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Contact
Pat Sawler
902-465-5533
HALIFAX OFFICE:
1959 Upper Water Street
Suite 1301
Halifax, NS B3J 3N2
SURREY OFFICE:
7404 King George Blvd
Suite 200
Surrey, British Columbia, V3W 1N6
Nova Scotia Brokerage 2021-3000179
Broker 2021-3000180
Broker’s hours vs banker’s hours
Simply put, unless I am sleeping, eating or doing a workout I will take your call or return your text. Try getting that same level of service from your bank or even your bank mortgage specialist who have extended hours on occasion. However even-though I may take your call, if my corresponding lender is not […]
Opporunity Cost
Not all financing is created equal. There are low rates for AAA credit clients, moderate rates for alternative lending and higher rates for private mortgages. I have done a lot of private lending over the years and at the end of the day it is never about the rate it is about the opportunity cost. […]
5 to 10 basis points
This amounts to .5 to .10 of a percentage point as a basis point is essentially 1/100th of a percentage point. I bring this up as consumers will shop their mortgage business and leave an existing relationship at the last minute for perceived deal of 5 one hundreds of a percent. So here is some […]
August Market Update
As I have been a mortgage broker for just almost 20 years, I have seen a lot of interesting real estate markets. However this year really takes the cake. February, March & April anything with a roof sold as soon as it hit the market and in most cases with multiple offers and in many […]
Approved or qualified
There is a vast difference between getting pre-approved for a mortgage and getting pre-qualified. One holds your rate for up to 120 days and allows you to go house hunting and the other just gives you rough idea of what you can afford. Yes getting a pre-approval will take some time but it is worth […]
90 Days History
When applying for a mortgage it is necessary to provide 90 days history of your down payment. This is to prove that you did not borrow it or it was not obtained through illicit activity. Often clients have more than one bank account as a source for their down payment. This will require that we […]
Deadline Anxiety
We all have deadlines in life from when to file and pay your taxes to due dates of new arrivals to your family and lastly and importantly for my business are deadlines for financing to purchase your new home. When you are prepared you can deal with deadlines much easier. However sometimes things are outside […]
Back up plans
Sometimes you need back up plans for your back up plans. Today is one of those days. Found out when I turned my computer one that one of my private lenders decided not to do a transaction. Since they are lending their own money they are fully right to do so. Several frantic calls later […]
Bull by the horns
Be Flexible
Not every file gets approved exactly how it was originally submitted to the lender. The key is to be flexible and to be able to amend or change things as required by the lender. It could be a larger down payment if possible, paying off some more debts or the addition of a co-signer. All […]
Privacy
There nothing more important to people than their personal financial details. However it is this same information that I require to process your mortgage request. I need to be able to confirm your income, your assets and liabilities so the lender will be satisfied in lending you money to buy or refinance your house. Like […]
COF
Condition of financing is an important part of buying your next home. That is if you require bank financing to get it done. Since we are still in the midst of a very active real estate market, putting down 5 business days to secure financing will not be sufficient. In a normal market banks pick […]
Backtracked!
This past week Canada Mortgage and Housing (CMHC) backtracked on an unpopular policy move they made at the start of the pandemic last year. They tightened underwriting guidelines to limit debt service ratio’s for insured mortgages to 35/42% of GDS/TDS. This is because last year CMHC incorrectly estimated that the pandemic would cause a softening […]
Win some lose some
Someone told me the following expression years ago and it applies perfectly to sales, “Some will, some won’t, so what, who’s next!” I had a prospective client come to me last week who told me upfront that she was talking with two other potential financial sources. Knowing that I was already in a competitive environment […]
Closing Time
Just like that seminal song by Semisonic, sooner or later there will always be closing times to important events in your life. School graduation, marriage, birth of children or buying or selling your home are all important events. One chapter is closing and another is opening before you. When you really think about it, major […]