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 the technology I use, I am a vault when it comes to your privacy.

My online portal (Finmo) that clients use to apply for their mortgages has the same high level of security as your online banking. So the safety of your financial information is of paramount importance. Also as a part of the process, clients give consent to release their information and as such it is only used to assist in the mortgage process. Your employers are also required to confirm your employment by way of an employment letter stating your position, rate of pay and tenure. The consent form you completed as part of the process can be provided to your employers if they require it to release your information.

Today I am thankful for the prompt response of a contractor to look at an issue in my house, a lender offering solutions so a file can get approved and the scale finally going the right way and for me that would be up.

“When it comes to privacy and accountability, people always demand the former for themselves and the latter for everyone else.” David Brin

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

p.s.s.s You can download my new mortgage app here

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 up a new file from 4 -24 hours after submission. In this market it is taking several days, and even longer with some lenders.

To expedite the process, all required documents must be received up front and upon submission. This will allow the fastest turn around time possible as we will only have to review your documents once. This will ensure a happy client, a happy broker and a happy underwriter. Which is what we all want.

Today I am thankful for accepted offers for my clients to submit on Monday mornings, all documents upfront to make everyone’s lives much easier and deposit confirmations on a Monday. It’s going to be a great week.

“Getting paperwork under control makes me feel more in control of my life generally.” Gretchen Rubin

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

p.s.s.s You can download my new mortgage app here

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 in the housing market. What happened was exactly the opposite. Instead of home values dropping by up to 18-20% they increased by the amount that they thought we were going to lose.

The other two insurers Canada Guranty and Sagen ( previously know as Genworth) who normally follow in lock step with whatever CMHC decides to do decided to keep their policy the same and allow for ratios up to 39/44. So what happened is that they ( Canada Guranty & Sagen) had a rapid increase in market share of the insured mortgage business as the housing market heated up.

So CMHC with their new leader, Romy Bowers decided that they could no longer live by Evan Siddall’s erroneous policy change and thus shrinking market share and changed back to 39/44%. Only time will tell if this will do anything to help them recapture their lost market share.

“We are products of our past, but we don’t have to be prisoners of it.” Rick Warren

Today I am thankful for a storm that passed quickly and left no damage in it’s wake, a expected rainy day that turned out quite nice and fresh strawberries and cream for snack.

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

p.s.s.s You can download my new mortgage app here

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 didn’t really my approach to dealing with a client.

I want all my clients to be comfortable dealing with me as this is as much personality fit as it is numbers fit. You see there are potentially hundreds of options to people to get their mortgage done in our market and in spite of what some say we all have access to roughly the same rates. So file lost yesterday means there will be one gained today as it always balances out in the end.

Today I am thankful that my hockey team extended their season by another game, solutions found quickly to perceived crises and new leads to make up for clients who left.

“Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time.” – Thomas Edison

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

p.s.s.s You can download my new mortgage app here

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 changes in your life also bring about new opportunities. School graduation = employment opportunities, marriage=lifetime of love and adventure, buying or selling your home= a chance to put down roots in a new location. My neighbour came over to talk with me this morning to tell me that they were selling their place. For one the timing couldn’t be better for them as the market is suffering from a severe lack of supply. The flip side is that I am going to miss seeing them every day as I have for the past dozen or so years.

The one thing constant in life is change, it’s how we adapt to those perpetual changes that will really set us apart. So roll with the punches as no two days are exactly alike.

“Everyone thinks of changing the world, but no one thinks of changing himself.” -Leo Tolstoy

Today I am thankful for the friendship that we have developed over the past dozen years, the excitement that new adventures bring and to be thankful that we met not sad that they are leaving as we will stay in touch.

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

p.s.s.s You can download my new mortgage app here

Chattle Mortgages

Most people are familiar with traditional mortgages on your average home, however chattle mortgages are loans secured against movable pieces of personal property. In this instance we will be taking about mini homes or most commonly called trailers. Now when they are on their own land and on a foundation they are as easy to finance as your average home. However often is the case people purchase them in a park where they will also be leasing the land where said mini home sits.

There are specified loan programs offered by many lenders that are part of CMHC’s chattle loan insurance program or CLIP. This allows you to purchase the mobile home in a park with as little as 5% down payment. This is available for new or existing mini homes that meet CSA standards. Contact me to see how this program may help you become a homeowner.

Today I am thankful for a great long Sunday run, overcast weather so I was not dehydrated when I finished and a big Sunday breakfast once I jumped out of the shower.

“I don’t know what I did in this life to deserve all of this. I am just a girl from a trailer park who had a dream.” Hillary Swank

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

p.s.s.s You can download my new mortgage app here

Your Vacation Home

It’s that time of the year when we all wish we had vacations properties to go to for the weekend. Stick our feet up and relax and get away from it all. However truth to be told is that you can can purchase a vacation or second property now and with as little as 5% down payment.

You must meet normal debt service requirements and the property must be owner occupied or occupied by an immediate family member on a rent free basis. But the big thing is that it’s possible and no more hunting for the ideal Airbnb or other rental as you now have your own property to call your own.

The property can be up to 1M but must be accessible year round so no cottages that are only accessible in the summer or not winterized. Contact me so I can help you make your second home or vacation home dreams come true.

Today I am thankful for rain that held off so I could get my regular Saturday bike ride with friends, the fresh morning air minutes from the city and seeing wildlife along the route.

“Everyone can identify with a fragrant garden, with beauty of sunset, with the quiet of nature and with a warm and cozy cottage.” Thomas Kinkade

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

p.s.s.s You can download my new mortgage app here

Bitter End

So last night I stayed up and watched 3 periods of the Canadiens vs Las Vegas. At the end of regulation it was a tie game 2-2. Given it was about 2 hours past my normal bed time, I hit the sack before the start of the overtime period. Not realizing that it was only going to last a minute and 45 seconds.

Anyway mortgages like important hockey games, you have to stay till the bitter end. In terms of mortgages, all is not said and done until the client gets the keys. So if your mortgage transaction is a purchase make sure all supporting documents are in and signed off by the lender before you waive your financing clause. Get everything done and signed off and complete and have the keys in the door before you celebrate. The period between getting all the supporting documents accepted and getting your keys is important as it’s not done till you have your keys. So ask I have said in a prior post, don’t quit your job, or take on new debts while going through this process.

Today I am thankful for a chance to watch my childhood favourite team play for Lord Stanley’s Cup, my son graduating grade 9 and for all the donations that I received yesterday to help me reach my fund raising goal.

“Starting strong is good. Finishing strong is epic.” Robin Sharma

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

p.s.s.s You can download my new mortgage app here

90 Days History

This is just a short post to remind you that when applying for a mortgage the lender will require 90 days history to show your down payment. If you have more than one account, then 90 days from all your accounts. This is to prove that you did not borrow it and also did not obtain it through nefarious means.

A word of advice about your bank statements, redacting anything on the statements will cause them to be rejected. Honestly the potential lender does not care if you purchased medicinal marijuana or spent your last pay check at the strip joint, both are legal. You are potentially borrowing hundreds of thousands of dollars, everything will be checked and double checked.

Today I am thankful for reminders for appointments so they will not be forgotten, my girls who were rock stars on their exams and waking up to find out that my team had won the nigh before.

“It is well enough that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” Henry Ford

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

p.s.s.s You can download my new mortgage app here

Closing

This is all there is today. Enjoy your closings you lucky people who won the bidding wars. Closing can be tedious but in the end it’s worth it.

Today I am thankful for deals that are closing, new opportunities on the horizon and the possibility of travel again this summer.

“A chaque oiseau, son nid est beau”. “To every bird, it’s own nest is beautiful”. Translated from the original french quote.

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

p.s.s.s You can download my new mortgage app here