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 of your control which cause complications. Which is why you get an accountant not your buddy to do your taxes, take your significant other to have the baby at the hospital and seek the advise and guidance of a mortgage broker to do your financing.
The current state of our real estate market is really an issue outside our control. For example the local real estate market here in Halifax is up over 56% vs the same time last year. This is just us and Ontario is also up and they are 14 times bigger by population than us. This has created a significant backlog with the lenders. What used to take hours is now taking days. So while I insist that my clients provide all documents up front and upon submission, it is still taking time for the lenders to pick up the files and review all the paperwork.
So we must continue to practice a game of patience. Patience to see if our offer gets accepted and patience to have the bank review and sign off on all your documents. This is not my first rodeo and things will work out but they are taking some time to get there.
Today I am thankful for the best run I’ve had in over a month which may have been because I have been watching so much of the Olympics, that we are all in great health and have had all of our Covid shots and for clients and vendors who are patient while the banks do their thing.
“Overdeliver on promises and deadlines. Show up early, deliver your product early, and deliver more than you promised. Overdeliver now, and in the future, you will be overpaid.” Clay Clark
I look forward to hearing from you in regard to your mortgage needs.
p.s.s- I should tell you that I am licensed in Nova Scotia, Ontario(M18001555) & in British Columbia(BCFSA #504098).
p.s.s.s You can download my new mortgage app here