Sunday Runday!

Sunday Runday!

For as long as I can remember my Sunday tradition has been to strap on the trainers and go for a nice long run. I know lots of people exercise with the intention of getting into better shape. However for me it has alway been a passion and an outlet to let off my steam and help me forget about what else may be happening in my life. The fitness aspect has just been a great side effect.

What do you do to help you deal the stress in your life? Some great ideas are but not limited to, going for a walk, meditation, weight training, cycling, skiing, reading, cooking or as I have shared, one of my favourites which is running.

We all need an outlet to help us let go whatever may be stressful in our lives. There … Read more

Do your little happy dance

Happy Dance!

When things start to go well, no matter how small, you need to take some time and do a little “Happy Dance”. Celebrate the victories along your path to much larger successes. This is what living is all about. It’s not about the destination of some way off big goal, it is about enjoying the process along the way.

Have an excellent Saturday.

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

Cheers,

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

Stress Test Changes

Stress Test Changes Ahead

Well not really surprisingly, yesterday the Office of the Superintendent of Financial Institutions (OSFI) proposed changes to the mortgage stress test in an attempt to cool the hot housing market. While theses proposed changes would only effect those putting down 20% or more, they are totally the incorrect approach to dealing with the hot housing market. It is true that almost every market across Canada is experiencing high demand, this is not due to speculation this is because of a lack of supply that is driving up prices.

Think about it we have had several years prior to the pandemic of record levels of immigration. As well as the past year with people working remotely with nowhere to spend their money as they can’t travel nor eat out so they are sitting on record levels of savings. So what are … Read more

Down Payments

Not all Down Payments are created equal

So you are in the market to buy a new to you home. With the current real estate market being as hot ( due to limited supply) as it is make sure that you have the correct down payment in order before you put in your offer. High ratio mortgage insurance ( CMHC, Sagen and Canada Gurantee) is available for purchase prices less than 1,000,000. However to get into a home with the minimum required will depend on the purchase price of the property and of course your credit and income.

5% down payment is the minimum for purchase prices at 500,000 or less. If you are quick at math that is 25,000. However if the house that you really like you ended up getting an accepted offer at 760,000. You will put down 5% of the 1st 500,000 and … Read more

Referral business

Referrals Please!

Like most service based businesses the lifeblood or our business is referrals. Whether that be from past clients or industry partners like Realtors or Financial Planners. We do not pay for referrals. We do however work to ensure that their financing transaction with us is smoothest and stress free as possible.

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

Cheers,

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

Read more

It's a short week

Short Week!

Yes I know it’s a Tuesday but it feel’s like a Monday. With 4 banking days this week but with 5 days worth of work to fill them.

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

Cheers,

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

What is your Why

What is your Why?

Forget about asking what to do or how to do it, why to do it is the most important thing to ask. It has been said that with a strong enough Why anything is possible. Most people know what to do to get in shape and they may even know how to to do it, but without a strong enough why they will never do it. The same can be said to your personal finances or your relationships. Once you know why you want to improve anything becomes possible.

If you are reading this page, you may be thinking of refinancing or purchasing in the near future. The what to do and how to do it are sometimes fairly simple and straight forward. The why however can be a little fuzzy. Some of the common why’s I hear are the … Read more

Easter

Happy Easter & Joyeuses Pâques

Just a quick note to wish everyone a very Happy Easter, et Joyeuses Pâques tout le monde.

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

Cheers,

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

It's a Seller's Market

It’s a Seller’s Market

Since this is very much a seller’s market and many properties are receiving multiple offers and are also then going for well above list price. So the number one quality to have in this market is patience. There are new properties being listed every day, so sooner or later you will find one that works for you. Just remember that if you are pre-approved ( and I hope you are, if not call me) for 500K that means that you can’t offer 525K. You should be pre-approved at the top of your affordability ratio’s so any higher and you will not get approved.

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

Cheers,

Patrick

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

It's Grrrreat

It’s Grrrreat!

It’s not just a Good Friday, it’s a Great Friday. Getting up without having to rush around and drive anybody anywhere or have to call anybody is a great feeling. Got to meditate and do my workout before anyone even got up. I love holiday’s like this where sometimes the best use of our time is to settle down with a great book.

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

Cheers,

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

Don't be an April Fool

Don’t be an April Fool!

Happy April Fool’s day, hopefully you have not been tricked yet. Just a short post with some idea’s on how not to be fooled in today’s hot real estate market. 

1) Make sure that you get pre-approved before you start house hunting. Note that most lenders just issue a rate hold but do not actually thoroughly review your file. You will need to deal with a competent professional who will actually review all your necessary supporting documents before your house hunting journey.

2) Don’t get carried away with excitement cause the inventory of available homes are low and there are many buyers bidding on the same property. So I am advising you NOT to write a condition free offer on a property you want to purchase. Unless you have the purchase price in cash this is not a wise decision. … Read more

Exclusive arrangement

Let’s talk about professional relationships. When you are looking to buy a home you don’t go house hunting with nor put in offers on the same property with 5 different Realtors. You also don’t consult and meet with 5 lawyers when it comes time to close your transaction. However when it comes time to finance said purchase why is it that a select few people (thankfully they are the exception not the rule) have no qualms about dealing with several brokers at the same time. Usually these people can be spotted in the first 15 minutes of the conversation as they seem to be concerned only about rate.

Let me save you the trouble with an example. Rates from most of the lenders in the market are consistently around the same amount. Some may very by 5 basis points or … Read more

Meet 10 new people

10 New People

The surest way to succeed in sales is always have a full pipeline of people that could be potentially interested in your product or service. In this modern age most people are spending a lot of resources marketing to people on-line through Google, Facebook, Instagram or Linkedin. Due to Covid-19 it is difficult and potentially dangerous to meet new people face to face.

However most have forgotten or are just reluctant to pick up the phone and touch base with people the old fashioned way. Not all calls are cold calls, start with people you know then move over to people who know your target audience. Pick up the phone and start connecting with new 10 new people a day. That is what I am doing and it’s great connecting with new people. Hopefully I will be talking with you … Read more

Be brave and do the hard thing first

Eat That Frog!

it’s a figure of speech, I don’t actually mean for you to eat the frog. What is meant by that is to do your difficult task first. Don’t put it off get it done and the rest of your day will be piece of cake. If you are in sales, do you call’s first. Want to get in shape, do your workout first thing in the morning. This will allow you to start your day with a sense of accomplishment.

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

Cheers,

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

If prepared there will be no emergency

Mortgage Emergency!

What is a “Mortgage Emergency”? Well the easiest way to describe it is when a mortgage request lands on your desk after having been declined with other brokers or lenders and they have a very tight deadline to get the file completed. While it is still possible to get these files completed, my preference is to avoid having “Mortgage Emergencies” at all.

This is how I do it. I require a full and complete document package upfront and upon submission of your file. This way it can be completely reviewed prior to submission and any potential issues can be addressed prior to sending your documents to the lender. You see we live in a stressful enough world we don’t necessarily need any more stress around what is commonly your biggest lifetime purchase or transaction. When we work together I set … Read more

Where there is a will there is always a way

How bad do you want it?

With that you should also be saying, “what are you willing to do that nobody else is willing to do” to achieve your goal? If your goal is to be fitter. Are you watching what you eat? Are you doing your workouts? Are you getting enough sleep? Are you consistent with what needs to be done?

If your goal is to some day soon move out of your parents place and buy a place of your own. Are you putting money away from every paycheque towards your down payment? Are you monitoring your credit report? Are you looking at all your expenses for ways to save some money towards your down payment? Are you paying down your debts? Are you taking extra shifts, working overtime or starting a gig on the side to make some more cash?

Where there is … Read more

Love me some Kettlebell

My Kettlebell

Yes I know I am a mortgage broker but that is not all I do, even though it does consume a lot of my time lately. One of my passions is fitness. With the past year being very difficult to get a consistent routine going at a gym, I started doing all my workouts in my “unheated garage”. After going through a cold Canadian winter, the key to a good workout in a cold garage is a long warmup!

So while I have a spin bike, speed rope, dumbbells, medicine ball, an olympic bar and an assortment of bumper plates, my favourite thing recently is my kettlebell. It just can’t be beat for the variety of movements that can be done with it and get a total body workout.

Take your pick from Turkish get-ups, Russian or American kettlebell Read more

All great brokers are Detectives

Be a Detective

We all know the expression that a picture is worth a 1000 words and that William Shakespeare wrote in Hamlet that “Brevity is the soul of wit”. However when it comes to mortgage financing we need not be brief nor just provide a picture without the 1000 words. We must be like a Dective and flush out the details and tell a compelling story about why you’re a good person and how you can afford to pay back the loan. Let’s leave the one word answers to the unimportant stuff like the weather or politics.

So while some questions may seem quite personal, when it comes to getting your financing approved they are very relevant. Here is one example, during the mortgage application process I ask all clients their marital status. Now saying single can leave some important questions unanswered. … Read more

Call me if you have any questions

Got time to chat?

As much as mortgages are about numbers, debt service ratios, pre approval amount and interest rates, they are at the end of the day a people business. If you have any questions about your mortgage whether I did it or not, feel free to give me a call and I would be more than happy to help you out.

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

Cheers,

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

No Housing Bubble here

Real Estate Bubble???

We are in the midst of a crazy real estate market from coast to coast here in Canada. Properties are selling very quickly and in some cases there are multiple offers and they are selling not for thousands of dollars over list but hundreds of thousands of dollars over the listing price.

Here in Nova Scotia in particular where we are used to only modest gains in values of only single percentage points. There was recently a transaction in my subdivision, single family home, bungalow, 4 bedrooms, 1 bathroom and unfinished basement. The property had not been on the market since new 54 years ago. My Realtor told me that this home had 28 offers and sold for just under 300K over list price.

Now unless you have been under a rock lately you have heard some of the financial … Read more

Diversify your banking relationships

Don’t put all your eggs in one basket

Warren Buffett is famous for saying this in regards to your investments, as it opens you up to greater risk. However I want to also tell you that it applies to your banking relationships as well.

We have some great banking institutions here in Canada. There are lots of great options for your personal banking, your investments, your mortgages and your commercial banking. However it’s best if they were not all with the same lender. Let me give you an example of why in regards to your mortgage.

The majority of lenders these days are securing your mortgage as a collateral charge. What this means is that they are registering the loan for the value of the property or the value + 25% depending on the market. The advantage of this is that it allows the lender to offer you … Read more

Get your paperwork in order

All your ducks in a row

When you leave for a vacation do you scramble around the morning of your departure cramming suitcases and trying to think if you have everything and then invariably arrive late to the airport and almost miss your flight. I am sure there are some of you that do that but I assure you that is not the best way to go.

If you want the smoothest experience as possible it’s always best to plan ahead. That is the same way that I approach getting your financing for your property in order. For most of us this is the single biggest financial transaction in our lives. Wouldn’t you rater that it be as stress free as it can be for all involved.

The way that we do this is to work with you and gather all the pertinent documents upfront and … Read more

To get over your cabin fever get out of the house

Shack Happy

Shack Happy, Cabin Fever or whatever you want to call it you’re feeling cranky from being stuck inside with the same people for way too long. March Break is almost over, just be thankful that it didn’t last as long as the March Break that never ended in 2020. Now that the weather is finally starting to warm up and Spring 2021 is officially here today, to put yourself in a better mood go for a walk or better yet a run. Change your surrounding and just get out and move your body for at least 30 minutes. It will do yourself some good as well it will be beneficial for those you live with.

If you in fact desire to change where you live, please touch base with me so I can work to get you pre approved so … Read more

Warm up that shovel

Snow shovelling

Just a quick post to make sure that you are shoveling safe today .

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

Cheers,

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

Blueprint for a stress free mortgage process

30 Days out

For those who have received an email from me, you know that the tag line of my email is ” An easy, stress-free mortgage process tailored to meet your unique needs. Guaranteed!” Not every broker in the mortgage industry can say a statement like that, and do you know why I put it out there? It’s because I work to insure that your mortgage request file is complete at least 30 days prior to funding. I don’t and you don’t need the stress of scrambling for paperwork in the days leading up to closing on your new house or your refinance. If you want to wait till the last minute to get your paperwork in order I am sure there are lots of other brokers and bank specialists would would love to work for you. It’s just that I am … Read more

St Patrick's Day

St Patrick’s Day

I would not be much of a Patrick if I didn’t not wish you a happy St Patrick’s Day. May the luck of the Irish be with you all day.

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

Cheers,

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

You Vs You, Don't give up

You vs You

Incase the title didn’t give it away, your only true competition is with yourself. Keeping up with the Jones next door is not what keeps me going nor should it be with you too. The only measurement that really matters is if you are doing more and better than you did yesterday.

A runner should only be concerned with how well they did today vs yesterday and did they make any improvements. My 1K pace may be different from yours and the true measure of performance would be to look at how well you are doing compared to yesterday, last week and last month. In crossfit we don’t compare our workout results to Matt Fraser or Rich Froning that would be totally unrealistic and defeat the purpose if you are actually making progress.

In regards to the mortgage business, there … Read more

Get your affairs in order, your debts that is

Ides Of March

Unless you are Julius Caesar you have nothing to fear about the Ides of March. Before Brutus and Cassius made March 15th infamous it was notable for several Roman religious observances. Notable of which was the feast of Anna Perenna the goddess of the year, which people commonly gathered for picnic’s, drinking and revelry.

However one of the lesser know facts about today was that it was also the deadline for settling debts. Speaking of debts how are you making out with yours? Are you settling your debts every month or are you just treading water making the minimum payments. As a homeowner, there is no better time than now to look at combining all your debts into one payment.

Some of the benefits of refinancing and consolidating your debts using your home equity is that you will get access … Read more

Be Accountable to yourself

Accountability & Commitments

Let’s face it we all set goals and make commitments. Sometimes we even hit our targets. However on those occasions where you don’t reach your goals do you look back and see if you could of done something different or do you look to blame an external factor for preventing you from achieving your objective?

If you decide to eat better but then you notice that your spouse has just made chocolate brownies, do you have one and blame her for making them or do you use some restraint and leave them for the kids? If you have made a goal of getting in better shape but it’s -20c outside today, do you go for a run anyway or put it off till the next day. If the prospect decides not to buy from you do you blame them or … Read more

Spring Equinox

Spring Forward!

Don’t forget to turn your clocks ahead one hour before you got to bed tonight. Starting tomorrow your days will be brighter and you will get an extra hour of day light. All of which means that spring is just around the corner.

I look forward to hearing from you in regard 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

Congratulations you're approved

10 Things NOT to do once your financing is approved.

Congratulations you have just been approved for a mortgage on the new home that you are buying. You went through all the steps with your banker or broker and now all you can do is wait till you pick up your keys on the closing day in a few weeks.

You may think that just because the bank signed off on all the conditions that you are free to do what ever you want and that there would be no repercussions effecting your purchase. Sadly this is not the case. The lenders continue to work on your file behind the scenes up until your closing date.

Any material change that you make from the date you received word that all your conditions were met until the closing date may in-fact effect your ability to close the transaction.

Here are a … Read more

Don't make subject free offer's

Subject free offer’s

This is when you write an offer to buy a property without any conditions. So there would be no financing condition, no property inspection and no subject removal period. Once accepted by the vendor ( the seller) it’s a done deal. Well at least in your mind and the sellers mind it’s a done deal. Unless you have the cash on hand don’t do this, and I’ll tell you why.

Yes I know that the real estate market across Canada is crazy right now. I was speaking with one of my local Realtors this week and he told me about a property in my subdivision that was listed for 349K, had 28 offers and ended up going for 646K. This was absolutely un heard of almost a year and a half ago.

That 60 second pre approval you have in … Read more

Mortgage Rates and why to go Variable

Peaks and Valleys

There are seasons to the year just like there are peaks and valleys to your life. If you are like many where the last year with the pandemic was challenging for you both personally as well as financially then you should now be starting to pick up steam and make improvements to many areas of your life. I know that it is that way for me. Just know that the bad times never last forever, and that the one thing constant in life is change. Like my great Mother use to say, ” weather and your underwear are things that change on a constant basis”.

Now since I am in the mortgage business this is how it relates to my field. If you have been listening to the news you may have heard reports that mortgage rates are rising. While … Read more

Old fashioned work ethic

Crazy ones

Steve Jobs was one of my business idol’s. Not just because I am a huge Apple geek, but also because he saw things differently and found ways to make things happen. The common expression goes that if you want something done just ask someone who is busy and they will find a way to do it. Look for the men and women of action, the risk takers and those with a sense of urgency.

The same goes with your mortgage request. Find someone who is willing to go the extra mile and get your financing completed. Every mortgage file is unique like your fingerprint. No two are exactly the same. Let me find the solution that works best for your situation.

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

Pat

p.s- You can click on … Read more

Be a doer not a gossip talker

Celebrities

While people gather around the virtual water cooler ( cause we are still in a pandemic) discussing the lives of celebrities, just a heads up that I won’t be one of them. I have loved this quote above from the moment that I saw it many years ago and it sums up my personal philosophy to a T.

Be of a great mind.

I look forward to hearing from you in regard 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

Keep at it

On A Roll

Let’s say you have made a commitment to read more, exercise, eat better or save money. You have been doing great for the past 30 days but today it requires more mental energy than it normally does. However you know if you miss a day, that it will lead to 2 and then your great work from the past 30 days will be gone.

Jerry Seinfeld had created a system where by he sat down every day and worked on developing new material. In order to continue to make progress the key was to never break the chain. A little bit every day will make you better, and the key is consistency whereby you don’t miss a day.

I made a commitment just over a month a go to post every day. It doesn’t matter how small a post it … Read more

5 Year Fixed Mortgage Rates

The Rate Game!

Over the last few weeks the rates on five year fixed mortgage have steadily risen as the corresponding bond yields have also increased. This all has to do with recent concerns with inflation or better yet a game of cat and mouse between bond traders and the FOMC ( Federal Reserve’s Federal Open Market Committee) which sets the US federal funds rate. You see the traders believe that the FOMC have the funds rate set too low so as a result they are pushing the yields up higher to see if the FOMC will react.

You may be asking how does this effect you and me here in Canada. Well their actions have increased the yield of our five year bonds and thus drove our fixed rate mortgages higher. Mortgages which as of late were at historic low rates. So … Read more

Be helpful, kind and loving to each other

We are all connected

Whether you believe it or not, we are all in this together so it works best for each of us if we help each other out. I know that we are all fighting internal battles that nobody really knows anything about. However you have to realize that you are probably not the first in your particular situation nor will you be the last.

In regards to my field, as a mortgage broker there are probably thousands of us across the country. Many more if you add the mortgage specialists who work directly for the banks. Yet even though we work mostly by ourselves and for ourselves a little cooperation can go a long way. I had a file that I was having a challenge getting it approved and funded, I reached out to one of my friends who is a … Read more

Zoho Products

My business runs on Zoho

While using a web-surfing tool called Stumbleupon about 12 years ago, I landed on a page about Zoho and it’s products. I had been searching for a great CRM for my business and all the competitors that I had found were much more expensive and not as user friendly.

So here is a run-down of what I am using and hopefully you will find something of value can help you or your business.

I use Zoho CRM to run my day to day business. It helps me track every stage of my clients journey from prospect through to funding. It’s great for keeping in touch with my referral sources as well.

I use Zoho Books for all my accounting needs. It connects to many of the common payment processors links like Stripe or PayPal so you can send out invoices … Read more

Always have another plan

Plan B!

Sometimes our best made plans go astray. Things don’t always turn out as you have planned so you need to be prepared with alternative solutions to help you reach your goals. Planned to go to Florida for vacation but could not get a flight, but still intend on going so look at other options to get you there. Gyms are closed due to covid but you still want to workout, take up running like so many more of us have done over the past year. Can’t go out to see a movie, consider picking up a great book.

This can also apply to the world of financing. You finely found your dream home but the big bank lender or AAA lender turned you down. There are still options to make your dream a reality. As long as you are open … Read more

Be the best at what you do

Get good at something great!

Let’s just face it that we are all good or great at things that don’t serve us. Who among us does not excel at procrastination! Better yet watching tv, eating junk food, playing video games, wasting your money, shopping, drinking or hours spent on social media. I am sure you are saying that everything in moderation is fine. However what has it gotten you so far???

So why not get good a something that moves you forward! This does not matter if you currently are a barista at Starbucks, a cook at McDonald’s or a customer service representative at a call centre. Being great at what you do gets you noticed, gets you promoted and helps you succeed. No job is worth doing unless you are doing it well.

I love what I do, let me be your mortgage expert … Read more

Enthusiasm

It’s contagious !

Read more
24 Hour Service

24 Hour Service!

You have to admit that we live in a busy non-stop world. As long as you have internet service you can shop on-line 24 hours a day, stream the latest tv show, movie, do general banking or in most cases get tech support if you needed it.

However our modern connected world does have it’s limitations at what you can do at 2am on a Tuesday or 8am on a Sunday. Craving for a burger at those hours it isn’t going to happen. Same goes for getting your dry-cleaning done. Can’t have a consultation with your lawyer or your accountant either. In my business there are things that I can or can’t do if I happen to be available to chat during those hours.

Thanks to my chat bot that I have on my website, I get a notification on … Read more

Read more

Enrich your life

The common expression goes something like this ” You will be the same person in five years except for the people you meet, the places you will go and the books you will read”. Well since we are currently in the middle of a pandemic, that will cross out the 1st two. So there has never been a better time to pick up a book and read.

The greatest minds were and are avid readers. The documented history of the human race is available to you in the printed form, and here are some great examples. They help you improve your self. You can learn lessons for those who have been though the same thing as you are going though, and no you are not the only one in your current situation. Reading improves your focus, your memory, is … Read more

Average Mortgage Lifespan

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

Variable Rate Mortgages

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

Answer the tough questions

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

Mortgage Rate changes

#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

Surprise

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 your week

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

Mindset of improvement

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

Different Mortgage Rates and Programs

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

Be the best that you can be

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

Look ahead and move forward

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

Buying or Selling

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

Real Estate Apps

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

Valentines Day

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

Similar but not equal

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

Constant and never ending improvement

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

Put in the work

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

Motivation

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

Stress relief

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

Think first before you act

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

snack time and shovel time

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