38 Months in

Doesn’t mean anything to you? Well it should if you are planning on signing a 5 year fixed mortgage rate in the near future. 38 months is the average when people break their five year fixed mortgages. They could be broken for any number of reasons, marriage, divorce, job loss, job transfer or big promotion. The point is that I want to make the experience of you breaking your mortgage ( if you choose to do so) as painless as possible.

So there are a few things you need to know and I will then explain them a little bit further. Interest rate differential, posted rates, discounted rates and three months interest.

The penalty to break a five year fixed mortgage is either 3 months of interest or interest rate differential, which ever is greater. The formula to calculate out … Read more

Fix your Variable

Most people like the fixed mortgages for peace of mind it gives them knowing that their payments will be the same every month. Those who go variable or adjustable rate mortgage like that they paying less than those on fixed rates 9 times out of 10. However there is a way to give you both the peace of mind of knowing that your payments will not change while still staying on a variable rate mortgage.

To do this simply contact your lender after your mortgage closes and request to increase your payment. Depending on the lender they will allow you to increase it by as little as $100 per payment or up to 20% of your principal amount. So for example say that your mortgage payment was $1000/month as set by the lender. This payment includes principal and interest. Because … Read more

Dig deep!

Often with clients it’s necessary to ask them tough questions about their personal and financial situation. This is because we need to know in advance of sending their file off for approval if there are any possible roadblocks or issues that need to be addressed. You see I would prefer to know of anything that may prevent the client from getting approved so it can be dealt with prior to getting any surprises from a lender.

Getting to know my clients and getting as much as possible upfront allows the process to be much smoother for the client, the broker and the lender. Sure there are lenders who will approve files with just the application and the credit bureau but why run the risk of getting into trouble as you move toward funding.

In most cases this is the largest … Read more

#TuesdayVibe

Well after several months of mortgage rates going down, they turned the corner and started going back up yesterday. As fixed mortgages are tied to bond yields, they hit a 10 month high on Monday with the 5 year bond closing at 0.67% forcing lenders to pass the increase on to borrowers.

The bond yields are increasing because there is belief that the US inflation with rise much quicker than initially expected. Thus taking our Government of Canada bonds up with them. While I have no crystal ball, we have been very fortunate lately with our current rock bottom fixed mortgage rates. Nothing stays low forever, so if you have been on the fence about buying a property then now is the time to get pre approved and lock in your mortgage rate in advance of future increases.

While these … Read more

Surprises are the best!

I have to say that unexpected surprises are the best. I just received one from a colleague and it totally changes your mood to your day. If haven’t been on the receiving end lately then I suggest that you become the giver and it will do you more good than you could imagine. Bring your significant other a present ( flowers are nice) or pay for the order for the car behind you in the drive through. Seeing their faces light up will make you forget about all your worries at least for a moment and we all need more of that right now. Try and let me know how it goes.

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

Pat

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

Plan Ahead!

As the common expression goes ” If you fail to plan, then you plan to fail”. Since today is Sunday, it is the day the highly organized plan for their upcoming week. Athletes that I know call this meal prep Sunday where they prepare the meals for the upcoming week so it’s just one less thing to worry about during the week. They also plan their training for the week ahead.

Burnout is just another way of saying decision fatigue. You get to a point in your day where you are mentally spent from having made too many unplanned decisions. Steve Jobs notoriously wore the same outfit so it was one less thing that he had to decide on for his day.

Start slowly by planning what you will be wearing for the next day by laying it out the … Read more

Work in progress

Let’s face it, we are all in some way or another a work in progress. Always striving to improve and better ourselves. We want to be in better shape, make more money, have a better relationship, get out of debt, learn a second language, travel the world or better yet learn more and faster.

If you believe you are the way you are and nothing can change that, you need to read Mindset by Dr Carol Dweck. We all have the capacity to grow and improve, you just have to learn the right strategies.

You want to run a marathon, start by walking, then jogging then running short distances and build up from there. The best way could be to do it for a good cause like this one.

You want to make more money, focus on being excellent at … Read more

Take your pick!

The worst kinds of calls to get as a mortgage broker is when someone calls and asks for your best 5 year fixed rate. My answer typically is that it depends. Although I know what the rock bottom 5 year fixed rate is for that particular day, there is no guarantee that is what they will get.

You see after 30 seconds of being on the phone with someone I don’t know their credit, weather they are buying or refinancing, if the transaction would be high ratio or not and if they are self employed and require a stated income mortgage. All these things are required to determine what rate you will eventually receive.

Judging a mortgage by it’s rate is like shopping for a vehicle based solely on the horsepower. There is so much more to consider. This is … Read more

Just good enough is NOT good enough!

Sure just getting a passing grade will probably mean that you will graduate high school but just scraping by is not a recipe for success in life. I am sure there are many careers for you if you just want to put in your time, get a pay check and drink with your buddies.

You wouldn’t want the doctor who barely passed med school to operate on you. The lawyer who squeaked by the bar exam to represent you in court. The accountant did the minimum requirements for their CA designation to prevent you from getting audited.

Let’s face it if you have a tooth ache you don’t try to do your own dental work. We all know what it looks like if you cut your own hair ( for those lucky few who still have lots of hair). There … Read more

One of “Those” Days!

Let’s face it we all have one of those days where we just have to put on our big boy or big girl pants and put one foot in front of the other and just keep moving forward. It happens to the best of us. Just know that I am right there with you.

Together we will get there.

‘Vires adquirit eundo’ from Latin meaning we gather strength as we go.

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

Pat

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, Ontario(M18001555) & in British Columbia(BCFSA #504098).… Read more

It’s all either marketing or sales

If you really think about it, everything you do is either marketing or sales. If you are married, you have made a sale. If you are single and on a dating platform then you’re marketing. If you employed for someone else then you have made a sale to get hired. If you are self employed then you are marketing for new business.

We are either selling our selves or our services. But when you actually come to think about it, it is much more enjoyable buying than being sold. When you know exactly what you want it is so much easier to say no to everything that is not in alignment with your goal.

My goal is to provide my clients with the information that they require so they can make their own informed decisions about one of the biggest … Read more

Best Real Estate Apps for 2021

If you are in the market to buy your next home there is a very good chance that you also have a smart phone in your pocket. So here is a list of the apps that you should have to make your house hunting a little bit easier.

Let’s start with the most popular app Realtor.ca. It will help you whether you are looking for your dream home, next home or your investment property. This app with help you with your real estate search from coast to coast.

This one is pretty cool. Try Zolo.ca. It says that it is powered by MLS and that it’s listings are updated every 15 minutes so you will know when that hot property hits the market. Experience is similar to Trulia & Zillow which are huge in the US. However if … Read more

Happy Valentines Day

Short post today, I just wanted to wish you and your loved ones a very Happy Valentines Day. There is nothing greater than unconditional love, except maybe chocolate and they both go together today.

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

Pat

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, Ontario(M18001555) & in British Columbia(BCFSA #504098).… Read more

Not created equal

Sometimes when things appear similar on the surface are in fact vastly different. My twin daughters for example, both extremely smart but couldn’t be more different. My 5K run vs your 5K run, yes the distance may be the same but you could be training hills while I am running flats. My Nissan Pathfinder vs my friends Pathfinder, same vehicle but two different dealership experiences and reliability histories.

The same can be said about your mortgage experience. Even when rates are similar, lenders can vary widely with pre payment privileges, qualifications and credit guidelines. This can also apply between brokers and with the same lender. This will all have to do what process they use.

If the bank and or broker that you are using has gotten you approved without requesting your income confirmation or reviewing all your documents then … Read more

Just 1% better!

Many of us want to make massive improvements in our lives. Weather it’s getting in shape, making or saving more money or improving your relationships. Sometimes you think that the prospect of acheiving those goals is too monumental. You could be right if you are tying to do it all at once. Remember the expression ” Rome wasn’t built in a day”, and neither were you.

However what if you break it down and start small. Start by just focusing on improving 1% better today and doing another 1% tomorrow.

So if it is 1 push up today, it’s 2 tomorrow.

5 min walk today, then increase that by another 1% tomorrow. Then soon you will be jogging and eventually running if that is your goal.

Want to ready more books this year, start by reading 1 page a day. … Read more

The path of least resistance

I just love this quote, and really rings true when we are talking about your mortgage renewal. This is because it is so easy just to sign the mortgage renewal from the big 5 bank and get back to your day. Other than signing the renewal statement you don’t have to do anything else. However what you don’t realize is that you will be paying through the nose. The banks are counting on you to take the avenue of least resistance as this is how they will make the most money.

Here is the thing, the big 5 banks are very competitive with the broker channel when it comes to you taking out the initial mortgage in most cases. However when it comes to your mortgage renewal they are counting on you being lazy and just signing the renewal statement … Read more

The Power of a Deadline

Isn’t it amazing how much you can accomplish when you know that it absolutely has to get done. It could be the term paper that is due the next day, the taxes that need to be filed or the rent that is due the end of the month. When faced with a hard deadline things just seem to get done. At this point failure is not an option and excused be damned, you are laser focused on the end result. This is the time for massive action.

What have you been putting off that you could be doing now? Did you make a goal to finely get in shape this year, and just realized that it is now February and all you do is work and watch tv. Did you say that you this will be the year that you … Read more

Just breathe

Sometimes when you find yourself in a stressful situation, you need to focus on the one thing you can actually control and that is your breath. The past is gone and the future hasn’t happened yet. Pause for a second and count out 5 breaths, long and deep breaths too. There doesn’t that feel better.

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

Pat

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, Ontario(M18001555) & in British Columbia(BCFSA #504098).… Read more

Words to live by

I would also add to this, before you purchase get pre approved.

I look forward to hearing from you.

Pat

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, Ontario(M18001555) & in British Columbia(BCFSA #504098).… Read more

Stock up on the #Stormchips

According to Enviroment Canada we are in for a good old fashioned winter storm tomorrow. We could have up to 40cm. Check out this link from the Red Cross to make sure that you are prepared. Also when it comes time to shovel, make sure that you do it safely and these tips from the Mayo Clinic may help.

Also there is talk about a big sporting event later today, but I have to say I am more interested in what we will be eating than the actual event.

I look forward to hearing from you.

Pat

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, Ontario(M18001555) & in British Columbia(BCFSA #504098).… Read more

Regrets, I’ve had a few

We’ve all made mistakes in our lives from time to time. I am a married man, just ask my wife she can probably give you a list of my many mistakes and shortcomings. Like a lot of people I view most if not all mistakes as learning opportunities. However I think it is of vital importance to have few to no regrets if possible.

Try to picture you’re 95 and looking back on your life. That time you took your Dad’s classic car out for a spin, well it was more like a trashing. It was a huge mistake according to my Dad, but was it a regret? Hell no! It was a lot of fun, and I am sure the decision would be repeated if one was put back in time and in the same situation.

I’ve had jobs … Read more