t know how to turn the switch to improve our moods.

I just finished a great book called “The Happiness Experiment” by Shawn Achor and one of the things he mentioned is just sharing a smile with someone for as little as 7 seconds could have a profound effect on … Read more

Perfect Day

Perfect Day

Every once is a while the stars seem to align and everything about your day just falls into place. When those days happen you just want to make a carbon copy of it for the other 364 days. Your renewed sense of optimism presents you with options you never thought of before and allows you to spread your good day to others.

This is the kind of thing I want going viral. Not a virus or cat videos but that sense of contentment and optimism of those really great days. So if you are having one of those perfect days as well, call an old friend, buy the car behind you their meal when you get to the window or go out of your way to just help others today.

Today I am thankful for an amazing run and workout … Read more

Pink Elephants

Pink Elephants

Telling yourself or someone else not to think of a particular thing like pink elephants, chocolate cake or that big presentation with the board on Tuesday will guarantee that will be all you are able to think of. Obsessing about something in particular especially if it is a current problem or challenge will just guarantee that you will not be able to solve it.

More answers will come to you when you are relaxed and at ease than when you are stressed out thinking about something. So step away from your current issue and go for a walk or a run and clear you head. Once relaxed and at ease the answers you were stressing about will come to you. For me this is the amazing power of exercise. It is pretty hard to think about what is bothering you … Read more

Point of View

Point of view

So yesterday I made a comment on Twitter about how great I thought Canada was to live in ( as it was Canada Day after all). Sure we are not perfect, no person or place is. However people came out of the woodwork to tell me ( a stranger as we had never conversed before) how wrong and stupid I was. I do totally understand that we are all entitled to our own point of view, however what we are not entitled to is to shove our opinion down someone else’s throat and insult them in the process.

Social medial and our current political climate seems to have given people free reign to say and do whatever they want without reproach. However this is confusing free speech with just being ignorant. Free speech allows you to freely express your option … Read more

Happy Canada Day

Happy Canada Day

While we may not be perfect and have made some serious mistakes in the past with how we treated the Indigenous population, I still believe that Canada is a great country and I am proud to call it my home.

So where ever you are today I want to wish you a very happy Canada Day.

Today I am thankful for another beautiful summer day, a great 10 minute workout to clear the head and a great book to read on a holiday.

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.

p.s.s- I should tell you that I am licensed in Nova Scotia Brokerage (2021-3000179) Broker (2021-3000180), Ontario(M18001555) & in British Columbia(BCFSA … Read more

Reputation Risk

Reputation Risk

As a brokers we deal with a wide variety of clients, from those seeking A bank lenders, alternative lenders, private mortgages or commercial. Because of this mix, clients come to me with an expansive and diverse background. Occasionally I come across clients who have had less than stellar pasts. I know this because we Google them as well. As a result things that they may not be proud of come up as a result of the search.

While I do this business for the money and because I enjoy it, I also keep a sharp eye my reputation from my lending parters. I will never take on a file of a questionable nature just to get a commission. Life is way too short for that. I also disclose any findings of my background checks on my clients to my lending … Read more

Graduation

Graduation

It seemed like only yesterday that I was taking my girls to pre school then to their first day of primary, and today they graduated high school. If you don’t pay attention time will fly by and you will miss all the important events in life.

It’s so easy to get stressed out about the every day events in life and totally miss what’s really important. So slow down, take a deep breath and try to enjoy all the special events.

Today I am thankful for how hard my girls worked for the grades they got, a nice celebration lunch with the family and that they had their choice of where to go to university.

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can click on this link to start the process … Read more

Personal Outlook

Personal Outlook

Your personal outlook, yes I am talking about whether you see the glass as being half full or half empty, effects everything in your life. I prefer to see it as half full and view challenges or issues that pop up as learning experiences rather than failures.

We can’t get through life without any struggles, but it’s how we deal with them that sets us all apart. This does not mean that you should walk around with rose coloured glasses on but that you should instead adopt a more optimistic view of life.

Whatever life has thrown at you in the past you have gotten through. Things that you thought were going to be doom and gloom did not end up that bad, it just prevented you from seeing the solution as quickly. New opportunities come up every day if … Read more

Poodle Power

Poodle Power

I have always had a dog in the family for as long as I can remember. When I was a kid we had Shepards, Collie’s and Beagles. As an adult who still has the occasional severe bout of asthma we opted for a Poodle as that is what my wife grew up with. So today we have a standard Poodle name Augustus, but most times we just call him Augie.

I have met more people in my neighbourhood while walking Augie than through my kids school. He is a great icebreaker but does not like to stop too long to chat as when he is on his walks ( yes they are his walks) he wants to keep going.

I don’t post a lot to Instagram but when I do they are usually pictures of my wife’s gourmet meals, workouts … Read more

Third Option

Third option

Sometimes when people are going through a tragic or life changing event it has often been thought they would get through it either with no change to their lives or making it much much worse. As a result you could see people be unfazed by what just happened and carry on with their ever day lives but you could also see people become paralyzed with fear, develop PTSD and becoming unable to function properly.

These could be responses to major life altering health events like having a heart attack, stroke or being diagnosed with cancer. There could also be major fearful events like being in a war zone battle, being the victim of an assault or from a financial perspective suddenly and unexpectedly losing your stable employment or going bankrupt.

However there is a third option. The often talked about … Read more

Equal Rights

Equal Rights

I am a big believer of equal rights. I strongly feel that it should not matter if you are a man, woman, trans, bi, gay, black, white, young or old or whatever, we should all be treated fairly and equally. It is because of this I was deeply troubled by the events in the US yesterday. This is because at the core it is an equal rights issue, they are now saying that women do not have equal rights over their physical bodies and that this is now the domain of the state goverment.

Just imagine if this same logic was applied to housing. That if you did not fit a particular demographic then you would not be allowed to purchase or own a home. Yes I know that this was the case not that long ago in the US … Read more

School's out

School’s out

School is out for the summer, and for my girls it marks the culmination of their high school experience. Although vastly different from the high school experience that I remember. I remember school trips, school carnivals and dances and my girls had none of that thanks to Covid. Through it all they never complained and are now graduating with top marks and had their picks of which University they wanted to go to in the fall. I am so proud of them as they have worked so hard.

Now that the kids will be off for the summer, what are your plans now that we are now able to freely move about the country and other countries for that matter. If your plans were to leave the country and you don’t have your passport yet, you may want to take … Read more

It's for a good cause

It’s for a good cause

So every year around this time I reach out to friends, family, past clients and everyone in between to help support me for my annual ride for Cancer. As you may know both myself and my wife lost our Mom’s to Cancer. I would love to have your support and all donations made today (June 23rd) are being matched dollar for dollar. Click here to support me for this very worthy cause.

Thanks for all your help. Your donations make the most advanced treatments possible for those battling cancer.

Sincerely,

Patrick… Read more

May Inflation rate

May Inflation Rate

The May inflation rate has just set a record that we have not seen since 1983, which was a rate of 7.7%. Up almost a full percentage point since last month when it was 6.8%. Yes we expected it to be above 7% but not by this much.

The biggest contributor to the increase was the price of gas, which was up 48% compared to a year ago. Increased fuel costs put upward pressure on so many things from food, flights, lumber and any other product that gets shipped is now up as a result.

The next step to help cool the sky high inflation is for the Bank of Canada to increase the rates again. The next meeting is in July and this what I fully expect them to do. The US federal reserve recently announced an oversized rate … Read more

Happy Indigenous People's Day

Happy Indigenous Peoples Day

We once had a PM who tried to tell us that there were two types of Canadian’s. The old stock Canadian’s who had been here for a few generations and those who only arrived in the last generation. Well my family has been here since the mid 1750’s but it pales in comparison to the Indigenous population who have been here for thousands of years.

So today we should all pause and celebrate their culture & heritage and the fact that we still share their land. Speaking of the land, on key Indigenous value that we should all adopt is something called the “Seventh Generation Principal”. This means that we should make our decisions today based upon how those decisions will effect the future seven generations. We must realize that we are only here for a short period of time … Read more

Cost vs Benefit

Cost vs benefit

The old adage of you get what you focus on is spot on. People can make a heaven out of hell or a hell out of heaven. If you’re in a good mood then the chances are that you will find things to support that, and the same goes if you are in a foul mood.

Benjamin Franklin has a quote that I have always loved ” The bitterness of poor quality remains long after the sweetness of low price is forgotten”. Meaning if you value low prices more than quality then you will always have issues with quality and as a result will end up costing you more to replace it.

I have pretty much always been a Mac computer user. Yes they are more expensive than the comparable PC computers but in my personal experience the quality is … Read more

For all the Dad's

For all the Dad’s

Happy Father’s day for all the Dad’s out there. My Dad has been gone for 10 years now and Father’s days are not the same with out him. So if your Dad is still around today then give him a big hug for me.

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.

p.s.s- I should tell you that I am licensed in Nova Scotia Brokerage (2021-3000179) Broker (2021-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).

p.s.s.s You can download my new mortgage app hereRead more

Nip it in the bud

Nip it in the bud

The first sign of any unwanted behaviour it’s best to nip it in the bud, or put a stop to it before it gets out of control. You notice that your pants don’t fit right anymore, don’t wait till you need a whole new wardrobe, do something about it now. Suddenly having too much month left at the end of your money, do something about it now before it gets out of control. Weeds taking over your garden, nip them in the bud before they have a chance to take over.

Some pundits ( arm chair economists) says that the Bank of Canada reacted too late to the rising inflation and should have acted earlier by increasing the overnight lending rate much sooner that it did. The BOC actually started increasing the rates right around the time that the inflation … Read more

Psychological Barrier

Psychological Barrier

A psychological barrier is a commonly held belief that something can’t be done until someone brave enough proves everyone wrong. Take Roger Bannister for example, nobody believed that the human body could be able to run the mile in less than 4 minutes. So on May 6th, 1954 he proved them wrong by running it in 3:59.4. With this barrier broken, the record only stood for 46 days till it was broken again.

The last 10 years or so we were holding onto a psychological belief that interest rates would stay low forever. Thus giving us access to basically cheap money for as long as we wanted. This barrier too was broken this week when the 5 year fixed discounted rate rose above 5%. Our continued inflationary pressures that have pushed prices of food, fuel, housing and now bond rates … Read more

Two important components

There are two very important components when considering private lending to meet your borrowing needs. They are rate and fee’s. There are other important components like loan to value and location but today I want to talk about rate & fee’s.

The rate for a private mortgage is typically interest only for a 1 year period. I usually call these bridge loans as it helps bridge you from one situation to another. The rate determines your carrying costs for the loan. While there are various private lenders out there, the rule of thumb I advise clients is that it will be 1% per month interest only calculated monthly, which works out to 12% per year.

The next part is the fee’s. Which is the basically the cost to obtain the mortgage. Similar to high ratio loans where there is a … Read more

Stress Tested

Stress Tested

There were plenty of complaints when the OFSI increased the stress test rate from 4.79% last year to 5.25%. At the time the concern was it would remove a lot of buyers from the housing market and cool things off. Well at least this was the goal but it never happened. In hind sight it was good that the stress test rate was increased as it proved that consumers could afford the higher rates if they happened.

So all those who closed last year and chose a variable rate, remember when you were stress tested it was proven that you could afford the higher rates. While you were loving the fact that your mortgage was in the 1% rate for last year. Now with the recent increases to prime you are still in the mid to high 2% range. Still … Read more

Don't wait

Don’t Wait

Don’t wait till the stars align and everything is perfect in your life to be happy because that very rarely happens. Choose, yes I said choose to be happy now instead. Don’t wait for the perfect job, perfect relationship or your perfect body in order to be happy. Just be happy now and see how the everyday things in your life being to change.

Suddenly the traffic jam is not so bad as it gives you the opportunity to listen to some great music or call your family. Your car won’t start but meet some great people on your walk or bus to work.

Your happiness is not decided by your bank balance, the type of car you drive, the clothes that you ware or how many followers you have on social media. You and only you are in control … Read more

Necessary Evil

Necessary Evil

Let’s face it, insurance is a necessary evil. We need it to drive a car, you need it to buy a home or live in an apartment and you need it to run a business. What they don’t tell you is when you need to use it they will make you walk over hot coals, crawl over broken glass and give up your first born to prove that your claim is valid.

I know this is because that people have been less than honest and have taken advantage of them in the past. However isn’t starting with the assumption that the claim is invalid until proven otherwise a poor place to start? Let’s hope that your claims experience is significantly better than the one that I am going through right now.

I look forward to hearing from you in regard … Read more

Celebrate

Celebrate

As I sit here writing this today, I find myself sore in places that I haven’t been sore in quite a long time. I may have over did it just a little bit this weekend, but that in no way means I will changes my approach to fitness. It just means I have to adjust my daily training to account for what I did the previous day.

The main point of my post today is to say that we should all celebrate life. Not just when things are going extremely well, but also when you’re a little sore or a little broke. Being thankful for what you have always has a tendency to bring more of it in your life. Even be thankful for the goals that you have not achieved yet, and especially for the lessons along the way.… Read more

Early Bird

Early Bird

The trouble with being a very early bird today is that 10am felt like 4pm. I was up just just before 4am with no alarm so I could bike along the trail to the Bike & Bean for a cancer fundraiser. You see I lost my mom to cancer in 2005 and my wife lost her mom in 2008. So it’s for a very important cause.

The money we are raising is going to help cancer patients who are receiving treatment at the QEII. This is my annual ride for cancer season whereby friends and I train, fund raise and then come the event in October we ride anywhere between 50-150K.

The discomfort of getting up early and the frequent training sessions truly pales in comparisons to what the cancer patients go through just to survive. So please take a … Read more

Obstacles or Opportunities

Obstacles or Opportunities

I am a glass half full kind of guy. I prefer to look for opportunities rather than obstacles. Not everything goes according to plan every time but if all you focus on is obstacles then you will fail to see the opportunities or the options available to you. As it is how you deal with what happens in life that truly defines you. We all go though failures, breakups, job loss and death in the family. Nothing about any of that is unique to one individual, it’s how you respond to what’s happening to you that determines who you become.

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.

p.s.s- I should tell … Read more

New Normal

New Normal?

For the first time in many years the discounted 5 year fixed rate is now just under 5%. The insured rate is 4.59% while the uninsured rate is 4.89%. This is quite the change from over a year ago when it was 5 year rate was just over 2%. This latest rate increase is due to the fact that bond yields ( which are the basis for fixed mortgage rates) have soared over 30 basis points in the last 5 days alone. Up 34 basis points in the last 30 days, with the biggest spike in the last week.

The days of rock bottom low interest rates is now gone. In fact we haven’t had bond yields and interest rates at this level since 2007-2008. Variable rates while still much lower than fixed rates, with the current prime rate at … Read more

Affordability

Affordability

affordability

noun

  1. The extent to which something is affordable, as measured by its cost relative to the amount that the purchaser is able to pay.

The last few months our affordability has definitely taken a hit. Everything from gas, housing and food is up. There are recent news reports that people are eating less in order to save some money. Yet our pay checks have not kept up with the steady increase of the cost of everything.

In terms of housing and mortgage affordability, things are vastly different over the last 24 months. We have had a stress test for mortgage qualification, this is in order to protect us from rising rates so we will still be able to afford to make the payment. Not sure that they had this current market in mind when they came up with … Read more

YOLO

Let’s face it we all want the latest and greatest. It doesn’t matter if it’s a new car, new phone or new computer. If it is new and better than what we have now then we want it. We are very much a high consumption society. Our economy runs on it. However with the onset of inflation this year, and prices of fuel, housing and food going through the roof, that new TV or phone does not seem so important.

What used to be a no brainer ( getting that new phone), now you must think of your priorities, which are paying for your every day living expenses. Then and only then if there is money left over can one consider getting the latest and greatest gadget. The shift hasn’t happened yet as we are only a few months into … Read more

Unmotivated

Unmotivated

We have all had times in our lives when we have been unmotivated to get anything accomplished. When I don’t want to or I don’t feel like it seems like the perfect answer to almost any question. However if you spend too long in that mindset you will get nothing accomplished.

Because it’s days when you feel unmotivated but do it anyway that will make you feel the best. When you didn’t want to get up but ended up having an awesome day. When you didn’t want to do your workout but did it anyway and now you feel incredible. When you didn’t want to make your sales calls but ended up having some amazing conversations.

The magic happens when you just put one foot in front of the other and just keep moving. Psychology follows physiology, meaning if you … Read more

Hair of the dog

Hair of the dog

Hair of the dog usually referrs to having a drink while still hung over. I confess that I don’t drink, never have as my family already had too many alcoholics. What I am writing about here is going back to the original activity without being 100% recovered.

So while I ran 15K today and am quite sore from the effort, I will probably go for a small recovery run tomorrow.

If you fall flat on your face from failure, it’s best to get back up immediately and get back at it.

Have your heart broken, we have all been there. You can wallow in your misery or you can make some new friends, I know which feels better.

If your offer on that beautiful house get rejected, it’s not failure it’s a learning experience. Keep looking and and find another … Read more

Decide to be

Decide to be

While doing a 75 min peloton class this morning the instructor threw out a few quotes during the brief intervals of rest. The one that stuck with me was a Wayne Dyer quote, ” You can either be miserable or you can be motivated”. It’s like we can either complain or we can do something about it. You can’t do both.

We have all had moments of misery and when we look back on them they turned out to be highly motivating. It is in the moments between misery and motivation that are the most dangerous. Being comfortable is the antithesis of motivation. The key is to be never satisfied with your current results and always striving to do better.

I am not saying that you should be ungrateful, you need to appreciate all that you have but continually strive … Read more

Everything is going up

Everything is up

Everything is up but the paycheques. From food, gas, housing and even Netflix. Central banks around the world have been raising rates in the hopes of consumers putting the brakes on their spending. However if we stop spending too quickly it will put us into a recession. On the other side of it we still need to spend money just to live so something has to give.

The economy relies on consumers and businesses spending money but if rates and products rise too quickly then everyone will cut back on the spending all at once. The balance they say is a slow and steady change but that has not been happening with interest rates nor gasoline. It feels like a big game of chicken, someone has to give first and from all indications it seems like us cutting back on … Read more

Bad Habits

Bad Habits

There is an expression in fitness, “You can’t out train a bad diet”. I think that the same applies to finances, whereby you can’t out earn bad spending habits. Thinking that if you just made a little more money that you would then be able to get control of it and have enough to meet all your needs is blatantly false and a gross exaggeration.

The internet full of stories of celebrities, professional athletes, lotto winners and business owners who have gone bankrupt yet were by most accounts rich. There are also plenty of stories of people who by most accounts made a modest living yet when they passed away where quite wealthy. The main difference is that one group knew how to manage their money and the other group did not.

The first rule of money management is to … Read more

Bank of Canada

BOC June Meeting

The Bank of Canada is widely expect to raise interest rates again this morning. If they come through with another 50 basis points increase, this will be the 3rd increase in a row, amounting to 125 basis points in increases this year.

Yes it is true that inflation is at 30 year highs, the cost of housing has increased dramatically recently and the price of oil is through the roof. However the increase to the over night lending rate which then increased the prime rate that we see as consumers just further increases our housing costs. All of this is supposed to cause consumers to spend less money as the costs of borrowing has increased.

There is only so much discretionary spending that we can cut back as the costs of everything has gone up recently from food, to gas … Read more

Past Performance

Past performance

Your past performance does in no way equal your future results. Companies frequently market mutual funds by touting their past performance but that in no way guarantees what it will do when you invest your money.

As individuals we too often get caught up in how we did yesterday to predict or think about how we will do tomorrow. Just because you failed or did poorly at something the last time out in no way predicts that your results will be the same the next time around.

Focusing only the moment and forgetting about any past failures or poor performances takes a certain level of mental toughness. I think of this every time I watch our Canadian girl Layla Fernandez play a major tennis tournament. This girl is incredible, she never lets dropping a game or a set get to … Read more

36 Years

36 Years

A lot can change over 36 years, I am thinking of this as it is the length of time between the first and second Top Gun movies. I was 17 at the time of the first one and saw it when I was living in Quebec City for french immersion back in 1986. Went to see the new one yesterday with my best man from my wedding 25 years ago.

Since 1986, there have been 9 different wars fought around the world from the Iran/Iraq conflict all the way up to the current war happening in Ukraine. The population of the word has increased over 60% from just over 4,9 billion in 1986 to over 7,9 billion in 2022. Yet still no Stanley Cup for the lowly Toronto Maple Leafs.

However in terms of personal finance, a 5 year fixed … Read more

The Details

The details

The devil they say is in the details, from this I am deriving that it is the little things done consistently over time that count. I am inspired to write that about being a frequent runner the past few years. Normally I would run 20-30K a week, however this past winter with an injury and the weather some days not being conducive to running I only got out a few times. As a result my normal pace of about 5:05/km is now about 5:25/km. So keeping consistent over time matters.

I will extrapolate this to personal finance as well. By saving money consistently and paying your bills as they come due will put you in a very strong financial position. You will have a solid nest egg built up and you will also have excellent credit. Those who have developed … Read more

Peak Rate

Peak Rate

People are complaining about how high mortgage rates have risen in the past 6 months. While not realizing how good that we had it over the past 3 years, where fixed rates dropped as low as 1.79% for 5 years.

Things have changed a lot with the increases in bond yields which drives the fixed rates. In the last four months alone the fixed rates have gone from 2.89% at the end of January to now having 5 year fixed rates as low as 4.29%. That is an increase of 140 basis points while the variable rates have increased by 75 basis points.

However don’t forget that the Bank of Canada meets next week to set the next over night rate and most if not all economists are predicting another 50 basis points increase. Some economists are saying that we … Read more

No Nothing

Do Nothing

In times like this I keep thinking of this great quote, “All that is required for evil to flourish is for good men to do nothing”. Those leaders who say we will have less problems if all good men have guns too, is total nonsense if all they do is stand on the sidelines and do nothing.

It’s up to all of us to stand up and demand change for the better. Greta Thunberg proves the point that one person can make a difference. Even if you feel that you are up against overwhelming odds, as Mahatma Ghandi proved with his silent resistance or Rosa Parks with her refusal to give up her seat on the bus. Sometimes great change just starts with one determined person.

So basically what I am saying is to do the opposite of the title … Read more

Amendment

Amendment

amendmentə-mĕnd′mənt

noun

  1. The act of changing for the better; improvement.
  2. A correction or alteration, as in a manuscript.
  3. The process of formally altering or adding to a document or record.

In mortgage financing we get amendments all the time, when closing dates changes, when the prices change and if the purchaser’s on the original purchase and sale agreement have changed. It basically means that the first legal document was not set in stone as ultimate final version. Amendments are basically improvements to the original document. Also subsequent amentments can also nullify prior amendments as they are in fact additions or corrections to the original document.

Things change with time and need to be updated to keep pace. Amendments written 230 years ago are out of date reflecting archaic values and need to be updated to reflect current times. The sooner … Read more

Good Intentions

Good Intentions

The old proverb states that the road to Hell is paved with good intentions. Another way to put it is that Hell is full of good meaning and Heaven is full of good works.

Good intentions are like thoughts and prayers, totally meaningless. Nobody cares about that fact that you meant well, only that you did nothing to solve the problem.

The credit agencies don’t care about the fact that you thought a new flat screen tv was more vital than paying your bills on time. Your wife doesn’t care that you were having a really good time with your friends, only that you forgot to pick her up. The police officer does not care that you are running late for a big presentation, only that you were speeding.

For problems to get solved they require real action. Saying “it’s … Read more

Wrong Number

Wrong Number

Ever since the start of the pandemic I have called and talked with my family every Friday morning. I call my two brothers and two of my cousins that we were all closest to glowing up. You see as we get older ( and nobody is getting any younger) it’s the relationships that we have in life that are more important than the stuff in our lives.

It’s also because that since we have all lost our parents in the past decade and my Mom was the glue for most family gatherings, I didn’t want to lose that. The catalyst was not the pandemic but I think my younger brother’s heart attack and then my older brother getting Covid, both very early in the pandemic that did it for me.

So today while logging on for the fist time in … Read more

Happy Victoria Day

Happy Victoria Day

I hope that everyone is enjoying their extra day off.

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.

p.s.s- I should tell you that I am licensed in Nova Scotia Brokerage (2021-3000179) Broker (2021-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).

p.s.s.s You can download my new mortgage app hereRead more

On Quitting

On Quitting

I have to confess that when thing haven’t gone exactly to plan, I’ve had a tenancy to just pull the plug and quit. However some of my biggest life lessons have come from when I’ve continued down the path and it went horribly wrong. You never learn anything when you have gotten it right the first time around, it was just too easy.

Yes I have regrets but the lessons learned far outweigh the disappointments. I have had business relationships that have not gone according to plan, it may have hurt at the time but I know I have grown and developed as a result of having the relationship. The same also applies to business strategies, personal relationships, fitness routines and general nutrition.

Quitting and failures are a part of life, and people put too much emphasis on those two … Read more

Breaking Point

Breaking Point

Sooner or later our procrastination goes too far and we get to the breaking point and we finely buckle down and get the work done. The funny thing is that while doing it you realize that it wasn’t so bad after all. So if you have delayed the term paper till the absolute last minute, or filing your taxes, swapping out your winter tires, cleaning your gutters or cleaning out your house, know that the time to complete them is just a fraction of the time that you have spent procrastinating getting them done in the first place.

Chip away at tasks that you think in your mind are too large to accomplish all at once. Schedule it in your day to do a little bit at a time every day so you won’t end up pulling an all nigher … Read more

Cost of living

Cost of living

One of the biggest obvious increases in the cost of living is the drastic increases to the price of gas. This effects almost everything else around us. This is carried over to increase the cost of shipping food and almost everything we use today. The jokes about needing a loan to buy gas is not so much of a joke anymore.

So while electric vehicles seem to be the logical solution. Not everyone is is a position to purchase one nor is the infrastructure or product available for the mass market shift that we really need right now. Maybe this will be a wake up call similar to the gas crisis of the early 70’s when the major car companies then shifted toward small and more fuel efficient vehicles.

Truthfully complaining about it does not do us any good. Those … Read more

New Record

New Record

The consumer price index ( how we track inflation) hit a 31 year high for the month of April at 6.8%. Up .1% from March. The increase is a result of higher food and housing costs. The causes of this stem from the war in Ukraine and supply chain disruptions in China due to Covid. While global crude oil prices declined in April, they have vastly increased in May so we may be in for another record for the May report.

As a result of the record high CPI we are pretty much guranteed for another Bank of Canada rate increase when they meet next on June 3rd. What we don’t know is if it will be another 50 basis points like the last time or just 25 basis points like the first increase we had earlier this year.

So … Read more

Helping hand

Helping Hand

We have all had times in our lives where we have lent a helping hand to friends, neighbours or even total strangers. It could be as simple as helping someone carry their groceries while they wrangle their kids, helping them move, mow their lawn, build a deck or even lend them some money.

Helping someone out is always an easy decision when they are also working with you by continuing to help themselves. I don’t mean in a quid pro quo situation as that is never a reason to help someone in the first place. However what I mean is when someone asks for help but they for what ever reason have also been unable or unwilling to help themselves then that is just a bad idea.

By continuing to help someone who will not for whatever reason help themselves … Read more

Special Day

Special Day

Today is my special someone’s special day that comes once a year. What do you do for someone who always puts everyone else fist but yet says that she doesn’t need anything. This is the problem that I face today. It’s nice to surprise someone that does so much for everyone else. What could you do today for the people who love and support you to show them how much it means to you.

“The best way to find yourself is to lose yourself in the service of others.” Mahatma Gandhi

Today I am thankful for getting up early to ease into my day, getting a run in-between the rain today and my wife’s birthday and the surprises that I have in store for her.

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- … Read more

I am Canadian

I am Canadian

Everyone remembers the original Molson Canadian ad from 2000 with the iconic I am Canadian rant. Well last night Simu Liu while hosting the Juno’s updated that rant for 2022. Here it is for your viewing pleasure.

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.

p.s.s- I should tell you that I am licensed in Nova Scotia Brokerage (2021-3000179) Broker (2021-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).

p.s.s.s You can download my new mortgage app hereRead more

Preaching

Preaching

I just wanted to start off by apologizing if any of my posts come across as preaching. The truth is that if I am writing about motivation then it is because I have found that I needed motivation. The same can be said if I am writing about habits, personal relationships or mindset.

My daily blog posts are also somewhat of a journal for what is happening in my life at the time. I find that writing it down and sharing it very therapeutic. So if anything resonates with you then that is fantastic, if it doesn’t that is fine too.

What lead me to write this today is that over the past year and a half I have been dedicated to reading more and more. While I have primarily read non-fiction I have also enjoyed a few fiction titles … Read more

Rusty

Rusty

Whether we would like to admit it or not, we all have good habits that have gotten a little rusty. It could be a regular exercise habit, healthy eating, staying in-touch with family or doing your follow up at work. What ever it is, if left idle long enough it will come back and bit you in the butt for not doing it.

However once you pick them back up again, you should be able to get back on track very quickly. I had my 1st outdoor bike ride of the year today, mostly because up until today it had just been too cold to go out when I wanted to ride. It wasn’t that I stopped riding as I normally did 3-4 sessions a week on my spin bike but it’s not the same as riding outside.

What have … Read more

Friday the 13th

Friday the 13th

Those who are superstitious believe that the number 13 is unlucky and that Friday the 13th is extremely unlucky. However I am of the belief that we make our own luck, superstitions be damned. The harder we work and the more that we focus on the outcomes that we want the luckier we will become. Nobody ever became successful because of luck, they did it because of the hard work they put in allowed more opportunities to present themselves.

Calling someone lucky just discounts all the work that they put in to get to where they are now. It is the same as just calling kids smart when they get good grades, it discounts the work that they have put in to get those good grades. These are both reflections of a fixed mindset as Carol Dweck talked about in … Read more

Mix it up

Mix it up

You can’t do the same things day in and day out and expect to constantly make progress. It has been said that the definition of insanity is doing the same things repeatedly and expecting a different result. So we all need to mix things up in order to make some progress in our lives.

For years and years I followed the same bodybuilding style of physical fitness training with little to no improvement in results. It was not until I discovered or was introduced to Crossfit with it’s constantly varied training program that I started to make some real progress.

I think the same applies to today mortgage market. If you have always gone 5 year fixed rate, maybe now might be a good time to mix things up. I am not saying to break your contract if you are … Read more

Cost of Living

Cost of living

I drive a mid sized SUV, a Nissan Pathfinder to be exact. As I have 3 kids and a large dog, we needed the room. However this past weekend I filed it up and for the first time ever it cost me $117 to go from low fuel light to full. While not that long ago in the heigh of the pandemic it cost less than $50 to fill it.

It’s not just gas that is going up, food, new and used vehicles, clothes and what in all the headlines is the cost of real estate. While the April CPI index has not been released yet, I think it may be safe to say that we may be in for another month of high inflation. As a result the bank of Canada has been increasing the overnight lending rate which … Read more

Greedy & Fearful

Greedy & Fearful

I love that Warren Buffett quote “Be fearful when others are greedy, and greedy when others are fearful”. While he was mainly talking about the ups and downs of the stock market it could also apply to the housing market as well. The past few years have been a boom for people selling real estate as almost every sale went for well above the asking price.

However things may be about to change. Interest rates have climbed dramatically in the past 3 months, with the variable up by 75 basis points and the fixed up over 130 basis points over the same time period. As a result the market in Toronto has cooled by 27% vs the same time last year. While I don’t think that this will shift to a buyers market it may end up levelling the playing … Read more

Wild Child

Wild Child

Families with more than one child often have one that causes them more work and anxiety than the others. When I was growing up this was my younger brother. Who broke both ankles jumping off a high wall when we were kids. Then got stuck in the tree with his cast on shortly thereafter. Was always the first one to jump and ask questions later. And now always has a story to tell.

In our family this honour would now fall to our middle child. Fiercely independent from the day that she arrived. Would never accept a punishment and always wanted to get her voice heard, irregardless of whether she was right or wrong.

It’s best to let the wild children get their energies out as both of these examples are widely successful. My younger brother is now a successful … Read more

For all the Mom's

For all the Mom’s

Happy Mother’s day to all the Mom’s out there. There is no job more challenging than being a mother. As a father I know this to be true as I know the sacrifices that my wife makes for our family. The other 364 days a years you are run off your feet, my sincere wish is that all the Mom’s today know how much they are loved and appreciated.

To my Mom in heaven, I am what I am because of the love that you gave me.

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.

p.s.s- I should tell you that I am licensed in Nova Scotia Brokerage (2021-3000179) Broker (2021-3000180), Ontario(M18001555) … Read more

What you want

What you want

People want what they want, but more times than not it may not be entirely what they need. I was reminded of this fact while on a call with a commercial client recently. While they were very clear on what they wanted, if delivered exactly as requested it would not give them what they needed. This is where educating clients about future outcomes is paramount.

As a huge Apple geek, I have always been an admirer of Steve Jobs. I love his approach to wants and needs, taken from Walter Isaacson book on him.

“Some people say, “Give the customers what they want.” But that’s not my approach. Our job is to figure out what they’re going to want before they do. I think Henry Ford once said, “If I’d asked customers what they wanted, they would have told me, … Read more

Back Tracked

Back tracked

A month ago when Nova Scotia announced the 2022 budget there was in it a proposal to increase the property taxes for non resident owners from outside of the province. It appears that this change did not sit well with people who own cottages here but don’t live in NS. It went against our overwhelming welcoming attitude that we have towards people.

While we are still in the midst of a housing crisis, that proposal did nothing to fix the problem and it’s nice to see that they have back tracked this unpopular proposal. The province needs to do more to work with municipalities to fast track approval’s so project can get approved and completed faster. That is what would help ease some of the backlog on housing.

While I never voted for him or his government, it is the … Read more

The Long Game

The Long Game

In today’s hedonistic society, we want the solutions to all our problems now. We want the nip or tuck to make us appear skinny. The magic pill to make us smarter or the lottery win to make us rich.

However these are seldom if any the real solutions to these problems. The quick fix rarely fixes the problem over the long term. It’s just a tease for those unwilling to put in the work to achieve the results that they are looking for in the first place.

Look at some of the top names in Sports, Tiger Woods, Lebron James or our own Sidney Crosby. They all have tremendous work ethic. They play the long game to achieve their objectives. The quick fix is a scam to con you out of your money. Put in the time, do the reps … Read more

Geek Out

Geek Out

Geeks everywhere can celebrate Star Wars Day today, as May the 4th is unofficially known. Although I am more of a Star Trek fan, it’s still nice to be able to geek out from time to time. Gone are the days when being a geek was frowned upon, probably mostly thanks for successful geeks like Bill Gates and Elon Musk.

Now most days I get to geek out at mortgage numbers. I love it when I can find opportunities to help clients save money on their refinances. I helped a client this week save over 3K a month by paying off high interest debt and giving them one lower payment. It’s also exciting to help first time buyers close on their first place like I did with clients last week.

I geek out by celebrating all the small victories irrespective … Read more

Keeping up with the Joneses

Keeping up with the Joneses

All too often people spend money with the intent of one upping or just keeping up with the Joneses. Just because your neighbour got a fancy new car does not mean that you need to trade yours in and buy a new one. Yours may only be a few years old, still in good condition and with a loan still attached to it.

We don’t always need the latest and greatest smartphone, car or flat screen tv. Just because the economists are saying that we could use some more economic activity, they were not taking to you directly. Your life is not going to drastically improve by trying to keep up with the neighbours or buying some shiny new thing. You may feel good for a brief period of time but it won’t last.

Years later you will not even … Read more

Easy come easy go

Easy come easy go

It’s true that we appreciate the least the talents, possessions or relationships that come to us the easiest. The internet is littered with stories of those who have squandered their gifts. From professional athletes and lotto winner quickly going bankrupt to second generation business owners quickly failing in business and charismatic & attractive people failing at relationship after relationship.

More often than not it takes a setback or a defeat to truly wake up. The heart attack before finely taking control of your life and getting back into shape, a nasty break up or hitting rockbottom financially. However don’t wait till that day comes before deciding to truly take control of your life. It should not take a life or death moment to knock some sense into you.

Learn to appreciate everything that life has given you before it’s too … Read more

Crisis to Opportunity

Crisis to Opportunity

I have always loved this Napoleon Hill quote ” In every adversity, every failure, and every heartache carries with it the seed of an equivalent or greater benefit. So if you’re going through a lot right now, and it probably really sucks but try if you can to find out what if anything you can learn from it that could help you become better in the future.

I met a young charismatic guy about 15 years ago. He was great with people but was going through a tough breakup at the time and was struggling personally, professionally and financially. It seemed that what ever he did turned into a dead end and nothing was working out for him. I’ve read that he was recently awarded for being the best in his field in all of Canada and now makes more … Read more

Hustle Hard

Hustle Hard

Stay humble and hustle hard. While I was preparing to write this post I found this great quote about the topic, “You can’t have a million dollar dream on a minimum wage work ethic”. If asked most of us will say that we have big dreams and goals. The follow up to that should be is what are you doing to make it happen?

We all want the perfect body but very few of us are willing to put in the work to make it happen. We all want to be the top salesperson in the company but are unwilling to put in the time or make the calls. We all want the beautiful house on the water but many of us are also unwilling to manage our own personal finances or our credit.

Those great rewards also require a … Read more

Mortgage Miracles

Mortgage Miracles

Mortgage miracles happen when you don’t give up on people irregardless of their situation. Sometimes it is something that happened in their past, other times it is something that they are going through right now. This is why it is important to have lots of options for clients and focus on telling their story.

Bad or unfortunate things happen to people all the time, but we should not let those events define us. One of the principals that I adopted early on in this business is that I would do my best to figure out how to get unique files funded instead of just saying no that I could not help them. As a result I have done lots of diverse files and figured out problems other people were unable or unwilling to solve.

I have always believed that things … Read more

Go To Person

Go to person

Many of us have that guy or that gal as a go to person for what ever reason. It could be some one to call for a perfect recipe for a family dinner, who to call if something breaks around the house or if your car is making a funny sound.

Last Saturday while doing the laundry I discovered that our dryer wasn’t well drying the clothes. It was operating but only rotating and blowing cold air on damp clothes. So a quick text to my guy and on Monday he showed up and fixed it no sweat. The same when a plumbing issue occurred this week and in no time at all my plumbing guy showed up and fixed it.

Let me be your go to person if you ever have any mortgage questions. I am not expecting to … Read more

Smart Advice

Smart Advice

It’s not often when I will link to another article from someone else in my field. However I am going to do that today. Fellow mortgage broker David Larock wrote a compelling piece in move smartly about the current fixed vs variable debate. In the article he makes sound points as to why I am personally going to stick with my own variable rate mortgage.

The best thing that we can do right now is to educate ourselves and make smart decisions. His article provides lots of great information about the current fixed vs variable debate and why in my opinion it may be best to ride it out. However if the anxiety of the recent rate increase and the news about more rate increases is keeping you up then do what will allow you to sleep better and just … Read more

Predictions

Predictions

After reading the Bank of Canada’s press release after it’s last rate announcement on April 13th, it is quite clear that they believe that we will be in a higher inflationary zone till almost 2024. What this means is that we have definitely not see the last of the Bank of Canada rate hikes. Our CPI numbers were released after the BOC met and blew away their prediction of a 6% rate when we hit 6.7%.

Some in my field are even saying that the BOC’s target for the prime rate will hit 5.20% before things start to settle down. Just so you don’t have to do the math that is a full 200 basis points or 2% higher that we are right now. By reaching those rates it will also take us closer to parity with the 5 year … Read more

April 25th

The Perfect Date

According to Ms Rhode Island from the classic movie Miss Congeniality, today April 25th is the perfect date.

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.

p.s.s- I should tell you that I am licensed in Nova Scotia Brokerage (2021-3000179) Broker (2021-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).

p.s.s.s You can download my new mortgage app hereRead more

Roll with the punches

Roll with the punches

The more we understand that nothing remains the same the happier we will be. The opportunities of yesterday may not be here today. People and situations change from day to day. We must be flexible and willing and able to roll with the punches so we can get the best of every situation.

That house you lost a bid on will lead you to a better one as long you keep trying and looking. That relationship that didn’t work out will hopefully allow you to learn and grow for a better one than that is on the horizon. It’s the same for the job you lost, learn from what happened so you can find a better one next time.

Failure is only permeant as long as you don’t get back up to fight again. Find out why it didn’t work … Read more

It's about the numbers

It’s about the numbers

Buying a home can sometimes be a very emotional decision. This is where you will be spending a great deal of your time so you want to get as many things right as possible. However it is also a good idea to take a step back and examine the numbers, because long after the initial honeymoon phase wares off you will need to be able to pay your mortgage and take care of the upkeep.

This is more important today as most listings are going with multiple offers and for well over asking prices. So buying that 399K listing for 525K will only make sense if you plan on staying there for a long time. This will give you ample time to pay down the morning in the event there is a market correction suddenly leaving you owning more than … Read more

Rate Increased

Rate increased

Just incase you were not watching the 5 year fixed insured AAA rate went up yesterday from 3.84% to 4.09% or an increase of 25 basis points. This is an increase of 120 basis points or 1.2% since the first of February. So it’s no wonder that the core inflation rate in Canada increased by 6.7% for the month of March. The costs of everything from fuel, food, housing and now mortgage rates have increased drastically.

So what are you doing to protect your self against the rising costs everything all around you. Are you cutting back on using your vehicle as much, have you stopped eating out, have you trimmed back some of the streaming services that you subscribe to for your entertainment or have you just buckled down and focused on working harder and putting more money away … Read more

Blind Bidding

Blind Bidding

Blind bidding as it refers to real estate is when you put in an offer on a house with no idea what others have offered on the same property. You don’t see blind bidding at art of luxury car auctions yet they still seem to be getting record amounts for both of those products. So would a change to this rule and or ability help cool the housing market here in Canada?

Before I attempt to answer that, let me tell you a few things about blind bidding. In our current hot housing market, keeping the process of blind bidding in place will help property sellers get the top dollar for their property. Also Realtors get paid more as they earn a % fee of the sale as their commission. Since we are putting this all on the table, us … Read more

March 2022 Inflation Numbers

March 2022 Inflation numbers

Well the inflation numbers for March 2022 just came out this morning and we are now at 6.7% ( up from 5.7 for February) or the highest rate since January of 1991. All the categories that Statistics Canada tracks from food, energy, shelter and transportation were all up. The largest increase is the 11.2% increase in transportation due to the rapid increase of the price of oil. Which is up 39.8% year over year, and now mostly due to the Russian invasion of Ukraine.

It’s this increased transportation costs that are pulling up the cost of food, durable goods and plane tickets. Economists are predicting that the inflation rate will remain higher than the Bank of Canada’s target range of 1-3% till 2023. Lowering your purchasing power as interest rates rise to try to offset the inflation rate.

If you … Read more

Soft Landing

Soft Landing

With the spike of interest rate increases the Bank of Canada is hoping for a soft landing to our economy instead of a recession. They want people to gradually slow their spending as rates increase so demand for products and services will decline and the prices of these commodities can reduce as a result.

That is the ideal result but it also fails to address the reasons for the inflation in the first place. Which most economists point to the supply chain issues caused by the pandemic and then with the Russian invasion of Ukraine which further jacked up fuel prices thus effecting the costs of anything that is shipped.

However there is a downside risk of a recession. This happens when there is a decline in economic activity from reduced spending and increased unemployment as companies costs dramatically increase … Read more

Best Medicine

Best Medicine

Sometimes when I am feeling off for some reason, whether it be physically or mentally the thing that always makes me feel better is a good workout. To get rid of what ails you as long as it is nothing serious it’s always best to move your body. Emotion follows motion as Tony Robbins always says. That little hit of endorphins is usually always what the doctor ordered.

It doesn’t have to be an all out workout, just something to shake off the funk. A nice walk or a short 10K bike ride are great examples. The best thing about exercise is that it helps clear the head along with making you feel better. Since most of us are off on this Easter Monday, take a few minutes for your self so you can shake off what the bad vibes … Read more

Chocolate Bunnies

Chocolate Bunnies

Happy Easter Joyeuses Pâques

May all your family be present

May there be peace and love all around you

May you only see the good in others

May you truly be thankful for all the riches that you possess

May the only bunnies that you eat today be made of chocolate.

Happy Easter Joyeuses Pâques

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.

p.s.s- I should tell you that I am licensed in Nova Scotia Brokerage (2021-3000179) Broker (2021-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).

p.s.s.s You can download my new mortgage app hereRead more

Cart before the horse

Cart before the horse

I thought of this today as this is what you get when a salesperson try’s to sell you a product or service before knowing what you really want. When this happens we just end up with buyers remorse as most times we like to buy but nobody wants to be sold. Otherwise we would all be driving the same car, live in the same kind of house and dress the same way.

However I believe that there is a simple fix, and it’s all about listening and asking questions. Smart and intelligent questions will more often than not discover the motivation and or the pain that they are facing. Figuring that out you will know if they are just kicking the tires or if they have a genuine need to solve their problem.

Not everyone wants or needs a mortgage … Read more

Good Friday

Good Friday

For those who are going to church to do the station’s of the cross, eat your fish and have a good Friday. To everyone else just try to enjoy your day off of work.

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.

p.s.s- I should tell you that I am licensed in Nova Scotia Brokerage (2021-3000179) Broker (2021-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).

p.s.s.s You can download my new mortgage app hereRead more

Personalization

Personalization

As those who have read my posts before you know that I have read and attended the Dale Carnegie’s programs. In fact I have written about his first principal the 3 C’s before, and you can check it out here. Today I am going to touch on another one of his principals and how I am adapting it to my mortgage business.

His 6th principal in working to become a friendlier person is to remember that a person’s name is to that person the sweetest and most important sound in any language. This is why I strive my best to remember and use people’s name when I am taking with them. It is in that vein that I have signed up for a service called Hyperise that will look to personalize your visit to my website.

Whether you are … Read more

Bank of Canada rate change

Bank of Canada policy announcement

At 11am Atlantic Standard Time it is widely expected that the Bank of Canada will introduce the latest change in the overnight lending rate to combat inflation. Although I am starting this post prior to the announcement, I will hold off publishing it till it actually has been announced. It is widely expected to increase by 50 basis points. If this is the case it will change the bank prime rate from 2.70 to 3.20%.

The interest rate change is the bank’s attempt to do what it can to control inflation. This is caused by the cost of every day goods rising or CPI ( Consumer Price Index). Just so you know the inflation rate in Canada hit 5.7% in February up from 5.1% in January, however still shy of 8.5% inflation rate in the United States.

So they want … Read more

Hack The Stress Test

Hack the Stress Test

With the cost of housing still increasing by the day, it is vitally important to maximize the amount that you can qualify for when applying for your mortgage. Through most of the pandemic we qualified based on the stress test rate of 5.25%. Now that we are in an interest rate increasing market we have to revert to the other side of that test which is the base rate + 2%. So with the five year discounted fixed rate now at 3.84%, that means that your qualification rate is now 5.84%.

However since the variable rates are still much lower, this may be the way to help you qualify for a little bit more. You see prime rate as of today is still 2.70%. Banks are offering about 1% off of that so you would start at 1.70%. There is … Read more

Unconventional

Unconventional

In terms of mortgages there are basically two types for the standard A banks, there is high ratio and there is conventional which is when you put down 20% or more down payment. However here I want to talk about being unconventional about looking for solutions to uncommon problems that people are faced with today when looking for a mortgage.

There is your standard or typical downpayment when it has been saved over time in your bank account. Then there is the unconventional down payment which is gifted from your parents or borrowed from your RRSP’s. There is the standard file where both applicants are employed by an employer then there is the unconventional where one or more are self employed. There is also the standard file where they have excellent credit then there is the unconventional when the credit … Read more

Sunday Vibes

Sunday vibes

The best thing about Sunday’s is that you get to unwind from the previous week while at the same time preparing a fresh start on the week ahead. What are some of your Sunday routines to help you unwind and relax.

During the week I get up at 5am, so on the weekend 7am is sleeping in for me. Those golden hours before everyone else in the house gets up are simply incredible. I get to do a 20 min meditation, take the dog for a walk then go for a run before anyone else has had the chance to make any demands or voiced their opinion.

Our lives are stressful enough, it is important to find some time for yourself and relax and just be in the moment. I have found this out first hand recently when stress allowed … Read more

Redemption

Redemption

The one constant in life is change. I can guarantee that you are not the exact same person that you were 10 years ago. Experience shapes and changes us all, most times for the better and sadly sometimes for the worse. So there is a very good chance that the person who let you down & disappointed you years and years ago has also changed for the better.

Redemption whether asked for or not is something that we should all allow to happen. Resentment towards someone else because they did you wrong a long time ago, only prevents you from moving forward. Let it go and move on with life. There is a good chance that they have forgotten about it anyway. Once forgiven it will be like a weight has been lifted from you allowing you finally to move … Read more

Federal Budget 2022

2022 Federal Budget

Yesterday the federal government tabled the 2022 federal budget. While it seems that we are getting away from the spend your way out of the pandemic, this one seems more focused on the need to improve access to housing for Canadian’s. Here is how it is going to effect the real estate sector.

  1. They will invest 4 Billion over 5 years starting this year on a new housing accelerator fund aimed at increasing municipal housing.
  2. $1.5 Billion over the next two years on a rapid housing initiative with 25% aimed at financing for Women focused housing projects.
  3. A $7,500 tax credit to renovate your home or create a back yard suite for family or someone with a disability.
  4. The creation of a new tax free savings account for those under 40, that will allow first time home buyers to save
Read more
Now it's official

Now it’s official

Yes I know that Spring official began just over two weeks ago. However according to many who love sports it officially begins today. This is because the baseball season and the Masters golf tournament both start today.

I know my Dad and my wife’s Dad are both looking down today to cheer on their favourite teams and players. Although our beloved Montreal Expos are no longer playing the love of the game is still the same.

Speaking of the Masters what makes this year’s tournament so much more interesting is the return of Tiger Woods. After a near fatal car accident last January to returning to the Masters where he won the green jacket 5 times is an amazing accomplishment. While I have not heard his name mentioned as a potential winner, I would definitely not count him out.

Are … Read more

Changing Rates Again

Changing Rates Again

Bond yields increased again yesterday so therefor the fixed mortgage rates on which they are based also increased. If you are putting down less then 20% your 5 year fixed AAA rate is now 3.84% which is up by .05 basis points since last week. However if you are putting down 20% or more your AAA rate is now at least 4.09%.

The prime rate on the other hand is still 2.70%, and most lenders are offering discounts of prime less .90% now where last week they were offering discounts of up to prime less 1.10. So if you have a variable rate or are pre approved on a variable rate take note that the bank of Canada meets next on April 13th to announce the next change to the over night lending rate which will then change the prime … Read more

Walk the talk

Walk the talk

All the best trainers and coaches know that success leaves clues. If you are not getting the results that you want then look to those who are succeeding. While there is no guarantee that doing exactly what they do will make you successful, I am fairly certain that it will however dramatically improve your results compared to what you are already getting.

As we are leading up to the Masters golf tournament this week, I recently read an article about Tiger Woods. There was an event a few years ago that featured Phil Mickelson & Tom Brady vs Tiger Woods & Payton Manning. Tiger being the hyper competitive person that he is really wanted to win the event. Payton on the other hand was prepared to approach it the same way that he has always approached golf which was to … Read more

Positive feedback

Positive feedback

Why is the default feedback mechanism for people to be negative. We don’t learn to improve by receiving constant negative feedback day in and day out. Psycologists and animal trainers both agree that the way to implement a change is through positive feedback. Yet if we receive feedback from 10 people and 9 are overwhelming positive but one was negative why do we only focus on the negative one?

The same goes for the news that we read, stories of war, devastation or financial collapse get more attention that the positive human interest stories. Look at social media, when there is a there is a post about an important topic, controversial or not there is always tons of negative feedback. Why is it that people find it so easy to tear someone apart from their keyboard yet they would never … Read more

preparation

Preparation

One of my favourite Ben Franklin quotes is ” by failing to prepare you are preparing to fail”. The overall theme of life is to prepare for the unknown and the unknowable. This could also be one of the reasons I love crossfit so much as you never know what the “Workout of the Day” was till you showed up for class. So you train for everything from strength, to metabolic conditioning ( cardio for you regular folks) and mobility and everything in-between.

So as you look outside today and see a sunny blue sky and think what a wonderful day, I encourage you to also look ahead and prepare for the upcoming storm for tomorrow and be ready. The same thing applies to life, it could be a wonderful day today but would you be ready if the shit … Read more

Cold Turkey

Cold Turkey

Going cold turkey generally refers to stoping a bad habit quickly and suddenly. It is usually in reference to quitting smoking or drinking. Tony Robbins famously says that it is in our moments of decision that our destiny is shaped. Or as Yoda says ” Do or do not, there is no try”.

With some habits there is no shade of grey, you either do it or you don’t. So it is really up to us to decide if that habit serves us or not. If it doesn’t then it may be time to drop it and replace it with a better one. I mean that because bad habits must be replaced by something if the change is going to stick for the long term.

We live in a vacuum so if you stop watching 3 hours of tv every … Read more

Hire an expert

Hire an expert

Generalist are fine when the problems or issues are minor, but when they are important or vital it is time to consult an expert. I was having issues with my feet this winter and asked my GP about it when I saw her. While the level of care is normally great for minor issues, if you have a specific problem then it’s time to see the expert. A quick visit to a podiatrist quickly fixed my issues.

When people are a jack of all trades they tend to be a master of none. We can’t all be polymaths like Leonardo Da Vinci who excelled in engineering, science, medicine and art. The same also applies to your need to finance your next home or your dream home. There are those who work for the big 5 banks who do mortgages, lines … Read more

First Things First

First Things First

There is a reason why the flight attendants recommend that in the event of an emergency that you put your mask on first. This is because in order to help others you must first learn to help yourself. While you may think that this is contrary to how it should go, it actually makes sense.

You can’t help your loved ones financially if you yourself are in need of financial assistance. It is almost impossible to calm down a situation if you yourself are not under control. How the heck can you help those around you with their health if yours is in a state of disrepair. Do as I say an not as I do is not an answer.

Learn to take care of yourself first so then you can help those around you. Have at least 30 minutes … Read more

NS Budget 2022

NS budget 2022

Just as a point of reference I am not going to delve into all the items on the 2022 budget here in NS, but only how it effects the real estate market. It doesn’t matter the political strip of the government just the details on how it effects your ability to purchase property here in NS.

The new 2022 budget was announced yesterday and in it includes a revenue generating plan to tax foreign buyers of real estate. By foreign buyers this covers anyone who will not be a resident of Nova Scotia after they purchase the property. It turns out that there are approximately 27,000 non resident property owners here in Nova Scotia. This covers those who have cottages, condo’s or investment properties here but live elsewhere.

The first new tax will increase the deed transfer tax for foreign … Read more

Buckle Up

Buckle Up

Buckle up as it may be a bumpy ride. Since Russia decided to invade Ukraine, I am not saying because of it but this did start around the same time, that bond yields have been steadily rising thus the fixed mortgage rates have also been increasing.

In the past month the 5 year discounted fixed rate has increased by 90 basis points from 2.89% to 3.79%. There are many in the mortgage industry who say that they see this increasing further to over 4% and only then possibly settling down. There is also talk of the Bank of Canada increasing the overnight lending rate by 50 basis point on the next meeting on April 13th. Doing so will then increase the prime rate from 2.70% to 3.20%.

While the costs of almost everything has been increasing lately from the homes … Read more

Upset Win

Upset win

Well the underdogs came through big time yesterday. CODA the little picture that could came out on top when it really mattered. Also the Canadian men’s soccer ( football for everyone else) team won to qualify for the world cup later this year. Both monumental wins as it was the first win in the best picture category for a streaming service and the first time in 36 years ( and only the 2nd time at all) that the Canadian men’s team qualified for the world cup.

We all love it when the underdog overcomes overwhelming odds to win. Here are a few examples to jog your memory. When Leicester City over came 5000-1 odds to win the Premier league in 2016. When unseeded Boris Becker wins Wimbledon in 1985. Lastly when unknown John Daly won the US PGA Championship in … Read more

Underdog

Underdog

I have to confess that I don’t watch a lot of TV. When I do it tends to be Hockey a documentary or a fun movie. Last night I stumbled upon CODA on Apple TV +. Mostly because I had heard that it was in the mix for an Oscar and that it was billed as an easy feel good movie that was fun to watch. This is vs Power of the dog which my wife watched and told me that it was supremely acted but very dark. While I get enough of the dark watching the news lately I didn’t really feel like investing 2 hours of my life watching it, thus leaving me angry or depressed.

This has nothing to do with Apple vs Netflix or traditional movie studio vs streaming, in my mind it is all about … Read more

Long Term Thinking

Long Term Thinking

Too often I find that people look at situations or problems based on their short term inconveniences or immediate benefits. Thus you see people wasting their pay check just after they have gotten paid by going on a shopping spree, a night on the town or a fancy vacation on credit. All these things may give you good feelings over the short term but don’t help you at all if your long term goal is financial stability.

The same applies if your goal is getting and staying healthy. Sure that donair may taste good today but if you eat consistently bad over time you will never achieve the results that you want.

The trouble is that our hedonistic society wants pleasure now and all the time. They don’t want to put in the work but want the immediate benefits. Sadly … Read more

Changing Rates

Changing Rates

The global instability due to the war in Ukraine has finely started to effect mortgage rates. There have been a lot of changes in the past month and they are now starting to hit the financial markets. Bond yields which effect fixed mortgage rates have steadily started to rise since the start of the month and as a result have increased the fixed 5 year mortgage rate by 55 basis points since the 1st of the month. The bank of Canada has also changed prime rate for the 1st time in 2 years this month as well increasing the overnight lending rate by 25 basis points.

So the reason that I am bringing up rates today is that the spring is typically the busiest time of the year to purchase real estate, if you are planning to purchase a home … Read more

Qualifying Rate

Qualifying rate change

As some of you may know that we have a mortgage stress test or qualifying rate of 5.25%. This is to help insure that when you are qualifying for a mortgage you will still be able to make the payments if and or when the rate changed to 5.25%. What many of you may not have heard is that this qualifying rate or stress test rate has now increased.

Actually it has not changed but it has increased so let me explain. The way the stress test works is that it is based on the contract rate ( your mortgage rate) plus 2% or 5.25% which ever is greater. The stress test rate of 5.25% has not changed but the mortgage rates have thus moving the qualifying rate now above 5.25%.

Rates have been increasing as bond yields have changed … Read more

Overheated

In the past few days there have been several articles all taking about the potential upcoming downfall to the Canadian real estate market. If this is true should you be worried.

Let’s examine a few things first, the pandemic changed a lot of things about our lives and with it came the ability to work remotely and yet still be productive. As a result there have been plenty of people leaving the major centre’s and moving to the suburbs and also to other provinces to get that better quality of life and the slower pace.

The interprovincial migration coupled with the recent higher level of International migration has led to record levels of demand for housing. When you put the migration in with lower multi unit and single family housing starts this creates higher demand for the units currently available … Read more

KYC

KYC

In the financial services industry which I work as a mortgage broker, it is expected that we all practice KYC also known as know your client. Without doing so how can I possibly recommend a mortgage product for their current needed or requirement. When I started doing this 20 years ago there was always a lot of face to face time. The initial meeting to find out their requirements, follow up to gather documents and finely another meeting to sign everything. So there was lots of face to face time.

Now most of my meetings are conducted over Zoho meeting ( virtual meeting software), with follow ups on the phone, text or email. My role as I see it as their mortgage consultant is to present the best possible options and then help my clients decide. There are no cookie … Read more

Doom Scrolling

Doom Scrolling

Doom Scrolling or wasting your life away on social media. Thanks to Apple’s screen time feature I had discovered that although I was working 10-12 hour days I was still loosing way too much time to social media. You see a few minutes to see what your friends and family are up to can lead you down of rabbit hole and 45 minutes later your commenting on the latest crisis du jour and now your productivity is out the window.

So a few months ago I decided that I was no longer going to scroll endlessly on social media. I still have my accounts but I only check them when I get up at 5am and have them open just long enough to clear out any notifications and that’s it. I still love the idea of social media to help … Read more

Spring has sprung

Spring has Sprung

As of 12:33 Atlantic Standard Time Spring 2022 has officially arrived. Now for longer days, better weather, the sounds of the birds and more listings for all the people who want to get into the real estate market. I am certain that the first three will be here in no time at all, it’s the last one I am worried about.

Right now it’s the historically low inventory that is pushing prices to historic levels. As much as the central banker want to believe the raising interest rates will cool the market, I believe the tipping point will be when more people start to sell and the price wars start to simmer down.

In the mean time enjoy the nice spring weather. If you are a home buyer just keep trying as long as you persist you will have a … Read more